Well here we are on one of the last days in June. The market behaved as I expected; bullish day on relatively low volume (lower than the previous 5 days). In addition, we failed to close over the 50SMA on both the DOW (which briefly crossed the 50 SMA) and the S&P500 which touched it but did not even cross. So where does that leave us for tomorrow? Well I’m not Elliot Wave Theorist, but if we do not get a close above the 50SMA tomorrow, we may be heading for a 5th wave down. This is just an observation, but as a result, I do not plan on getting into any trades unless there is a clear bullish or clear bearish move. All that being said, I could certainly see the bulls coming in with solid volume and lifting this market higher… but I’m not betting on it.
REVIEW OF YESTERDAY’S PICKS:
$DECK: Not even close to an entry. Good not taking it short today.
$TSLA: I did not enter, but my trigger would have been hit if I kept it on. Let’s see if this trade pays off tomorrow.
$LOW: You would have been triggered in. Again, I did not get in due to the horrible week I had. We will see how it works out tomorrow.
$BBBY: No trade since earnings came out.
$TWC: I know I didn’t mention this one yesterday, but I did a few days ago. It exploded out of it’s bull flag yesterday and today. Huge gains to be had… unfortunately, I missed it.
REAL ACCOUNT ACTIVITY:
$FSLR: CLOSED (-15%). Well this trade just went against me. Can’t really say much else than that. I do wish I had mitigated my loss a little bit better, but it failed to break out bullish… so be it.
$AAPL: CLOSED (+7%): Hey! Finally a green trade! What a horrible case of the “shanks” I’ve had. Glad to have gotten in and out. I MAY get back in short tomorrow depending on price action, but tomorrow may just be a sideline day for me.
Picks for tomorrow coming soon.