Market Review Thursday June 27, 2013

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.SPY_JUNE_27_2013

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.

 

 

 

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2 thoughts on “Market Review Thursday June 27, 2013

  1. On TWC, You wouldn’t have been triggered in on 6/26 because it didn’t close above the wick of the 6/14 candle (short term resistance) — you could have done 15 minute rule on 6/27 however (you would have gotten in after the close of the 8:55 candle). That would have netted you about $1.25 if you sold at close, or $5.50 if you sold near the high.

    • Ahh, but I’m not sure you would need to wait for a close above that candle. Since we were in a bullish flag pattern, as soon as there was a confirmed break out, (i.e. a close outside of the channel) I would have entered the trade at close. You could wait for the close above 6/14, but a channel break is a valid entry as well. My hesitation was that the volume wasn’t huge.

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