Look Out Below! Market Review of June 20, 2013

As we know, the Fed spoke yesterday and spooked the markets.  Well, today was just a continuation of that spooking.  Down we went loosing more than 350 points on the day.  Unreal!  Hopefully you guys had some short positions to take advantage of today’s action.  Unfortunately for me, I was not as lucky as I would have liked to have been, but I’ll get to that later.

Let’s take a look at where the SPY ended up today.  We are well below the triangle that was forming for the last month or so.  In addition, oscillators are turning back over bearish and ADX just ticked upward, indicating that it’s starting to like this new bearish move.  All that being said, we could always fail the bearish move and bounce tomorrow (although I wouldn’t bet on it).  Lastly, volume was large today, also helping confirm the bearish move.  Personally, I think we wait for 15min confirmation tomorrow for the continued bearish move and then start to get into some short positions.  The next point of resistance is the 100 SMA which is about 2 points away from where we currently sit.  This gives us some good opportunity to make some trades before a decision is made on continuing lower or bouncing from there.

SPY_JUNE_20_2013

REVIEW OF YESTERDAY’S PICKS

SLV: We missed the majority of the move, unfortunately, but we could have still gotten some profits for about a 0.20 move.

NFLX:  No trigger

TGT:  No trigger

BBY:  No Trigger (just barely)

DDD: If you get triggered in, you made about 0.61 cents

AEO: wasn’t worth getting in.

HD: you would have been triggered in and made about 0.85 cents.

JPM:  you would have been triggered in and made about 12 cents.  Not worth this one.

HES: You would have been triggered in at the end of the day.

LULU: No trade

AEP: You would have been triggered in and made about 0.54 cents.

Overall, following this predictions would have worked out rather well.

REAL ACCOUNT ACTIVITY:

$JPM:  HOLDING (Down 32%) Let’s start with the pain.  As mentioned yesterday, I got into this trade very foolishly.  Well I’ve probably held on foolishly as well hoping it would go up.  I put my stop below the wick from 6/6.  My stop is at 52.20.  I fully expect to get stopped out tomorrow for a painful loss and lesson learned.  Not much else to say about this speculation/gamble trade.

$FCX:  CLOSED (UP 26%)  Finally, this trade pays off, and handsomely!  I was holding more contracts than the JPM trade so my account ended up closing in the green today.  If I had never taken the JPM trade, I’d be sitting pretty, but such is life.  

Stay tuned for entries and predictions for tomorrow!

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Stock Picks for June 20, 2013: $SLV, $NFLX, $TGT, $BBY

Evening, all!  Hope you didn’t get whipsawed today and made some good gains.  Let’s get started for tomorrow.

$SLV:  My oh my, I have been waiting for this close and I wish I was already into the trade. I’m going to have to wait until tomorrow, but now that I am waiting, I’ll wait for a 15min confirmation.  We close below support and the next target is 19.72.  Oscillators are a bit quiet on this one, but I still like the trade bearish.

SLV_JUNE_20_2013

$NFLX  Today was probably the day to get in long, but I don’t think the move has been missed by any means.  This will be a 15min bullish entry tomorrow with a target of 246.50.  Oscillators are turning up and supporting the move.  There isn’t much not to like about this trade other than potential “moodiness” in the overall market.

NFLX_JUNE_20_2013

$TGT: I like this one short on the first 15min.  I think we have broken support and oscillators are supporting the move.  Volume was a little low, but not completely horrible.  Target is 67.53.TGT_JUNE_20_2013

$BBY  This one is interesting.  We are either at a triple top or consolidating to bust out and continue the bullish trend.  Personally, I’d like to see a strong bullish move upward to keep the trend going.  My long entry is 28.30.  That being said, the stock could be exhausted in which case my short entry would be on a close below 24.89.

BBY_JUNE_20_2013

Here are some other quick look trades:

AEO 15min bearish

BIDU bullish on a close over 96.36

DDD 15min bearish (day trade)

HD 15min bearish (day trade)

JPM 15min bearish (day trade)

HES entry on close under 65.65

LULU bullish on close above 65.80

AEP 15min bearish; target is 43.80

Good luck and have a good night!