Wk23: Market Recap
The weekly chart is extremely choppy. Doji’s and opposing tail hammers make for a difficult trading environment across all timeframes.
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Wk24: Market Forecast
In the week ahead look for these news announcements to act as potential market movers… A close above the 20-EMA would be extremely pivotal. We remain delta neutral until this happens and still have our downside target on the S&P of $1005. Only if we break above $122 will we see this target not being reached.
Wk24: Watchlist
Calls: WLP strike: 50c SNDK 41c SLW 18cPuts: FXE strike: 123p DNDN 42p GLD strangle or straddle options 116c/124p or 120c/120p Watchlist Recap: Our stocks over the last few weeks have done quite well, all selling for a profit…Longs: AKAM, CIT, DTV, NEM, SNDKShorts: JCP, GRMN
Daily Reflection: 06.10
We’re not out of the woods just yet. It’s not that we’re permabears here at TJMacTrading, simply remaining objective. We traded average volume on today’s advance, with the VIX down just slightly. The put/call ratio remains over 1.0, and has for some time, never breaking the .90 mark as of late. We have two scenarios from this level that will pan out next week. Scenario 1: Shot covering rally to retest S&P $1105. Scenario 2: We rollover from these levels…
Daily Reflection: 06.09
New lows on the year here we come. S&P 1005 is our target since the bulls have failed to hold this market up. With futures rollover tomorrow intraday trading may continue to be choppy. Nonetheless we did see a great long entry last night right up to our 1074 short on the /ES. We haven’t added any new swing trade positions at this time.
Daily Reflection: 06.08
A short hiatus, but we’re back. Looking at a chart of the SPY, we produced a nice little double bottom with stronger volume. To keep it short and sweet, we are looking for a bounce up to 1075 on the S&P500 and then a decline down to our original target $1005. LVS and UAUA are setting up as nice longs this week. Next week is options expiry so we are looking to July for options. LVS 21 call, and UAUA 19 call.
Reminiscences of a Stock Operator
Ask any successful trader and they will tell you that the best book out there relating to trading is Reminiscences of a Stock Operator by Edwin Lefevre. This is the story of famed trader Jesse Livermore, discuised in the book as Edwin Lefevre. This incredible story is a very easy read and should be read over and over again.