Today’s Swing Trade Idea

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My entry plan idea: To buy a position below $7.10
My stop plan: 6.86

Good Morning,
SPY: The June 10 low is a low that the buyers did not want to go to, but the sellers not only invited them, the sellers are likely to make them go. It’s early in the morning as I write this, and right now it looks as if the SPY is standing on the corner of $195.83, just a few steps from the June 10 low. We now have four candles that have successfully closed below the T-Line. This indicates the sellers have control of the short-term swing trade, and that it they may be trying to make a run out of it. If price action starts to move below the 20-day simple moving average, the T-Line will start to fall through the 20-day simple moving average. This will give the bears a little leverage to help drive price to the 50-day simple moving average and that June 10 low. Take caution with the positions you’re in. If you’re long and green, protect them. If you’re long and you’re concerned, close them. Yesterday I had to leave early before the market close, and I had mentioned earlier in the day that if the SPY’s candle continued to look the way it did, I’d close all the positions that I had a positive position in. I closed 14 green positions yesterday. Remember, our job is to make money.

IWM: (The dreaded H pattern is still intact) That’s what I wrote yesterday, and I could say the exact same thing today. The buyers need $115.65, and the sellers need $112.23. Both the buyers and the sellers will be working to capture their ball. In the meantime, it may be very tempting to get ahead of their thinking. I would caution you on this.

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Shorting Stock for Beginners
Shorting stock occurs when the investor borrows stock to sell with the expectation that the price of that stock will drop. The investor then buys the stock back to replace it at a cheaper price. Clear as mud? Let’s explain further. When an investor goes long on an investment, it means that the investor bought the stock with the expectation that the stock price will rise in the future. On the other hand, when an investor shorts a stock, he or she borrows from their broker, again with the expectation that there will be a decrease in the price of the stock. It is important to understand first how the stock market works before attempting to understand the concepts associated with short selling stock.

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VXX S&P 500 VIX Short Term Futures: Yesterday’sclose above theT-Line ™ implies the bullish short-term swing traders are in control, Yesterday’s Bullish Engulf implies more buyers are to come.

USO United States Oil Fund: Yesterday’sclose below the T-Line ™ implies the bearish short-term swing traders are in control. Yesterday’s Bearish engulf implies were likely to see a lower load today and possibly the 200 SMA soon.

GDX Gold Miners ETF: Yesterday’sclose Below the T-Line ™ implies the Bearish short-term swing traders are in control. Yesterday’s Below the T-Line and the 20 suggests the Bulls are giving up and the bears are taking charge

TLT: Yesterday’sclose Below the T-Line ™ implies the Bearish short-term swing traders are in control. Yesterday candle implies the 113.50 area may be tested

The above are just my thoughts to myself just thought I would share with everyone.

Investing and Trading involves significant financial risk. No communication should be construed as financial or trading advice. All information provided is for Educational Purposes Only.

— Rick

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