TZA (Small Cap Bear 3X) Has formed a bullish engulf with follow-through closing over the T-Line. Today or early next week we could see a close over the 50-day SMA.
My entry plan ideas: Already own, buy over the T-Line
My stop plan: Close below the T-Line
UCTT (Technology Sector Semiconductor Equipment) UCTT was a featured trade idea on July 23, 2014. It could have been traded for about a 12% profit. After a profit taking pull back, UCTT has now presented a morning star PBO ready to take on the 200-day SMA and a 15-30% move.
My entry plan ideas: Buy on positive trading above the T-Line and 20-day SMA
My stop plan: Close below $9.65
<h4Today’s Swing Trade Idea
DATA (Technology Sector Software) DATA is forming a bullish “W” pattern that closed strong above the big 3 Friday. The 200sma and the July 1 high is the next logical target and obstacle then on to the races. Looking for about a 30% trade.
GALT (Healthcare Sector Drug Manufacturer) GALT is a chart setup that I call the “Pinball” strategy. It’s this particular strategy that personally took me from a want-to-be trader to a full-time trader. You may have heard me refer to this as my little ATM machine. GAL T has produced a bearish gap followed by residual selling and then buying. You can see the higher lows, and now price has crossed and closed over the T-Line as well as the 20-day simple moving average. With approximately 20% to our first target and then a possible 30% to the 50-day simple moving average area, GALT is a high-probability trade.
ARO (Consumer Cyclical Sector Apparel Stores) After producing a rounded bottom breakout, ARO has had profit taking while finding support at the T-Line. The 20-day simple moving average is just now crossing over the 50-day simple moving average starting the right side of the profit curve. With about 15% to the next resistance level and 50% to the 200-day simple moving average, we should all be able to find a profit.
NEO (Healthcare Sector Diagnostic and Research) NEO was a featured trade idea on August 18 and continues to look bullish coming from a doji bullish engulf and morning star reversal signal followed by a T-Line run/consolidation and looks poised for the $5.90 area and then the $6.20 area.
(No Featured trade Idea today)
My entry plan ideas
My stop plan:
Good Morning,
SPY: The past two weeks the spy as well as the overall market has been outstanding for the bullish minded swing traders, day traders as well. The all-time new highs are quite an accomplishment. Yesterday in the trading room we talked a little bit about how a successful swing trader might trade in the direction of the current overall market trend and be 99% invested in that trend whether its bullish or bearish but always good to keep one eye on the flipside. If the market and the overall attitude is bullish the successful trader might want to keep the short trade scans and inverse ETF’s close by and handy in your toolbox.
TSEM (Technology Sector Semiconductors) TSEM is the featured trade idea and today I feel it should be featured because of the bullish trend that it has been in, the pullback that is finding support on the 50-day simple moving average with a double bottom, the last four days has formed a four-bar cradle pattern, not to mention that yesterday we gapped over a doji and closed over the T-Line and the 20-day simple moving average.
CHGG (Consumer Defense Sector Education and Training Services) Over the past few weeks, CHGG has printed a double bottom followed by a bull kicker that gapped over the big three. Recently CHGG has seen a little profit taking back to the T-Line for a PBO and is now trying to form a bullish J-Hook.
NEO (Healthcare Sector Diagnostic and Research) NEO has had an impressive bullish T-Line run starting July 1 then met with profit taking late July. On Thursday and Friday of last week, we saw buyers coming in and closing Friday with an impressive morning star signal closing back over the T-Line and the 20-day simple moving average. Continued bullishness from here could post a 20+ percent gain for the swing trader.
