Market Thoughts Friday 8/2/19, More tariffs, and tweets rattle the market. The SPX closed down 26.8 points while the DJ-30 closed down 280.85 points. (Ouch) So far the SPY has hit our target levels if $300 continues to act as resistance the $291.30 line should get tested. On the SPY our dark chart has turned over on the 3-bar or 130-min time frame. On the daily chart, the SPY has closed below the 34-EMA and may test the 50-SMA today or early next week. One good thing about this drop is it should create many great opportunities when the buyers start to take control, in the meantime be careful and try not to pick bottoms, picking bottoms just does not work out so well.
The VXX trade was a heck of a trade yesterday, to view the live video [click here]. For the past couple weeks we have been talking about how the VIX was construction a base, well the last 2-days of trading has been fantastic! We have been holding VXX until yesterday and took profits, now looking for a pullback opportunity or simple another trade setup. T2122 (4wk New High/Low Ratio) went from 52 to 17.35 just yesterday. A bit overcooked, I would think. Under 20 is where we could start to see relief rallies.
What We're Trading
✅ Yesterday we closed our VXX trade with 75% profit [see video] and bought a little WDC and OXY. When the tariff tweets hit, it also hit a few in the portfolio. WDC still holding the T-Bands, CPB holding well up 14.2%, CVS is testing support, GE is testing support, even money on the MSFT Put, and we did add a little yesterday. OXY held very well yesterday with a bullish engulfing. X is acting as you would think an X would act. (Options) If you are interested in trading simple directional options, risking less money and BIGGER rewards send me an email, at contact us Attn: Rick
😊 Have a great trading day - Rick
✅ Yay, it's Friday, and we don't post trade ideas on Fridays. Fridays are a good day to take off early and enjoy life. Take a few profits and kick the dead wood out.
🎯Dick Carp: the scanner paid for the year with HES-thank you
🎯Malcolm .: Posted in room 2, @Rick... I used the LTA Scanner to go through hundreds of stocks this weekend and picked out three to trade: PYPL, TGT, and ZS. Quality patterns and with my trading, up 24%, 7% and 12%.... this program is gold.
🎯 Friday 6/21/19 (10:09 am) Aaron B: Today, my account is at +190% since January. Thanks, RWO HRC Flash Malcolm Thomas Steve Ed Bob S Bob C Mike P and everyone that contributes every day. I love our job.
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