One of Today’s Featured Trade Ideas

No featured trade idea today; it’s Friday and we should be managing and evaluating the positions we are in.  Do we hold them over the weekend or do we close them out?  The important thing is to end the week on a positive note.  We will be in the trading room this morning taking a look at a few stocks that you may have questions about.

I will be covering more on the trade plan (entry, stop, targets) in the trading room at 9:10 AM EDT today.  Click here to learn more

Something to think about — A snippet taken from a soon-to-be-released
eBook prepared by Rick Saddler

Know when to trade and have the discipline not to trade. Trade only when the market gives you clear direction. If you are confused, have trouble finding trades that meet your rules or do not know what to do, these are signs that the market may be in a state of flux and not conducive to your style of trading. There are times to stay in cash or just manage the positions you have working. It is okay not to trade every day. In fact, forcing trades in an undesirable market often leads to losses. Have patience and wait for your setup!

SPY:  I’m taking a look at the weekly chart today on the SPY, and it is clear that the Bulls are still struggling to overcome the bearish head and shoulders.  The left shoulder starts late February with the head in mid-May, and the right shoulder toward the end of July.  The last 10 weeks overall have been controlled by the sellers.  This would be right after the head was formed.  My three-week linear regression line is suggesting that the bears have control, and the three-week linear regression line is starting to pull the two-month regression line down as well.  On the daily chart, price continues to respect the 200 SMA, but as of yesterday had closed below the big three.  The SPY is starting to tighten up its trading range with higher lows but lower highs using the low of July 7 and the high of July 20.  Remain cautious and be patient.
 
IWM:  The bears have clearly controlled IWM for the past seven weeks.  $120.30 appears to be a little support that price has found, but as we all know, price has the right to play by its own beat, no matter where support or resistance may be.

SMH:  For the past 10 weeks, the sellers have been in control of SMH.  My two-month line has even pulled below my 100 bar line.  SMH needs a lifeline.  I see a little support here at $50.75, just wondering if it will hold.

IYT:  The sellers have controlled the Transports for the past eight months, a total drag on the market.  The past five weeks IYT has tried to construct a bottom with eight double bottom pattern, a Bullish Engulf and is currently trying to build a bullish Doji continuation pattern.  Please note it’s trying — no success as of yet.

This Week’s Economic Calendar—> Click Here

Each day 10 -15 stocks are posted in the members area that I believe are poised to move 10-20% (maybe more) within the next few days based on the charts. As you know some work and some don’t…Welcome to trading. Please follow your trading rules for entry stops and profits. Remember to check for earnings!
To see all of today’s trade ideas Click Here
Investing and Trading involves significant financial risk and is not suitable for everyone. No communication or chat sessions should be considered as financial or trading advice. All information is intended for Educational Purposes Only.

VXX S&P 500 VIX Short Term Futures:  A close above the T-Line ™ implies the bullish short-term swing traders are in control.  A close below the T-Line ™ implies the bearish short-term swing traders are in control.

Energy Sector: XLE, SX90, ERX, USO  A close above the T-Line ™  implies the bullish short-term swing traders are in control. A close below the T-Line ™ implies the bearish short-term swing traders are in control.

SMH: A close above the  T-Line ™ implies the above short-term swing traders are in control. A close below the T-Line ™ implies the bearish short-term swing traders are in control.

IYT: A close above the  T-Line ™ implies the above short-term bullish swing traders are in control. A close below the T-Line ™ implies the bearish short-term swing traders are in control.

US Dollar Index: UUP, DXYO A close above the  T-Line ™  implies the bullish short-term swing traders are in control. A close below the T-Line ™ implies the bearish short-term swing traders are in control.  Learn more about the T-Line – Click Here

The information in this email and Blog Post are notes to myself and should NOT be construed as financial or trading advice.

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.

Investing and Trading involves significant financial risk and is not suitable for everyone. No communication or chat sessions should be considered as financial or trading advice. All information is intended for Educational Purposes Only.

http://hitandruncandlesticks.com Trading for Profit is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not tell or suggest which securities or currencies customers or subscriber should buy or sell. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here.