Good morning MJTT!
If you've been following my trades closely on Twitter and on iBC's Peanut Gallery comment wall, you know that I'm going into today's trading session unscathed and ready to sell. You see, from Friday of last week until now, I've been able to successfully turn over three (3) out of the four (4) stocks that I held over the weekend in Monday. Let's review what's happened on Monday and yesterday:
- Sold CYTR @ 0.97 for a +0.07, +7.8% gain
- Sold SPPI @ 6.80 for a +0.55, +8.8% gain (could have held it MUCH longer and been even more successful, but decided not to - a gain is a gain)
- Sold COIN @ 1.40 for a +0.16, +12.9% gain
- Sold AGEN @ 2.07 for a -0.09, -4.3% loss
- Currently holding YRCW @ 1.98 into today's trading session with a stop/limit set for 1.85/2.25, respectively
My goal of cashing out my Wednesday is going to come true, as I will be manually trading YRCW until about 10:30am ET when I leave for the afternoon. Because I have a cash account, I have to wait three (3) days after I sell out of a position for cash to settle, and because I was 90% long going into this week, I have until Thursday before most of my cash is released. This, my good friends, is the meaning of the "Cash Money" portion of this post's very title. Not only have I done well this week through great execution, but I have also stuck to my goal(s) that I set for this week which makes me feel extremely comfortable.
There are two reasons as to why I want to be full cash prior to the opening bell tomorrow:
- The Real GDP Report arriving at 8:30am ET tomorrow scares me to death.
- We're getting technically chippy at the top of these indices.
With that being said, I move on to the numerical meaning of the "Blackjack" portion of this post's title and introduce to you twenty-one (21) tickers that still look technically solid. With the market the way it is, I will not be entering any new positions until I see the impact of Thursday's Economic Data. If I were to call an audible and get in prior to Thursday or at some point during Thursday's trading session, however, I would go to this list to find a ticker to buy. The alternate meaning to the "Blackjack" reference is the gambling and increased risk you're taking, betting on a sketchy Economic report that could make or break this market. Trade accordingly.
This morning, I split my charts up into sections, as I have some ETFs to help diagnose the state of individual sectors and industries. Let's start by reviewing the crazy action in the Health Care sector:
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XLV 1 Year, Daily
Neutral flag breakout on Thursday of last week that continued to build strength into the weekend - Coming up on a crucial resistance (29.14) that could hold up the entire sector if it's not broken
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ANPI 9 Month, Daily
Tightening symmetrical triangle on a total volume decline - Watch for some sort of "tell" going into today (5d/10d SMA cross, volume breakout, fundamental news, etc.) to determine future direction
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ONTY 3 Month, Daily
Ascending triangle price pattern that's holding on extremely weak volume - Guided by the SMAs and the ascending trendline, ONTY looks ripe for a continued move higher
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THC 3 Month, Daily
Tightening ascending triangle on low overall volume - Waiting for the 5d SMA to retest the 10d SMA in order to see some type of price movement; also looking for a continued hold in the ascending trendline
Let's switch over to the industry of which is my personal favorite, Shipping:
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IYT 3 Month, Daily
Ascending triangle price pattern on low overall volume - Obvious breakout within the triple SMA combination, looking for 67.94 to break via a volume breakout
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IYT 1 Year, Daily
Longer-termed scale of IYT - the missing piece of the Transportation puzzle is volume, and until we get some, Transportation is going no where
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EGLE 6 Month, Daily
Descending wedge price pattern on a total volume decline - Continue to wait for a 5d/10d SMA Cross price pop, and watch to see if the price begins to anticipate the move by slowly beginning to push off of the ascending trendline
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NM 6 Month, Daily
Ascending wedge, relatively choppy price pattern - Could be finishing up a two-day bull flag that will most likely give the price a base to move higher
Next, I want to review some Metal tickers that have a strong technical pattern whose fundamental background deals with mining a little bit of steel:
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SLX 1 Year, Daily
The SLX must breakout above the 49.45 price level in order to continue higher - Watching for the triple SMA combination holds and hopefully bolsters the price of the SLX enough to push it through 49.45 and hold it throughout one (1) trading session
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CPSL 9 Month, Daily
Ascending triangle price pattern, currently testing the ascending trendline and the 50d SMA in order to find support - Watch volume!
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HL 9 Month, Daily
Choppy volume in the midst of an ascending wedge - watching for some interesting price action to the upside as the pattern tightens
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PAL 3 Month, Daily
Low volume ascending triangle price pattern that's currently retesting the ascending trendline for support - Watch the 5d/10d Cross possibility, as this would confirm the coming of a high probability trade
Following the Metal tickers are the Technology tickers I had in mind:
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XLK 1 Year, Daily
Above the 20.00 resistance in a total volume decline that looks quite sketchy - Look for the 20.00 level as a support AND as a resistance, as XLK could consolidate around this price level
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CHINA 3 Month, Daily
Descending triangle price pattern w/ a fake volume breakout from Friday to Monday followed by a slight pullback in volume and price during yesterday's trading session - Watching for 2.50 to hold in order to hold any inclination of getting long
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IO 6 Month, Daily
Ascending wedge that's being supported through the 100d SMA and the ascending trendline - Wait for either a breakout above the descending triangle or a continued consolidation throughout the pinch of IO's price action
Second to last, we move to the Financial sector to look at some Regional Bank tickers:
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IAT 9 Month, Daily
Consolidation in between 20.00 support and 21.40 resistance - Great volume on yesterday's Doji day, looking forward to seeing where IAT goes from here
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PCBC 6 Month, Daily
Ascending triangle price pattern with momentum beginning to develop via the double SMA combination - Holding ascending trendline well, would love to see some serious volume accumulation to support a move higher
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SUSQ 3 Month, Daily
Neutral flag on a total volume decline - Watching the 20d SMA in order to support the two-day, low volume distribution bull flag that has been developing since Monday
Finally, we take a look at two of my favorite Retailers:
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LEE 6 Month, Daily
Ascending triangle on extremely weak volume - Looking for volume accumulation to being building as well as a support base that holds the 20d SMA
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PSUN 9 Month, Daily
Ascending triangle price pattern being supported by the 50d SMA and the 100d SMA on weak volume accumulation - Look for a gradual increase along the ascending trendline until volume begins to show signs of serious strength
Please don't forget the seriousness of the Real GDP Report. The tickers above are great tickers, but when the broad market begins to drop, not many tickers go up. Remember that full cash is always the exit strategy I take if I don't feel comfortable participating in the market, and trust me, it's never a bad thing to just sit on the sidelines and watch the game from the bench for a little.
Good luck during today's trading session!
ZM
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