The markets seem to be giving us that pullback that I have been looking for over the last couple weeks. Its good to have a strategy, its equally important to be able to adapt and adjust if your strategy isn't working out exactly as you planned. Sometimes we just need to be patient and let things develop.
Yesterday was a tremendous day with trades in $NWBO, $TVIX $LEDS $ABIO and $VRNG.
No one knows how big of a pullback we may be in for. However, I can tell you that I will not be in a big hurry to start building my swing portfolio. For now my strategy is to remain fairly liquid and take some day trades for scalps as well as playing the short biased ETN and
ETF,s , while paying close attention to the stocks on my shopping list that I want to pick up on sale.
The alt energy sector went parabolic, the sector had an amazing run over the last couple weeks. I mentioned before the open yesterday that a cautious approach was warranted. I hope the warning helped at least one individual book some profit and avoid the pain of giving it all back. Those parabolic runs are fun to play but when the party is over it can be a very sobering experience. $FNMA and $FMCC also had a reality check yesterday after their powerful run. A good strategy is learning to book profits on the way up, hold a few lottos and let them run. The lotto,s should be a small enough position that if the party ends and the stock plummets it still won't be able to wipe out the gains you have already booked.
Morning movers and other stocks that caught my eye
$OXGN pr last night let it settle, $RTIX pr last night hot daily, $PRMW earnings nice daily, $MPO earnings hot daily, $RAD upgrade more of a swing, $TASR pr 20 day bounce nice daily more of a swing type for me, $MRGE pr just below the 200 day, $BGMD pr last night like the daily, $REGI getting close to my PT to start building a swing position, $NVAX pr last night bounce off moving averages, $MUX smoking hot daily,
$TVIX, $TZA $UVXY, $GLD $SLV miners on radar
Seeking Alpha
Today's Markets:
In Asia, Japan -2.6% to 14830. Hong Kong -1.6% to 21902. China -0.2% to 1998. India +0.1% to 21856.
In Europe, at midday, London -0.9%. Paris -1.3%. Frankfurt -1.2%.
Futures at 6:20: Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude -1.3% to $98.74. Gold +0.7% to $1356.20.
Ten-year Treasury Yield - 2bps to 2.76%.
In Asia, Japan -2.6% to 14830. Hong Kong -1.6% to 21902. China -0.2% to 1998. India +0.1% to 21856.
In Europe, at midday, London -0.9%. Paris -1.3%. Frankfurt -1.2%.
Futures at 6:20: Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude -1.3% to $98.74. Gold +0.7% to $1356.20.
Ten-year Treasury Yield - 2bps to 2.76%.
Today's economic calendar:
7:00 MBA Mortgage Applications
10:00 Quarterly Services Report
10:30 EIA Petroleum Inventories
1:00 PM Results of $21B, 10-Year Bond Auction
2:00 PM Treasury Budget
7:00 MBA Mortgage Applications
10:00 Quarterly Services Report
10:30 EIA Petroleum Inventories
1:00 PM Results of $21B, 10-Year Bond Auction
2:00 PM Treasury Budget
Notable earnings after today's close: ADUS, CPE, DCTH, DEPO, EOX, GERN, HMIN, IRET, KKD, MTDR,MTN, SGMS, SUPN, WSM
Good luck today !
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