Another one of those days where the market was gapped up on the open, sold off, recovered a bit, but ultimately closed below the open. The CNBC headline this evening was "Dow jumps more than 500 points as Wall Street cheers record retail sales comeback", whereas my alternative headline based on the price action would have been "Market makers gap the Dow above the 200 day MA on the open, but it fails to hold it".
Anyway I digress. Here's the stocks for the watchlist from Tuesdays scans - BABA, LLY, NOW, TER
A couple of gold miners breaking out even though in general they seem to be not breaking out yet. I was in DRD but unfortunately sold that position. DRD & LGD.
The market was weak, but there was a noticeable sector theme today with multiple computer game stocks breaking out.
Another stock of note was SPOT, which managed to break above the IPO-AP (IPO Advance Phase) high to new all time highs. This has been a stock that I've highlighted multiple times since before the Stage 2A breakout, and multiple times after as its formed its first base since the Stage 2A breakout. The Stage 1 base was a massive year and a half, and its seen significant accumulation from from the institutions, with over a 103% increase in funds that own it since this time since last year, and so it's gaining support and could well be close to moving into the institutional advance phase in early Stage 2. So definitely one to watch imo, as could become an institutional favourite.
For the watchlist from Wednesdays scans - AJG, ATVI*, DADA, NFLX, NTDOY, NVDA, SNE, SPOT
*I took a 1/3rd size position in ATVI at 74.73. See my journal for the chart of the entry.
This weekends scans produced a fairly big list, with a few near actionable points. The bulk of the weekends watchlist picks look to be in the health care and biotechnology sectors though.
(2020-06-21, 05:33 PM)isatrader Wrote: This weekends scans produced a fairly big list, with a few near actionable points. The bulk of the weekends watchlist picks look to be in the health care and biotechnology sectors though.
Thanks isaTrader - out of curiosity, with the WING chart and the price being quite a bit extended from the 30/40 week ma, what would you say is a logic safe entry point on this one?
(2020-06-22, 12:03 AM)Tryst Wrote: Thanks isaTrader - out of curiosity, with the WING chart and the price being quite a bit extended from the 30/40 week ma, what would you say is a logic safe entry point on this one?
It is very extended from the 30 week MA, but has recently touched the 50 day MA, and is now +10.80% above it. So it would be an aggressive short term entry point, between the lower breakout point + 10c and a max of 5% above it. So between 126.68 - 133.01 is where I'm looking at.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
