A big negative distribution day today, with stocks pushing higher early and then reversing and closing down strongly. My portfolio had an 8% range on the day. So was a big swing with many leaders reversing hard like TSLA. But one day does not make a trend and earnings season kicks off tomorrow. So be aware of your stocks earnings dates, as holding extended stocks into earnings is a big gamble. So make sure that you have a decent profit cushion of 8% more on any that you do hold through earnings.
For the watchlist from Mondays scans - ES, GILD, MRNA*, TFII, UBS, UNH, VXRT
A big reversal today after yesterdays selloff with a lot of rotation, as the weaker areas of the market showed the best relative strength. A particular area I noted in my scans tonight was numerous consumer staples stocks breaking out from bases.
For the watchlist from Tuesdays scans - A, ABB, ABBV, AEYE, AJG, ALGN, AMCR, ARNA, AVTR, CAG, CHTR, CL, CP, HUM, IPGP, K, KHC, KSU, MOH, NBIX, NOVA, RH, ROK, SEDG, UBS
Notable today, was the multiple breakouts on the Percentage of Stocks above their 20 day MA charts, back to the upper zone after pulling back over the last month, which is very healthy. And also the VIX is once more close to its 200 day MA. So could test it tomorrow again.
For the watchlist from Wednesdays scans - AVTR, BCC, BE, CMG, CTSO, ILMN, INFY, ISRG, JACK, LMNX, MNST, NSTG, NVTA, PENN, RGEN, RH, RVP, SAIL, SSSS, STNE, SWKS, TREX, WGO, YETI
A question about why BBY, ENV and ROP were included, they don't seem to have usual 2x average volume that we look for in breakout.
Thanks,
All three are still under their breakout levels, so low volume is what we are looking for in the consolidation. You want strong volume on the breakout day and on up days after the breakout.
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.
