Alex's daily Market update & Focuslist - 12/21
A powerful breadth reading showing yesterday’s distribution was bought equally strong.
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Tonight’s daily report content
PrimeTrading Market Model #PTMM + Takeaways
General Market Analysis: NASDAQ - S&P 500 - RUSSEL 2K - OTHERS, including my daily levels & my bullish and bearish scenarios
Market Internals
Sectors & Themes Analysis
Daily Focuslist including setups, alert levels & explanation (long & short)
Leaders list + Scans (technicals, fundamentals & potential TMLs)
My Portfolio Update
Economic Calendar
PrimeTrading Market Model #PTMM + Takeaways
PTMM is on a GREEN market signal (🟩)
Key Takeaways:
GDB closed at +885, in a powerful breadth reading showing yesterday’s distribution was bought equally strong.
+83% (strong!)
Good daily momo
10.28 U/D volume (huge!)
Price > 9.07% from 50dma.
MCSI new high
Well, who was expecting that kind of buying right after yesterday’s strong selling…probably no one, including me. But that’s the beauty of keeping an open mind and trusting the trend.
We remain on an inside day, so I would like to see a push to a new high tomorrow to confirm yesterday as a shakeout.
However, with the trend well in place and PTMM on a GREEN signal, I focus almost exclusively on my PF positions and the setups of my FL. I control my risk at the PF level, and by using progressive exposure and raising my stop losses to increase my TOR (Total Open Risk) / reduce TOH (Total Open Heat), I’m able to capture opportunities in this type of lockout trend without being at risk of a massive drawdown.
One position at a time, taking trims to finance each position’s risk…and raise our SLs to capture the trend.
Our Stop Losses are there for when the music stops.
System Action/Rules:
LONG exposure allowed
FULL positions (20%)
Trimming 1/3 at 2R & 5R
Keeping 1/3 as a runner position
PF exposure max = 100% or margin
New open risk (NOR) > - 1%
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