PrimeTrading daily Update & Focuslist - 04/08/22
Welcome to another Daily Update & Focuslist!
This Newsletter is a daily publication where you’ll be able to follow how I’m invested, along the names I’ll be looking to potentially enter tomorrow.
Enjoy ! ✌️
Disclaimer: This newsletter is not financial or investing advice. The information is for education purposes only and reflects only my own operation.
Market REVIEW
The scenario I explained yesterday about the convergence of the 3 potential support levels has played out today. Will this ST PB find a bottom here, only next few days will be able to confirm that scenario. What I can say is there seem to be a lot of chart setting up nicely, which can confirm that scenario.
Tomorrow we’ll first have to hold 4474$ level on the downside, and breakout of the 10dma, 4524$ level & DTL on the upside in order to confirm that bullish scenario. Otherwise, those levels could act as overhead resistance and push market down again.
Breadth:
Stocks > 50&200 - No real damages here which is positive. Pretty flat overall
Net 52/1M NH - Pretty down here, we’ll have to see if we can an acceleration tomorrow
McClellan Osc. - Still moderately negative. We’ve made room on the upside to run, but did not flush momentum completely here.
VIX - Came down today, which is good. We don’t want to see volatility pick up at this point.
Sectors:
Metals, Fertilizers, Health Care seems to lead on that ST PB and will probably be the names to watch tomorrow as charts is these names are really looking great
Tomorrow I would watch very closely Fertz & Steel names.
Portfolio UPDATE
I closed my Short position EOD when I saw the bullish scenario playing out. Will it mean the market run up from here? NO. But the probabilities of the market going up are higher IMO. Trading is all about PROBABILITIES while managing RISK, nerver forget that folks.
New positions:
BTU (WB for BO10PB following false BO) Also larger VCP setup here right under BO level
MOS (71.38$ pivot BO)
CF (105.19$ pivot BO)
Trimmed positions:
Closed positions:
SQQQ
SRTY
Daily FOCUSLIST
Initial Stop loss is always placed at LOD (Low of Day).
REFERENCES
Articles on my system:
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