Welcome to another PrimeTrading 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.
You’ll find the following information:
Market quick review
Portfolio update
Market exposure
Daily Focuslist
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
We were running hot for almost 11 straight days, a little red day was to be expected at some point.
There were some real positive on that trading day tough. Volume was lighter than the last 4 green days, so no distribution. We also found big buyers at the 4582/93$ level that we tested late this afternoon. This level had to be defended and that’s what we got.
Trend still up & strong.
Breadth:
Stocks > 50&200 took a hit but seems to me that we likely retest the BO level from yesterday. We’ll see if we can bounce tomorrow, which will be really ideal instead of going back under that recent resistance we could not breakout.
Net 52/1M NH both positive, which is pretty impressive considering a decent down day here on 3 indexes.
McClellan still above 150, so still high relative to historic levels. One or 2 days of sideway action would be good here for both the osc. come down even more and let the ema’s catching up.
Sectors:
We had yet another HEAVY rotation day while sectors flipped again 180deg from yesterday.
With US announcing tonight they might open yet more reserves, I would expect another rotation again tomorrow. I don’t expect Energy & Oil to be strong tough. We’ll see for Metals, Mining, etc.
Portfolio UPDATE
Few adjustments today. Lucky that I was not able to trade this morning and did not got caught off in names that trigged pivots but came back in.
This was a day where you wanted to see the levels hold in your current positions before putting more exposure.
New positions:
MDRX (Jumped the 22.66$ pivot with an intraday entry off the WB at 22.44$) Tight stop though
MP (Added 1.5 positions on the WB off the BO10PB) I think this one has all it takes to be a true leader. HUGE RS today. Was up 10% before market came back in. Tight stop
Trimmed positions:
TGI (Closed below 10dma - Closed 1/4)
Closed positions:
Maximum EXPOSURE
Based on my model, you'll find the MAXIMUM market exposure I'm allowed at having right now.
Full risk environment. Market is definitely trending higher and every PB is being bought RIGHT NOW. Things can change quickly, but right now model is indicating that I can push on PB.
Daily FOCUSLIST
Initial Stop loss is always placed at Low of Day, meaning I put my SL at the low of the breakout daily candle.
REFERENCES
Trading style:
I am a techno/fundamentalist swing/position trader. I’m a looking at a few days to few weeks timeframe for the bulk of my trades, but trying to keep the last portion for a bigger multi-months move if possible. Keep in mind this information if trying to replicate my operation. (Which you should not do blindly)
Articles on my system:
Feedback!
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