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
Really not the day I wanted to see today. We broke down from 4475$ level & also sliced right through the 50dma.
We are still within the PB wedge that I drew from the first swing down, so what I’ll be looking tomorrow is a quick flush down to test 4387$ level and close above the bottom DTL. That scenario would also probably coincided with an oversold McClellan reading as we’re already down to -111 right now.
My next level of potential support if we don’t hold 4387$ will be 4277$
If we make a low on one of these two, we still have our market bottom intact from Feb. 24th.
I’m looking also at NDX 13858$ as potential support tomorrow which was pretty important in the low process. RTY is still very weak and already very close of recent lows.
Breadth:
VIX up 15% at 24.37, that’s very elevated.
Overall very bad breadth today. Net NHL & ADV/DECL on big negative numbers.
Sectors:
Energy really took a hit today along Health Care that was very strong last week. Cyber Security stocks really stood out for me.
Rotation continues.
Portfolio UPDATE
Took a hit on my Oil names that I took Friday… Both hit SL. I took 2 smaller position that trigged my weekly setups alert, so now we’ll have to see what happen tomorrow. Otherwise, still trailing my other core positions. Metal & Fertilizers positions still acting well.
Also reduced my exposure down to 60%, and if tomorrow is another down day, I’ll probably have to cut down to 30-40% exposure and not looking to open new positions.
We undercut the 50dma today, so I’ll be playing more defensive in the coming days.
New positions:
NTR (BORL setup off the 101.15$ level)
SSRM (took out Friday’s high confirming the breakout on the weekly setup)
Trimmed positions:
Closed positions:
OXY (SL hit)
RES (SL hit)
MP (Closed below 21dma)
Daily FOCUSLIST
Initial Stop loss is always placed at LOD (Low of Day). If taking on the weekly setup, you can adjust position accordingly, and use LOW instead.
REFERENCES
Articles on my system:
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Really helpful, thanks! The alerts are really helpful in learning to define entry points versus risk myself, as this has been the hardest part for me.