PrimeTrading daily Update & Focuslist - 04/06/22
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
Note: I seems to have problem with the 50dma as IWM is below it. I’ll try to fix it tomorrow
Ok now that’s the scenario that I didn’t want to see happen. As explained yesterday, we rejected the 4580/90$ level for a second time, even making a lower high market structure. We held 4524$ level EOD, so we’ll have to see if we can hold this level tomorrow or maybe even gap down below it.
On the good side, we can still be in that pullback and making a measured second leg down that would bring us right to both the 21 & 50dma.
That will be the levels I’ll look at next support in the next days.
Breadth:
Stocks > 50&200 - Down, not dramatic
Net 52/1M NH - Green by a thin margin but good that’s probably because we had a good open with a lot of failed BO at the open. Tomorrow we could see red NH if selling pressure continues
McClellan Osc. - BIG drop from 150 to 25.
VIX - Back above 20 (@ 21) with a 13% increase. Volatility might come back in the market which is not good.
Sectors:
Everything took a hit today, even strongest sectors of the past few days.
Portfolio UPDATE
I had to close a lot of position today as SL were getting hit and I also wanted to reduce exposure due to my rollover scenario I talked about.
Also, I like to get heavy on a short trade at these important levels. If tomorrow we don’t confirm the selling pressure, I’ll close the trade B/E or with a minimal loss. But if the bearish case confirms, I will be sitting on a nice market short position.
New positions:
SQQQ (Nasdaq SHORT)
SRTY (Russel SHORT)
Trimmed positions:
SLCA
MP
Closed positions:
SLCA (Came back below entry DTL - closed trade)
PANW (SL hit)
BTU (SL hit)
TELL (Exposure reduction)
MP (SL + 10dma undercut)
TGI (undercut 21dma)
Daily FOCUSLIST
I am not honestly looking for new long positions until durst settles and we get clarity on the market direction.
Some names are still looking good if they trig their pivots.
Initial Stop loss is always placed at LOD (Low of Day).
REFERENCES
Articles on my system:
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