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
Action was very constructive this morning following CPI data, however, we were not able to hold the 50dma reclaim & even rejected it pretty hard back to 4387$ level. EOD we found support there, but the 50dma rejection over weight the fact that we held 4387$ & bottom DTL imo.
This big wick pretty much confirmed that institutions sold into the morning strength, which is not good, but the positive is that this past 2 week selling still is pretty controlled and look like a healthy PB. We’ll have too see in the next few days.
Again, if we can’t hold 4387$ tomorrow, I think we’ll go test back around 4277$.
Breadth:
VIX did not move today along breadth in general, pretty flat day and indecision day overall here.
McClellan did not go oversold and in fact went up today, which is not good imo. We’ll need a flush in order to find a ST bottom on that PB.
Sectors:
Metals, Energy, Oil & Miners continue to outperform the market right now. They are the only play in town right now imo.
Notice also the bad day in Biotech & Health Care which were both pretty strong in the past couple days.
Portfolio UPDATE
I really did not like the rejection of the 50dma and all the false breakout in individual names today. That really got me on a path to reduce exposure aggressively except my core positions trades & a full position in BTU.
I did open new positions this morning as my SPX 4387$/DTL scenario was playing out, but got to close them at BE when I saw the market coming back in. STLD EQX UUUU TELL
New positions:
BTU (Breakout anticipation - 8% cushion so kept it)
Trimmed positions:
Closed positions:
CF (Risk reduction)
NTR (Risk reduction)
SSRM (Risk reduction)
MOS (Risk reduction)
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:
I really hope that you enjoyed. If you did, please share it so that more folks can be reached and this Newsletter can grow. :)