PrimeTrading daily Update & Focuslist - 04/29
Good evening!
Tonight’s edition will be shorter as I’m missing time, but want to put something out.
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
Market found his footing at the 4219$ level this morning with a break of the steep channel DTL from the past week action. I want to see price stay above the 5dma and potentially close above 4277$ tomorrow to confirm the bullish scenario.
If we reject the 4277$ here and retrace back below 4219$, this will be very bearish imo.
Breadth:
Despite net new highs that was negative, the breadth was overall very good today. If we follow through tomorrow, I would like to see NNH confirm the move with a green reading.
VIX below 30, we’re going in the right direction
Sectors:
Semi’s, internet, Software leading here, tech general was strong today, but let’s see if we can follow through tomorrow.
Portfolio UPDATE
New positions:
SPXL (playing the 4219$ level & channel BO)
CELH (Early entry from wedge setup - might be a mistake and will probably cut it quick tomorrow if we don’t breakout)
UAL (Really like the setup with a nice BO10PB. Took the DTL break confirming the setup)
Trimmed positions:
Closed positions:
SRTY (Closed my last short piece with a 18% return)
Daily FOCUSLIST
Tomorrow will be a tricky one with the AAPL & AMZN ER reaction. We’ll have to see first if we get some bid at the open and we confirm the bullish scenario, or we roll over.
I’ll wait to get clarity, manage my positions and only if I get traction on my current positions will I look to open additional ones.
Relative Strength TRACKING
I’ll start tracking top fundamental stocks with highest 6 months Relative Strength, holding up the best short term. (40% 1M-RS + 60% 6M-RS ratio).
During market correction, you want to keep track of these names as they will be the one to watch when conditions improves.
Relative Strength - TOP 20:
CRK CEIX ARCH AMR NEX PBF BTU FLNG EQT ARLP AR CVE VLO TALO INSW SD AMR REI VGR DK
REFERENCES
Articles on my system:
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