Hello Everyone,
Quick Notes: The SPY/QQQ continued their recent bounce while IWM pulled back - today's breadth was quite weak with big cap tech doing the heavy lifting (will review some of those names tonight). Prior to my departure I said to prepare for increased volatility and that certainly has been the case with a quick sharp pullback followed by a "V" bounce. Today was 3rd day up for SPY/QQQ so risk/reward is diminishing compared to earlier in the week although most Friday's this year (outside of OPEX) have seen upside. Simply put, follow your plan and trail up stops while being mindful of earnings.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more.
Please take a moment to look at the trade ideas.
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7/9: SPX daily DVT = 4260, SPX 2 day DVT = 4232, Weekly DVT = 4057
QQQ daily DVT = 352, 2 Day QQQ DVT = 344, Weekly QQQ DVT = 325.2
