Hello Everyone,
Quick Notes: Mixed market today with technology once again carrying the torch while many other sectors fall by the wayside. Lowest volume day of the year for SPY with vacations starting and other traders disinterested. As Matt mentioned last night, there are certainly some warning signs (divergences) with breadth weakening. With that said, we respect the trend (price) until price reverses. One guide is to monitor the uptrend lines shown tonight in the SPX daily charts - while
above the music is still playing.
As far as trade ideas, I'm not seeing much to get excited about. Many setups of ours have played out and reached targets and no reason to press here. If you want action, aggressive traders have been gravitating towards some lower float names and running those type of stocks (MRIN, BPTS, OLB to name a few) while most names drift. It's been great ride with many nice trades from the watchlist along with the SPY system winners so please don't lose your discipline and remain prudent.
Keep some hedges handy if you portfolio warrants.
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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6/23: SPX 2 day candlestick DVT = 4107, Weekly DVT = 3970
