[videopress 4Dm77kof]
Highlights
MARKET MOOD:
OVERALL DIRECTION: SDD (sideways on monthly, down on weekly and daily time frames)
NEW HIGHS vs NEW LOWS: Super interesting to see all 5 major indexes make lower lows on Friday and the number of stocks hitting new lows dry up. I feel as though this divergence is hinting at a bounce…or at least some of the constructive action I’m seeing in leading stocks. We’ll have to see what plays out.
PORTFOLIO MANAGEMENT: With 4 names scoring extremely high on the gauntlet this week, its hard for me to not to want to dive in on all of them. I already have a position in JD. I still really like the setup. If it breaks out again, I’ll add 0.5% back into it.
I’m also looking to add half positions on QDEL, SAM, and MPWR if they break out.
Seems like I’m taking on a lot of risk. In reality, I’m putting on 2% of capital risk if these names break out.
TRADE IDEAS:
There’s 4 highly rated stocks this week and they’re all on the action list. I’m actually surprised to see setups scoring this high while the market is correcting. If all 4 trigger, I’ll be adding 2% capital risk.
Here’s the link to this week’s notes: https://docs.google.com/spreadsheets/d/1ybgEYFh-ux-SfOWRCzwEnEzqVNOiG9_ADA8X-R1tKB4/edit?usp=sharing
A couple of notes on the sheet:
- We’ve added ‘TRADE GAUNTLET NOTES’. This will show you all of the criteria the idea met! Roll over the cell and to see this notes box.
- The ‘notes and game plans’ cell was getting too long so I tightened the cell. To see all the info, double click the cell.
RESOURCES
- Mara Trader ‘Weekend Assessment’ Sheet
- Trade Emotionator (free position size calculator)
- TrendSpider (charts)
- EdgeWonk (trading journal)
- Options Geek (options EDU + new options chain)
- TradingView (charts)
- Favorite Trading Books
- Investors.com
- Market Smith