It is summer time! I am done with school for the year, and if you did not see my Tweet from earlier, I finished with all A’s this year. 4.0 GPA. Never done that before so it is a pretty big deal for me.
Also, one more announcement. On this weekend’s Week Ahead post I am announcing a change to the website game plan for the summer. Stay tuned for that. I think it is for the better.
So essentially we fell to the target of 1600 today I have been talking about for the past week or so however I did not buy at that level like I have been Tweeting and talking about all day long for the past couple days. Not sure why – just talked myself out of it and that is something to work on.
Going into tomorrow’s number I really do not think you have a true ‘edge’ to either side unlike the last number. The last number I was long into because we were ‘holding higher’ and showing strength coming out of a nice pattern. This time it is a bit more difficult as we showed strength today but overall are still ‘pressure on’ environment where we really do not know where we are heading. The game plan for tomorrow’s number is as follows – gap up and let it settle, with such a potent reversal today we could very gap up and continue all day long. And if we get a gap down, I will look to buy in the hole for a gap fill and play it with relative strong stocks.
I have attached a few charts below with some ideas for tomorrow as we could see some ‘bounce’ activity in the coming day/days.
$SPWR is one of my top ideas for tomorrow as it has shown relative strength all week and not extended, coming out of a nice base, and a momentum name. Alot of words there, but that is my reasoning.
$CERN also has a nice pattern but not as tight as I would like it, but regardless, looks alright for a swing trade over today’s highs tomorrow.
$FSLR – another solar name that looks good. Not as good as $SPWR but still a nice pattern over today’s highs tomorrow.
$GDX and $GLD will also be key to watch tomorrow as $GDX has a nice lower level flag and $GLD is breaking higher out of a wedge pattern. These two patterns will likely trigger if we see weakness after the number tomorrow.
$M looks ok as it reclaimed the 21 EMA today is still strong. Something to keep on watch. Not a super tight pattern, and not a strong base either.
$EA held in there well today and looks good over today’s highs tomorrow for a trade. Not a top idea as it has already broken out but it looks good.
That is all I got today. Be sure to follow me on Twitter for the latest posts and thoughts. I will be here tomorrow live Tweeting tomorrow’s open and depending on the action even longer than that. Have a good day. Happy Summer.