I decided to give a very quick run down of the stocks I am looking to trade or am already trading. Combining one good trade with the morning pullback report. I am heading to Puerto Vallarta tonight on a road trip so this was a quick and easy way for me to save time.
DE is setting up for a really nice pullback. It consolidated around a strong momentum bar and then broke out with its own momentum to the upside. The weekly and daily are both set up nicely in their own respective pullbacks.
This is the first one but throughout this video, I explain what I am seeing in certain stocks. I am a big fan of pullbacks and that how I trade. I think here you can get a feel for my thought process as I page through a bunch of stocks.
Baker Hughes is looking strong. The bearish momentum is getting eaten up by bulls and we love to see this activity. The Weekly is in a pullback and all momentum indicators are telling us that this is a great entry.
The momentum to the downside is apparent here. This trade is setting up for a potential big move to the downside. The bullish trend that PFE had the last few weeks seems to just be a giant bear leg. The chart above shows all the details. Momentum is in our favor here.
That's right, a bad play on puns... I'm not even a dad yet lol. Momentum is favoring RACE big time. It is setting up for a really strong pullback. Touch of the Keltner channel Gap up from earnings (earnings drift in our favor) Anti setting up on the MACD Momentum on MACD daily and weekly in our favor Bears are trying hard if Friday's bar is...
NYSE:DECK is looking extremely weak along with the rest of the consumer goods industry. There was a gap down after earnings and small pause in price action. I fully expect a continuation to the downside.
This is an extensive list but I went through over 500 charts yesterday. What I noticed was cloud solutions are strong while other tech is weak. Financials have been on fire both in the US and foreign banks. Consumer durable and non durable are very weak as is logistics, and manufacturing. Notice the similar patterns between all of the charts.
IVZ broke out of a range that broke to the down side first with a complex pullback and then broke out to the upside on new momentum. This was confirmed on the MACD and as well. There was a pullback after the touch of the keltner channel indicating a new trend to the upside which was then followed by a pullback. The pullback was not as controlled as I normally...
This is the sector we want to be in. I just want to stress not to overweight your portfolios with these stocks because if the industry turns down, so will the stocks stocks within it. I also added a finance stock to the pullback list NYSE:IVZ we are seeing some strength in finance as mentioned in yesterday's video.
In water utilities we are seeing a possible bottom and that is indicative of the Anti pattern which is a reversal pattern. Catching this pullback can keep us in this trade for a longer period of time. The healthcare industry is showing a lot of strength on many different charts. NASDAQ:INGN is just one of many but, it is my favorite setup today.
I covered a bunch of pullbacks that I like for the morning as well some general market sentiment. The AMEX:DIA seems to be the strongest index to trade right now. A couple of sectors that are turning around are healthcare and water utilities. I think those are my highest conviction longs.
HZO broke to the top of the Keltner channel shortly after reporting earnings. It has since created a complex pullback that I have talked about in many other videos. I also have a long log of these pullbacks and they are some of my favorite to trade. The stock itself is in a range albeit at the bottom of the range and near earnings support. This makes it a bit...
Many of the water industry stocks look to be putting in a reversal pattern, otherwise known as The Anti. The sector itself is one of the few green sectors when performing sector analysis. This chart shows free bars (indicative of a market reversal), a pullback (The Anti setup) and a really strong bull bar confirming the initial price action. NYSE:CWT is the...
Finally a short with to take with the current state of the market. This is a real life anti that is setting up in $CRK. Price was melting up before a failed pullback took bulls by surprise. Now we are seeing a slow and weak pullback. I am looking to short under the current bars.
We are going back to well after previously recommending TSX:ENB in one of my other one good trade videos. In this video, I cover the concept of swing trading pullbacks. I got into depth of the price action on the pullback and I explain where I would put my stop and take profit.
I have talked about gold before in some articles I wrote both on my website and on TV. It was a great entry for a long term move based on seasonality, macro and technical setup. I have since been able to move my risk to profitable. Now, gold has pulled back from the top of keltner channel offering a nice swing opportunity.
AMEX:GLD was added back on the 3rd of January. I wrote an article on TradingView and on my website explaining why I like the add. Next is NASDAQ:TSLA , which is prime of a break out after a complex pullback both on the daily and the weekly. Lastly, TVC:DXY is showing strength with a tight and fast trend on the weekly and a pullback setup on the daily.