This will be the first post of a new part of the weekend review going specifically over names on the watch list. Nothing will change in the trade plan, this is just an extension and I want to keep this one shorter. Hopefully this can grow into something that benefits everyone. I'll make tweaks to it as we go to be as efficient and streamlined as possible, similar to the plan. I think to start off we can take a look at bonds, gold, and a few stocks.
TLT: Bonds have been in a daily uptrend since the start of 2014 and nothing has changed. Quick intraday trends come then we see a pullback into a rising 50 day on the daily trend. Right here bulls have a lot of room to work with after making all time highs, being well above break even, and the previous daily low all the way back at $123 (which is under break even).
Opportunity - buyers hold daily trend and reverse to start new intraday uptrend. nothing actionable yet
GLD: Gold is in a similar position to bonds if you only look at this years performance. Price well above break even, previous low at $112 below break even. Only (big) difference is there is no strong uptrend behind this. This higher high we saw at $125 was the first higher high in a long time and if bulls want it they need a well placed higher low.
Opportunity - $120 is my line in the sand here, if price gets above I think there is some long opportunity if an intraday trend can support a rise in the price.
FEYE: Has been building a base for about 8-9 months now which is plenty of time for a bottom to have taken place. Recently over the past few months the range has contracted and that is why I've been keeping a close eye on it for a breakout which we may be seeing now.
Opportunity - intraday trend above $35. right now that is looking like 65m trend, but whatever gets you the relevant swing points to hold and trail big winners works.
GOOGL: Spent last year consolidating with many other big names (that have already broken out to new highs). Been very quiet, I think above $545 it holds some explosive potential. Especially if the indices get their act together and get a trend going.
Opportunity - potential leader again with trend above $545
TWTR: We are seeing lots of gap up continuations lately and this is the most recent one along with LNKD. Twitter had a strong candle after the gap though and that is what you want to see for these trades. As well as the indices in an uptrend.
Opportunity - holding gap low to make intraday trend
CELG: Representative of the strength we are seeing in healthcare. Been positive all year and buyers stepping in above break even with rising daily trend.
Opportunity - holding lows against daily trend and continuing
So I think that will do it for this first entry. Comments are welcome as always. Like I said I will be making tweaks to this as we go and eventually find some kind of groove that works for everyone. For sharing this I'll link these posts at the end of the trade plans and tweet it out as well. Thanks for reading
-Michael
