Friday Free Watch List

Friday Free Watch List

Good morning team,

 

Not every day in our profession is profitable or fun.  Yesterday we had a nice drop in the market that in hindsight I picked nearly perfectly.   While distracted I closed the trade and made a poor decision.  Those SPY puts turned out to be nearly a 200% winner had I stuck to my rules.  I had a bad day yesterday and studied for a few hours last night on getting back on track today.  Unfortunately, my scans this morning aren’t turning up much for good reversal plays… except for the VIX.  On the opposite side of that we have our pickings of about 65 stocks in the S&P and multiple ETF’s as well for puts.  So, it’s only one day and most of the major Indicies had NOT CONFIRMED (XLE, XLY and XLF did) a potential reversal to the downside.  Today will be interesting with the market down again this morning.  

 

Today on SPY we are looking at:

Support of 268.29, 267.72, 266.24

Resistance of 269.51, 270.26, 270.87, 271.47

 

Economic Calendar:

· 1:00 PM EST Baker Hughes Weekly Rig Count

Earnings Calendar:

· Earnings Before the Open: ARNC, BPL, CBOE, CLF, COTY, EEFT, ESNT, EXC, HAS, IMGN, PSX, RDN

Other Key Events:

· William Blair 16th annual Utilities conference, 2/7-2/8, in Toronto

· USDA World Agricultural Supply and Demand Estimates (WASDE) report

 

 

 

Symbol

TGT (Earnings 3/5)

Exp Date

3/15/2019

Strike

$ 72.50 Puts

Signal

Above $ 71.70

 

Symbol

STZ

Exp Date

4/18/2019

Strike

$ 175 CALLS

Signal

Above $ 174.68

 

 

Symbol

VXXB

Exp Date

3/15/2019

Strike

$35 CALLS

Signal

Above $36.01

 

 


 

 

 

Note: We encourage all traders and investors to develop personal trading rules that you can follow and that work for you. Always protect your downside and note that we alert extremely volatile short-term trade opportunities.

 

 
Trading Rules [Please Review Before Taking Any Action]:

 

  1. Do not invest more than you are willing to lose. No one likes to consider the worst case, but it’s always a risk that exists. Rule of thumb - if you cannot sleep at night as a consequence of your investment, then you have over invested.
  2. Keep calm. Do not chase. Decide for yourself if you like the trade. If you are not comfortable with the perceived risks, stay out. Timelines are to be decided by you. Approach methodically, and seek technical confirmation for direction. Always trade with a strategy in mind.
  3. Never use market orders. Only use buy and sell limit orders. Protecting your investment is more important than missing gains. Use "trailing stop %" or "trailing stop $" orders. Personally I prefer mental stops while actively managing trades rather than entering your stop into your brokerage account.
  4. Cut losses quickly when day/swing trading. It's better to acknowledge being wrong than to have false hope. Sometimes you will be wrong in doing so, often times it will save you. It all depends on your entry.
  5. Actively manage all your investments & trade during market hours only.Trading during pre/post market hours carries greater volatility/risk.

 

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