Daily Analysis -
We saw some profit taking as I had called out yesterday. Market held up pretty well for most part of the day before selling off towards the end. I think I over traded today even though I was expecting a down day, which wasn't a good call on my part, although some of the trades worked our fairly well. We are likely to have another down day tomorrow so be prepared and have a plan ready.
SPY Levels -
Resistance - 144.50, 145.50
Support - 143.69, 143.05
Trades -
FSLR - Entry 32.11. Exist 1/2 32.90. Holding 1/2
QCOR - Entry 29.55 yesterday. Exit 30.07.
CIE - Out flat today.
SKUL - Added at 8.28. Avg now at 8.44
TNGO - New pos at 12.79. Look much better today.
ISRG - Lost ~ $30 on this one. Lot of things to learn. I entered the trade close to resistance at $549 yesterday, i was hoping it would break resistance with market acting strong. Today turned out be nasty day on a research report. I keep hoping for a bounce to recover my losses but finally gave it up at $520. Exactly why you need a plan before you enter a trade and not be emotional about it. Its difficult to take losses, so hard stops are always good. Oh well...lot to learn!!!
SD- Entered at 6.48
YELP - Entered at 18.44 (Looked good intraday, need confirmation tomorrow)
Current holdings - CALL 1/2, GMCR 1/2, AAPL, DVN, SD, C, CYH 1/2, BRKB, SKUL, TNGO, PAY, YELP, PWER, EGLE (thats why i hate <$5 stocks)
Stock Ideas -
WYNN - Nice C&H pattern on daily.
NTES - China stocks have been hot. This one held up well during last hour market selloff.
GMCR - Looks great over 42.
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