Market Update August 14th

Good Morning,

Yesterday we saw a largely sideways market with a pretty good pullback late in the day as we continue to put in tight range, choppy days here near all time high resistance. This morning the QQQ is slightly up and the DIA, IWM, and SPY are slightly down. We are also pointing too a bit of a gap up in the VIX, which is starting to have a bullish looking TTM. Overall, the market remains in an uptrend, but it doesnt seem to have the appeitite to break to new all time highs yet. That could change at any time, but the fact remains that we are in a place where a little caution is warranted as far as how much risk and position size we want to put on right now. I ran numerous scans today and just don't see the type of A+ setups that I would want to take for a swing trade on a Friday heading into the weekend so there will be no new watch list for today.


Yesterday I took a new swing trade late in PTON calls. I apologize for the late alert on this. I sat on the bid for quite a while and filled pretty late in the trading session. I like this chart on multiple time frames, and it has great TTM Squeezes and charts on the 15 min, 30 min, and 65 min charts and is reclaiming its sma20 on the daily. It also had some news yesterday about possible competition from AAPL that caused it to dip, but the dip got bought aggressively with heavy volume, which is a good sign. Last but not least they are reporting earnings on September 10th after the close, and it may want to run up into that. For now stops are set on a close below yesterday's lows around 62.50 Equity reference for my entry was 65.65 and if you haven't taken the trade yet, I think anything up to 66 is a good entry point.

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