We are getting into earning season and I don't trade stocks that have earnings coming out in the near future as it just too risky.
Summer is customarily a slower time for the market
The market is getting very overbought today.
As you can see on the below chart, we are getting overbought and I am concerned about putting set ups out today given this fact. I would rather not put set ups out than put some out that I am not confident will work well.
This doesn't happen that often but it is important to be aware of this.
PSTG - Stop raised to 13.47. We have had a nice move on this since the 13 trigger and since it has been consolidating the last few days it is now time to move the stop loss order up a few notches to lock in some profits.
IWM - Small caps seem to be breaking out of a range we have been in since December. That being the case, this break was not accompanied by strong volume so it could be suspect.
Energy related names had a big bounce today so their could be some trade set ups in the near future. I have been talking about this in the Energy section.
MOMO - We have had a nice profit on this but it has been consolidating the last few days but broke above this recent consolidation today. That being the case, I have raised the stop to just below this break of consolidation at 42
SOHU - This stock broke today on strong volume but the price action gave me concern so I moved our stop up to 48.49.
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