Trade Alerts – Difficult Spot 7-20-2017

A few issues to contend with:

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.

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Trade Alerts 7/19/2017

Recent Trades

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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Chart Setups & Market News 7/12/2017

After the market closed today., their was news of downward revision Oil inventory to 495.6 million barrels  which is a decrease of 8.1 million barrels and a change in expected U.S. oil production. As a result of this, Oil has risen over 2% in aftermarket hours. Whether or not this is a change in momentum is yet to be determined.
Considering the current state of the energy sector and our chart set up for REXX, this could have a big move or a medium time frame.
Chart Set Ups:

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Momentum Chart Set-Ups 6/28/2017

The market reached another all time high tight buoyed by the financial sector and Oil coming off the lows for another day. The FED cleared all banks in their stress test and CITI doubled it's dividend. This sounds like great news for the Financial industry and in particular for CITI group as things must be going quite well for them to be comfortable enough to double their dividend. We don't buy CITI much because its to big and wouldn't have the type of movement most momentum stocks that we are looking for would have. So what does this mean?
Click this link for my annotated chart of XLF or the Financial Industry ETF I follow.


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Momo Chart Scans 6-15-2017

Great Momo charts today but first, the market action The DOW reached another new high this week, brushing aside the FED as it raised interest rates and Oil had one of their worst weeks of 2016. In past years news such as this could have dramatically effect these Momo charts for traders but because the Dow reaching ... Read more

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