Wednesday, June 19, 2013

Trading update and my best swing ideas for 6/20/2013

I sold my two overnight positions early in the session and went to 100% cash. $VSAT I took a flat on after being up nicely at Tuesday's close and $TSRX I took a loss on. I decided to stay in cash until after the FOMC minutes were released and ended up touching nothing for the entire session.

After today's session, I definitely can't see myself going long stocks. I can't say that I'm an outright bear at this moment either but I think the risk/reward at the moment favors shorts especially after the market's reaction to continued fiscal expansion by the FED today.

Tomorrow, I'll be looking to add the following shorts to my portfolio:





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4 comments:

  1. AnonymousJune 20, 2013 at 11:34 AM

    Are we still long on $DATA?

    ReplyDelete
    Replies
    1. patterndaytraderJune 20, 2013 at 6:10 PM

      I never got long $DATA because the markets never gave me the go ahead. I don't take long positions when the markets are selling off hard unless it's extremely oversold.

      Delete
  2. AnonymousJune 20, 2013 at 11:51 AM

    $BGFV is falling down on a low volume, it will bounce back to complete the handle, probably a good buy on the low of the day

    ReplyDelete
    Replies
    1. patterndaytraderJune 20, 2013 at 6:12 PM

      At this point, I consider $BGFV a broken chart. However, if it shows up in my scans in the future when I am bullish on the markets..I will add it back to my radar again. But for now I no longer consider it a long set up.

      Delete

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