The Shake Down

by Shake P

 

Summer Trading

Last week was the official introduction to Summer trading where volume is extra light. Heading into the last week of the quarter, I am expecting much of what we saw last week with the action late in the week suggesting we may be due for a slight pullback as the market doesn't seem to be able to hold onto its pivots. The SPY $273.50 area is the first support level to watch. As I mentioned last week I will be light with anything I do buy, knowing my best trades of the quarter are behind me and we have an earnings season to look forward to in a few weeks.

This is not the time to be going max risk into anything.

MYOK Long
Love this MYOK consolidation. Shouts out to Tim for putting it in front of me. We grabbed some early Friday but I plan on loading up through $49.50 if it triggers next week. The chart reminds me of DQ when we bought $56 and ran to $68 in 3 days.
Trigger: $49.50
Stop: $46.89
Target: $58-62+

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