The Shakedown 11/17/18

by Shake P

 

Whipsaw!

The market began the week under a ton of pressure as Monday thru Wednesday would be charactized as straight down with pockets of bull traps in between. Thursday, however, after taking out Wednesday's low and appearing like we'd see another weak day, the market had a powerful reversal at a very important support level. The market held up well on Friday, shaking off NVDA's weak earnings with the relatively strong stocks taking off. 

The market is still vulnerable, but I did deploy about 35% of my cash Friday in my favorite names. It is a HIGHLY SELECTIVE market right now, you cannot find yourself overextended in every single name. Pick and choose, and as always, risk management is your best friend. 

From a big picture standpoint, we're still trading underneath the 200sma which often suggests the whipsaw action we've been seeing. The key has been focusing on the stocks that don't care about what the broad market is doing. They may stall a bit when the market is sufficiently weak, but the second we catch a bid, they rip higher and don't give many entries -- and chasing trades in this environment has lead to many more losses than wins.

Holiday shortened week so you can always expect less volume towards the end!

In an effort of constant self-improvement I will begin sending out downloadable watchlists of the stocks I'll be closely watching this week. Most are from the Shakedown but I left some off that need more time to setup, but will still be watching (COUP chart for example). That will be coming in a separate email right after this one with directions on how to download it. 

GKOS Long

Back to back trade of the week alert!! An extreme rarity around these parts. I was loving GKOS' post earnings setup last week through 63, and it ended up giving us an inside week (albeit still a wide week) below that resistance level. In the words of Jay-Z "Whatchu want me to do, I'm sorry!" Setup just looks too good to not put the spotlight on once again. I was able to buy some Friday a bit early but will have no problem loading the boat through $63 if the volume is there. See ya at 70 bucks.

Trigger: $63

Stop: $59.89

Target: $70-75+

Hope to see you in the chat Monday!

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