Lincoln Alerts for 6.25.14
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Just posted a new trading lesson: Support and resistance
It seems like it’s been an eternity since we’ve had a really deep, thick market sell off. The early session on Tuesday looked like business as usual with stocks grinding up tick by tick until the afternoon when we saw some really good follow-through to the downside. Now one day doesn’t make a trend but I think were all in agreement that the market is short term overbought. In my opinion I was focused on the SPY hitting that emotional 200 and who knows it still may but today’s sell off shouldn’t be ignored. I think we have some pretty good setups for Wednesday that should add to our very good week we’ve had this far.
Watchlist $GBR $SCTY $TWTR $PCP
GBR
I’ve been watching this one for a few days it has a very nice high RSI and I think it’s at the sweet spot for a pullback. The question for me will be does this become a day trade or a swing trade as the action intraday seems limited. As usual with parabolic stocks I would like to see a strong move in the morning that tests the last two day highs then build a short position using the whole number of six dollars as a stop.
SCTY
I’m sure everybody has an eye on SCTY as a potential reversal candidate. I’ve been stalking this one religiously even before the heavy market sell off today and if there is follow through to the downside in the markets I think this could be one of the top short plays. This has had a very impressive run up and maybe in time we’ll see $100 or more in price but for the short term it needs a rest and tomorrow could be the perfect day for it.
TWTR
In yesterday’s watchlist I featured a lot of the old momo stocks as potential breakout candidates. But you know how the market is, it can change at any moment therefore our biases as traders must change accordingly. If and of course this is a big if the market experiences heavy sell off tomorrow the stock will probably pay the price and could be a good short as well.
PCP
What a great ticker name. I know these companies hire marketing experts and at one point sat down in a board room and voted on their stock ticker before going public. Why they chose this one who knows but that’s beside the point, we really don’t care what the ticker is as long as we can make money on it right. I was very tempted to buy this one today as a bounce play but decided against it. This is a trade that I would only take if we have heavy panic selling the market early and stocks are down across the board. This could be a good reversal trade. I’m not a fan of the high stock price as a usually like to trade stocks $75 and under but a trade is a trade and if the opportunity is there I will take it
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