6/12 - Daily Review:
Essentially a flat open on Friday for the
$SPY &
$QQQ. Tried to run up in the morning but couldn't get over the 60 minute short term resistance level. Bit of a volatile day that closed pretty much right on its open. This market is proving to still be insanely strong. While I think it could still use some more sideways, it's hard to argue with some of the action from the leaders.
Sectors/Groups/Themes Today:
$XLB - Breaking out of a weekly flag.
$XLF - Back above the 200d SMA.
$WGMI
$COPX
$GDX
$REMX
$SMH
Tried 3 new positions:
$INTC - Has been building out a really clean base & after undercutting and reclaiming the May 19th low it has been building higher lows up the right hand side of the chart on increasing volume. Bought this today as a pullback into the AVWAP from ATH's 5EMA. Was hoping to get a deeper pullback into the ~$114's, but
$INTC was already showing nice RS so I grabbed it as a 5 minute ORB when it took out the prior days high. Covered some into the $125.60 resistance and holding the rest over the weekend.
$NBIS - Pullback into the 20EMA on decreased volume.
$NBIS is a leader that I have been wanting to find a way into. Oops reversal yesterday reclaiming the 20EMA. 60' double bottom, gapped up over the 10EMA & ER AVWAP. Pulled back with the market into the AVWAP and I bought it as it reclaimed VWAP & the daily 10EMA. Nice push off the lows, covered some into the highs but couldn't get over the 60' resistance at around ~$240. Holding this overnight as I'm trimmed, stop is B/E, and structure is still holding.
$HUT - Leading name in a leading group that pulled back into the 20EMA, ER AVWAP, $110 pivot, and support gap on decreased volume. Nearly a A setup except for how volatile its been the last week. Inside day from yesterday after reclaiming the 20EMA. Gapped up and pulled back briefly to the 10EMA, bought some as it took out the HOD on a 5' ORB. Similarly to
$NBIS it pushed strongly off the open, but couldn't quite get over the 60' resistance at $124.50. Missed my trim just barely and closed B/E. Showed some weakness compared to the rest of the group.
Missed, Skipped or Hesitated Trades:
Skipped
$SNOW,
$DDOG,
$DOCN,
$TWLO today as these software names have been showing some relative weakness. Would have expected them to have gotten going the last 2 days. The
$IGV is at a key inflection point and printed an inside day on Friday. Will be looking to see if it can get going on Monday. Only setup I missed today was
$AMKR. It was on my wider list but I thought it could have used another day. Looking at it now it was actually pretty clean as a pullback right into the 5EMA & 60' support. Should have at least kept it on the radar.
Open Positions:
$INTC,
$NBIS
I am currently sitting around ~24% exposure. If we see some positive action on Monday and the Q's can get through the ~$722 resistance level, I'll be looking to add some more.