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$XRT, $BBBY, $M (Macy's), $CAKE, $W (Wayfair) Retail was decimated by Coven-19. They have been active & action stocks both up and down. Mitch went with a little top down analysis, using the segment ETF for guidance with intermediate & higher Time Frame charts. The blue chart is the segment ETF, & there are a few symbols orbiting that "rhyme", i.e., have similar levels at similar points in time. The high-probability play is to wait for the ETF to reach its level and then either act on that or play another symbol that's moving similarly. The charts below are the setups we have waiting for entry. 
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Monday: Stocks start the week higher in spite of violent U.S. protests Tuesday: Protests and looting puts major cities on lockdown – so why do stocks rally? Wednesday: The BEST 50-day rally EVER… Thursday: “Operation Warp Speed” helps Nasdaq make new records, but… Friday: Great News: Stocks go crazy after FANTASTIC jobs report… $JETS -- Airlines, like other things, gapped up today. But they then gave back a fair amount of their gains, forming a pretty large red daily candle & closing in the bottom 20% of its range or so. The airlines, as tracked by the JETS etf, now sit on the 100D SMA, which coincides with a major round #, $20. If JETS doesn't hold there Monday there's no real demand until about 12% underneath. This will be something we'll be tracking next week & we'll be monitoring the major symbols for opportunities (($LUV, $AAL, $DAL, $UAL, $ALK, $JBLU, $HA, $SAVE).  |
AuthorFull time traders and teachers.. Archives
October 2020
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