My Stock Trading Plan for Thursday November 3, 2016.
Good morning Wall Street traders! The election is near, we’re past FOMC, Facebook has turned face and Brexit… did it happen?
I got more than my 1% yesterday compound (goal is 1 – 3%) so I am happy. My trading plan is consistent with other posts this week – so please review them quick with the exception of any morning momentum stocks. So this will be short!
Momentum Stocks and Others
I am watching $FB Facebook close (because of the downdraft) and $IBB Biotech close (oversold).
I am also watching the British Pound with $GBB (long Pound to US Dollar) and $FXB.
$BMRN BioMarin Pharma has an upgrade at Deutsche I like so I will watch that.
Russell 2000 – This might really tank if Hillary wins so I am watching this close.
And watch my Twitter feed right before and during market open for any other momentum plays.
And of course our chat room will have them live.
$DXY – US Dollar
The US Dollar was close to a Fib at 97.07 earlier so this is an interesting watch for possible long in $UUP (long) and watching $UDN close (short a basket of currencies including British Pound).
Volatility and Metals
With the FOMC behind us, the election ahead and Brexit may not be an exit I’m still looking at volatility and metals – I still like $JNUG and will be watching close (for example – read last few days posts).
I took a late day trade in $TVIX yesterday that looks like will struggle today, but I will hold. I don’t think $VIX insurance buys are done and I don’t think volatility is near over.
Still confuses me so I continue to watch for a bounce.
Oil I was going to take a long swing in but haven’t – I’m waiting for things to settle there and EPIC the Oil Algo’s new algorithmic calculations (which we expect sometime before Monday open – could be as early as this morning). Each time there is a time / price cycle termination the new calculations can take 1 – 3 business days because the calculations are based on trading action in the new time cycle.
So if you have an interest in more in a more in depth idea of my plan this week please review previous posts this week and I am going to check in on EPIC the Oil Algo now and see if we can get an update.
See you in the room!