My Stock Trading Plan for November 1, 2016.
Good morning Wall Street traders! Trade them well!
On Watch: Momentum Follow-Through Stocks:
Looking for potential follow-through on $BRCO, $INTX, $HMNY, $NTP, $TWTR, $CETX, $NVCN, $ATOS, $AUY
I won’t explain in detail what I’m looking for in this forum (I’ll do that in that trade room for each that are considered as / if they are considered).
Monday’s momo:
$BRCO + 22%
$INTX +25%
$HMNY +7.14%
$NTP + 7.86%
$TWTR +1.64%
$CETX +5.26%
$NVCN +29.96%
$ATOS +21.05%
$AUY +4.09%
On Watch: Morning Momentum stocks TBD.
$SPY Set-up / Volatility $XIV $TVIX $UVXY $VXX
I think there is a set-up with $SPY… wait for volatility and play it – beyond that I’m not trading $SPY or related instruments because I believe the Fed is in there and has it pinned – period. Not enough width IMO.
Trading $SPY Volatility ($XIV, $TVIX, $UVXY, $VXX Etc)
$VIX – Volatility ($XIV, $TVIX, $UVXY, $VXX, etc)
My problem with $VIX is that I can’t take a trade this high in $UVXY etc. because I would want $VIX closer to 13 (but it may get away on me) and I can’t take a trade in $XIV etc because I don’t expect volatility to settle down before the election. So I’m watching very close between now and the election. I believe there will be daily opportunity here starting Wednesday at latest – there was lots of “insurance” buys Monday… so Tuesday may even open an opportunity.
$VIX 1049 PM Oct 31
$DXY US Dollar Index ($UUP) – $FXY Japanese Yen Trust, $CNY, $TZA, $SMK / $EWW
There is nothing broken in the US Dollar Index chart IMO. The continued targets I’ve previously posted stand unless conditions change.
$DXY US Dollar Index 1114 PM Nov 1
$DXY US Dollar Index upside res 98.61, 98.78 (short term PT), 98.91, 99.17, 99.28, 99.64, 99.80
— Curtis Melonopoly (@curtmelonopoly) October 21, 2016
$FXY Japanese Yen Trust – Gold / Gold Miners – $DUST $JDST (Bear) / $NUGT $JNUG $GDX $GDXJ (Bull) / #Gold $GLD
If you’re thinking of taking a position in Gold Miner’s this is good to follow. Last night it started to turn around and miner’s ran Monday (so no surprise and should have been an easy trade – distracted lol) so watch it if it continues to rise 9/10 times miner’s will follow… I even watch it with Gold plays and even before I take a small cap Gold company or miner position.
$FXY Japanese Yen Trust Oct 31 1121 PM
$TZA – 3x Small Cap Bear
Watch $DXY US Dollar Index – when it gets flight so does the small cap bear $TZA typically – it can be a great daytrade.
$TZA, Small Cap Bear 3x
$SMK / $EWW (Mexico Capped ETF)
If you think Trump is going to win you want to short $EWW or play $SMK (however thinly traded).
Crude Oil: FX $USOIL $WTI | FXCM $USO $UWTI $DWTI $CL_F #OOTT #Algo
Crude algo intra work sheet 1042 PM ET Oct 31, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo
So crude had a significant downdraft Monday (OPEC / non OPEC couldn’t get it together I guess)… and ended up trading down to a diagonal trend-line (blue) from a previous time / price cycle and very near a horizontal price support (purple) and it appears that it will be heading for the nearest target EPIC the Oil Algo called. And to make matters worse (if you review a simple chart) the neckline support with oil has been breached (not that I give that much consideration).
I was going to take a long position in $UWTI at end of day but didn’t and will strongly consider one in the morning.
Gold / Gold Miners – $DUST $JDST (Bear) / $NUGT $JNUG $GDX $GDXJ (Bull) / #Gold $GLD
Looking for entry $GLD at 114.00 / 115.00 area – but I don’t think I will get that before the election.
Gold at 1266.65 is still one level up from my target closer to 1177.00.
On Friday I wrote that I expected Gold Miner’s to run Monday and that occurred – I will be watching them close. There again wanted a pull-back I don’t think I’m going to get.
Going in to election I am very bullish most commodities. I am currently running charts on miner companies too.
$JNUG +7.42% Monday
$JUNG October 31 – Junior Gold Miner’s Bull 3x
Silver – $SLV, $USLV, $DSLV
My position with Silver ($SLV) is similar as that with Gold ($GLD) in that I am waiting for one more downdraft – here again I may not get that.
$SLV Silver
Natural Gas – $UGAZ $DGAZ
Here also, with natural gas I am looking for one level lower for an entry. It’s at 2.99 overnight and an ideal entry would be 2.86 (or at least a review there).
$UGAZ was off 9.42% on Monday so I will watch close Tuesday.
$UGAZ Oct 31 -9.42%
The Finviz stock screener is available here: http://finviz.com/.
Look forward to seeing you in the chat room. Visit www.compoundtrading.com and click on the link on the main page to enter the chat room.
Curtis