My Stock Trading Plan for Wednesday November 16, 2016 in Chatroom.
Welcome to the Wednesday Wall Street trading session!
Algo work – As of this Monday our new equipment will be up and running full steam so I’ve scheduled next week in the room (when market is quiet) for algo work – I was going to start this week, and did a tad… but quickly realized all the machines need to be tied in for that.
Market Outlook – So yesterday the market inflection point started and continued over night and so the next few days will be interesting – there are battles in every corner… we’ll see. So I’ve started to chew around the edges of the inflection with instruments like $GDX but nothing is where you can really bite down on and go with yet. Obviously there’s anomolies like the shippers of late – but that’s intra anomoly plays I’m not really interested in but won’t disregard – and I know they’re all buying Lamborghinis today… I know. Oh and oil got up over important resistance during trade yesterday but lost it overnight so I’m looking for the 200 day on the 1 hour as possible long entry.
Rate Hike?
https://twitter.com/MarketsTicker/status/798846948048392192
Things that make you go hmmm…
Baltic Dry. Reminds me of last year and the shippers and the USD and then Jan… right… January that was fun. pic.twitter.com/UXWr7HPDnq
— Melonopoly (@curtmelonopoly) November 16, 2016
Momentum Stocks (Market Open and Intra-Day)
I do trade morning momo stocks (at times), but I do avoid risk. Just prior to open and shortly after open I post momentum stocks to the trade chat room (and Twitter if I have time).
The momentum stocks (from previous days and morning trade) I continue to watch through the day for indicators that allow a trade.
Morning Stock Watch-Lists
Pre-market Decliners Watch-List: $LOW Will Update Before Market Open or Refer to Chat Room
Pre-Market Gainers Watch-List: $SINO $OPTT $CRDS $CLLS $TOUR $SHIP $LPL $ESEA $TOPS $GOGL $NTNX $TGT $DCIX $YRD $SDRL Will Update Before Market Open or Refer to Chat Room
Other Watch-List(s): Inflection points with currencies $USD/$JPY $FXY, Financials $FAZ, Indices $IWM $RWM $TZA and more. Volatility $TVIX $UVXY
Other Watch-List(s): Shippers: $DRYS $EGLE $SHIP $SINO $TOPS $GNRT Oil: $CRC, $EPE, $WLL, $RES, $JONE, $AREX, $REN, $CLR, $HP, $ATW, $SGY Financials: $FAZ
Regular Watch-List: Gold $GLD, Miners $GDX ($NUGT, $DUST, $JDST, $JNUG), Silver $SLV ($USLV, $DSLV), Crude Oil FX: $USOIL $WTI ($UWTI, $DWTI, $USO, $UCO, $CL_F), Natural Gas ($UGAZ, $DGAZ), S & P 500 $SPY ($SPXL, $SPXS), US Dollar Index $DXY ($UUP), Volatility $VIX ($TVIX, $UVXY, $XIV)
Stay tuned in Stock Chat Room for more pre-market stocks on watch.
Regular Trades:
S & P 500 $SPY ($SPXL, $SPXS)
My bias is still to all time highs – although it has struggled some and with this inflection point – it’s a wait and see – we may see a pullback here first. The US Dollar is going to cause issues IMO as will other global market / credit / bond and small cap issues and more over the horizon. In that, I see a run in Gold and Silver soon then a pull back and then a big run.
My trading plan with $SPY: I expect volatility could get some lift here at market inflection and then get crushed and I will likely follow that trend with $TVIX $UVXY $XIV buys at range pivots / pending price action, volume and other geo events.
Volatility $VIX ($TVIX, $UVXY, $XIV)
I am still expecting it to get crushed – but it will likely get some lift here with the market inflection and short term pull back I’m seeing short term in indices etc.
My trading plan for $VIX is obviously $TVIX $UVXY $XIV day trade snipes.
$DXY US Dollar Index ($UUP US Dollar Bull, $UDN British Pound, $USD/JPY, $FXY Japanese Yen Trust, $CNY China, $TZA, $SMK / $EWW Mexico Capped ETF)
The US Dollar continues its rally at time of writing. I expect it to continue in its symmetry relative to last year before Christmas also. Anyway, my Twitter feed had me posting this run since early July. It should at least take a breather here. It is .2 cents off my price target.
May call from October 12, 2016 – Price Target Hit
$DXY US Dollar Index looks nasty – last time it had the 9 20 50 100 under it we seen 100.50 #justsaying pic.twitter.com/01WOx6mdWD
— Melonopoly (@curtmelonopoly) October 11, 2016
Aug 3, 2016 I was tell the $DXY bulls they were going to have a good Christmas (our algo was launched in – house at that point and was hitting like mad – I was being a little cheeky).
My socially awkward call on the $DXY US Dollare back Aug 3 – I was just telling the US Dollar bulls it would be a good Christmas. https://t.co/AehSESFa3l
— Melonopoly (@curtmelonopoly) November 16, 2016
US Dollar Index. We were here last year near this time. Will it rip right through that ceiling or ? pic.twitter.com/hzw4PqpEve
— Melonopoly (@curtmelonopoly) November 16, 2016
I am also watching the Peso and Trump’s messaging… also watching $FXY and $USD/$JPY for clues with Gold and Miner’s.
$USD/JPY
USD/JPY why… be better if it let off the throttle a bit pic.twitter.com/97g1HXoONY
— Melonopoly (@curtmelonopoly) November 16, 2016
$FXY
$FXY – I may wait for closer to that yellow line for $GDX and $NUGT etc #GOLD pic.twitter.com/tZxhNhT1HR
— Melonopoly (@curtmelonopoly) November 16, 2016
$TZA could get a bounce.
$TZA 3x Small Cap Bear – since election perspective. Will it the bear get up off the floor? When it does, it may just hurt. pic.twitter.com/JhBQ7ijTfc
— Melonopoly (@curtmelonopoly) November 16, 2016
My trading plan with $DXY is that I’m sitting tight. WHEN IT DOES reach it’s full symmetrical extension I will look at plays for the downside. If $USD/$JPY comes off some I may look at Miner’s and I’m expecting Russell 2000 to come off a bit – BUT YOU NEVER KNOW.
Gold $GLD, Miners $GDX ($NUGT, $DUST, $JDST, $JNUG)
My plan with Gold and the miners remains the same – patience. I have started to chew around the edges with tight trades but nothing yet. Watching $USD/$JPY close and $DXY and $FXY for clues on Gold and miners movements.
Gold. Patience for the one floor down buy. pic.twitter.com/juTYkYXfKc
— Melonopoly (@curtmelonopoly) November 16, 2016
My trading plan with Gold: Wait for the buy trigger to hit. If it doesn’t reassess range then.
Other equities I like for Gold Trade: $AUMN (penny stock)
Silver $SLV ($USLV, $DSLV)
As with Gold I’m awaiting buy trigger on Silver… I did try and take a $USLV trade on Monday as a tester but stopped out so I’ll continue to watch.
Silver. Looking like I will get my 16.25 wish. pic.twitter.com/Dctulr3Fvp
— Melonopoly (@curtmelonopoly) November 16, 2016
Other equities I like for Silver trade: $AUMN (penny stock)
Crude Oil FX: $USOIL $WTI ($UWTI, $DWTI, $USO, $UCO, $CL_F)
4:33 AM Update: EPIC the OIL Algo Blog Post Published.
If you are trading oil in the room be sure to always check EPIC the Oil Algo Twitter Feed for updates and recent reports etc.
Oil got up over resistance yesterday and lost it overnight (that thick blue line) – so I am hoping for the 200 day on the 1 Hour as a long entry.
https://twitter.com/EPICtheAlgo/status/798846542081757184
In summary your trading ranges are as follows (as of 721 AM Nov 16, 2016):
Diagonal intra trend lines: Overhead Resistance 45.54. (change intra with diagonal blue lines).
Horizontal trend lines: Resistance – Many. Support – Many but one of note at 44.56. Refer to chart. (purple lines).
Moving average: Support at 200 MA on the 1 HR. Intra is at 44.51 (this will change intra)
Alpha algo lines: Refer to chart (red dotted diagonal).
Alpha algo targets for week: At time of writing EPIC has not released any updates.
Traditional chart pivots: Next segment of publishing from EPIC coming soon.
Traditional Fibonacci: Next segment of publishing from EPIC coming soon.
My plan trading oil is to take a long position in $UWTI at the 200 day on the 1 hour (pink line on chart) in my small account if the support holds and there is corresponding price action / volume. I will sell in to strength and re-enter as needed and I will sell VERY FAST if support is breached. If oil gets proper lift then I will consider entering in size long with my large swing account.
So it seems to me that if that downdraft continues… that 200 on the 1 hour is a juicy place to hammer down long. #justsaying https://t.co/Ka63DS4Csu
— Melonopoly (@curtmelonopoly) November 16, 2016
Other Equities I like for Oil or Energy Trade: Tape / Chart – $ETE, $RIG. High Short Interest – $CRC, $EPE, $WLL, $RES, $JONE, $AREX, $REN, $CLR, $HP, $ATW, $SGY. Fundamentals: $EOG, Pipelines – $XLE: $HEP, $SXE, $KMI, $DPM, $TGS, $ENB, $EEP, $PTRC, $HGT
Wowza
May be best not to long crude right now. https://t.co/E1sAsllfH8
— Melonopoly (@curtmelonopoly) November 16, 2016
Other:
Natural Gas ($UGAZ, $DGAZ)
Natural Gas A long here risky IMO 290 even 300 with some follow thru would be better. pic.twitter.com/LqaXTPktVL
— Melonopoly (@curtmelonopoly) November 16, 2016
Thinking the air is getting a little thin up here for $IWM
$IWM Starting to wonder about what the elevator down may look like. pic.twitter.com/YO3rh89XDE
— Melonopoly (@curtmelonopoly) November 16, 2016
Watching $RWM Russell 200 Short
$RWM Got my alarms set – let's see what it brings. @VikingKing6 pic.twitter.com/hLvsuEpips
— Melonopoly (@curtmelonopoly) November 16, 2016
Thinking Aluminum for some reason
$FOIL pic.twitter.com/KH8qAZ1VXf
— Melonopoly (@curtmelonopoly) November 16, 2016
$JJU pic.twitter.com/R6tFZh3BvK
— Melonopoly (@curtmelonopoly) November 16, 2016
Study:
Free scanners to find momentum stocks that you can easily review charts of for indicators that bring probability of your trade being successful up considerably. These are not useful for first 30 minute market open super-nova type plays (you need a good momentum scanner for the first 30 mins of trade)… but are very useful for intra day scalping (start with trending stocks and then look at indicators intra for simple set-ups – study scan study scan study scan).
http://finviz.com/
https://finance.yahoo.com/screener/predefined/ec5bebb9-b7b2-4474-9e5c-3e258b61cbe6
http://www.highshortinterest.com/
http://www.gurufocus.com/short-stocks.php
http://www.3xetf.com/all/
"First rule is not to lose money. Losing an opportunity is minor in comparison."https://t.co/gVwyx9xmIg #daytrading #wallstreet #stocks
— Melonopoly (@curtmelonopoly) November 16, 2016
GL!
Curtis
Topics: Stockmarket, Pre-Market, Trading Plan, Wall Street, Stocks, Day-trading, Watchlist, Chatroom