TheGoose (Jason Pollack) is a former market maker and pro trader at TrueTrader who has been trading for over 25 years. Tapping into his experience he brings us 11 fresh trade ideas for the rest of this week.
Broader Market
$SPY
Market is kind of in a funny spot. DOW is up a little bit, NASDAQ was off a little bit, kind of a mixed market. Not a lot of confidence either way. I don’t think you are gonna get a big runner, obviously its always hindsight. There’s a lot of whipsaws that go on, what I mean is that one second you are chasing a breakout and next second you are getting stopped out. Lot of that happens in this choppy kind of market. I’m still hoping for a little bit lower when it comes to the market. Would love to see it come into the 430 area or lower. Not sure if it’s gonna do it or not. We’ll have to see
$QQQ
Looks very similar to $SPY. Below the 50D SMA. You guys are getting the idea of the trend right. Last time when it broke the 50D SMA on the daily chart, you see it held the 6-mo SMA (126D SMA) and then ended up reclaiming it, making new highs month later. During the time when we are having a chop or this kind of weak market you just gotta play it safe. You always have to be adapting in this kind of market
LONG SETUPS
$KSS
My Level: Long off $53.20
That’s gonna be previous low area and 200D SMA. Had nice bounce and retraced back to the 200D SMA. I know it closed below 50D, let’s see if the 200D SMA holds. Its trading really close to the 53.20s in the AH, so this might be a non-trade tomorrow but I want to put it up there because I love stocks coming off 200D and coming into prior resistance which lines up with my level. If market open ups flat or green and pushes up, this can really hold 200D sma and can take off
$DFS
My Level: Long off $124
The reason is because you have 20D SMA and prior resistance. Has $3.53 ATR, that bring it down right into that level from 127. I want to see what it does tomorrow morning. You have prior lows and 50D SMA, lets see if it can come little bit more and give us a opportunity off 20D SMA
$CROX
My Level: Long off $143
You could see its the 50D SMA. Right below that you also have Annual and monthly pivot. Its got a $6.50 ATR. If market has a real pulldown tomorrow that might be a nice level to trade it off. If doesn’t happen tomorrow might look for it on Friday
$TEAM
My Level: Long off $375
We have previous low and quarterly pivot down here. Lighter volume name trades million shares or so. Has like a $12 ATR. Closed at $385, considering the ATR watch it for a pull to the mentioned level, held it twice with this kind of market. Had big earnings beat, strong name pulling off a little bit, but still has buyers in the name
$AYX
My Level: Long off $69.40
You could see how many times it held this Annual pivot. Let see if there’s a morning weakness. Traded less than a million shares today, make sure you guys adjust your size accordingly. You gotta let the stock what its supposed to do, if a stock has $12 range, 50c stop wont do it
$EDIT
My Level: Long off $37.85
Took a big hit today, want to be careful tomorrow on it. But I wrote down a long at 37.85, off quarterly pivot and previous support. Has got $4.5 range, that brings right into the high 37s with where its trading in the AH
$MTCH
My Level: Long off $150.10
You got a 200D, 50D, 126D SMA plus its a big psychological number. I like this name, been doing really well, had a big push up and coming into consolidation right now
$PLTR
My Level: Long off $23.70
It has had a 3 down days in a row. Wrote down long possibly off 23.70, you have the 126D SMA as well as the Quarterly pivot down there. Has $1.27 ATR again kind of brings you right into the pocket. I have this feeling that it might have a nice bounce day maybe one more washout, but we’ll see what happens tomorrow or Friday. You can also see its a prior support area as well
SHORT SETUPS
$MU
My Level: Short off $73.50
We have 20D SMA and previous day’s high also I wrote down had poor guidance. Has some nice consolidation on the daily which lines up with 20D SMA. The high today was 73.30 lines right up with the 20D SMA, and I think this could be a real good fade in the morning
$EA
My Level: Short off $140 & $141
Had this monster move from $125. Look where its pushing, right into 50D, 200D and 126D SMA. Looking at a short on $EA at 140 & 141. It’s also a prior support area. Now that its had a $15 move in a short window, I think this will be a good one
$DKS
My Level: Short off $129.50
What I wrote down was Monthly pivot and Prior support. I think its heading into 50D SMA. Broke the support area on the daily. I think it’ll be a good short especially in this kind of market
