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
We are in this choppy phase, best way to describe this is the lack of confidence. I don’t feel that there is confidence either way. I still feel like we are in that window of choppiness. Today was a nice day, we were down few hundred points at some point and rolled back to green closed up around 100 points on the DOW. On the SPY we have been in a trend where you can see the dips getting immediately bought back up, but this time it broke the 50D. Last week I told you that this area around 430 is where I was hoping for the SPY to hold. Let’s see what it continues to do. I’m hoping that it holds this area and reclaims the 50D and 20D SMA.
$QQQ
Same as SPY, you can see its holding the 6 month moving average. So far its been acting good
Names that I’m watching
$ASO
My Level: Long off $40.45
Why: Quarterly pivot, 50% retrace from today’s action and 50D SMA
Looking for little bit of retrace, closed on highs. If it clears $41 can head into the next consolidation area around mid $42s. Not a huge ATR, but could provide a nice opportunity
$GE
My Level: Long off $102
Why: Previous lows, 200D SMA, Monthly & Quarterly pivot
Closed above the 50D SMA. I don’t know if the market is gonna gap up or down tomorrow. I want to be prepared if it comes into 200D SMA, I wanna be live there
$COF
My Level: Long off $164.40
Why: Previous low, closed above 50D SMA and has a higher low on the daily
It has based around 155s area and made a nice higher low off 50D SMA
$ASAN
My Level: Long off $101.10
Why: Previous low and also a monthly pivot
Held the VWAP all day long. Hoping for another leg up tomorrow
$M
My Level: Long off $21.10
Why: Previous low, Quarterly pivot and 50D SMA
Macy’s is an interesting name, has a nice trend on the daily which lines up with my level if you draw a trendline. Been pretty strong since earnings, now pulled back a little. What im looking for is a higher low off this level
$AMAT
My Level: Long off $125.30
Why: Previous low, 200D & Annual Pivot
This name is little bit oversold. You can see 200D is at $125.30 and Annual pivot is at $125.15
$EA
My Level: Long off $130 & $129
Why: $130 is Prior monthly and you have a monthly pivot and quarterly around $129
When this stock was down around $125, I told how ridiculously oversold the name is, was on my #midweekwatch few weeks back. Want to see the action on it tomorrow, stayed really heavy all day. Hoping for a continuation tomorrow. Doesn’t mean it cannot come back to $125, but will see how it reacts around $129 & $130
$AMD
My Level: Long off $101.25
Why: Prior Quarterly pivot & 65% Fibonacci retrace level
Had a really strong day today, closed on highs. Watching it off 100 for a few days or so, if market shows some strength tomorrow I think $AMD might be good for a join around that $101 level
$NUE
My Level: Long off $94.60
Why: Annual pivot and Previous low
Provided nice opportunity last time when it came off annual pivot, so looking for the same this time. Maybe make a double bottom and push back up
$CCJ
My Level: Long off $21
Why: Previous low and daily trendline
Coming back into a pocket around $21 which is right into the trendline on the daily
$OSTK
My Level: Long off $73.25
Why: Previous low
This was a really strong name, came down with market. Let’s watch it off previous low, still above 50D. Let’s see if it can reclaim 200D and possibly turn around from there
