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What Happened? A Recap of Stock Market Watchlist for 12 Dec 2018 

 December 12, 2018

By  spectre_trades

Recaps are a review and commentary on the morning watchlist. Recap comments are in blue.

If you are having trouble with trading options, figuring out trades plans, choosing a broker, reach out and ask for help.  Send me a msg in discord or twitter.

Good morning.

Be sure to read the recap if you haven’t yet.

Check out how to find premarket gappers using black box stocks 

 

General market thoughts

We had a dump and test of 260 yesterday and possible channel bottom with the reclaim of 262.  We got the 268 test then dump and are gapping up here in premarket.  Got some news that the Huawei CFO was released on bail yesterday.

I’m looking and possible downtrend break and push into 270-272 levels before next leg down.  Since we are getting lots of headlines regarding how market is going to tank again, I’m starting to keep an open mind for a run higher.  Checkout this chart.  We have a big washout and higher lows. There could be an exhaustion squeeze back into 275-280 coming before the ultimate FU dump sub Feb levels.(this is me not saying this is what will happen, but me being prepared for possibilities)

Morning action was rough. Got whipsawed until we got the choppy grind up in morning which ultimately and after lunch sell-off.  Overall this seems bad and the push was exhausted.

Overall market is still in a precarious spot and good news isn’t trusted.  Lots of headline risk and UVXY remains elevated and over 62.

SPY

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Pre-market Notes

Looking for dip and hold to run higher or push and reject of 268 level for dump back lower. Much harder to make a high probability play on this now.

Recap

Choppy Choppy Choppy. Entries on the log were decent and ultimately worked but you had to take profits along the way and reload. We didn't get the 270 target we had and a clean exhaustion dump in ah. I definitely missed the short on this being to long biased for 270. [/vc_column_text][/vc_column][/vc_row]

AAPL

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Pre-market Notes

Holding well overall if this reclaims 170-172 we could see 180+ coming.

Recap

no trades but it held the 170 level well until afternoon dump [/vc_column_text][/vc_column][/vc_row]

MSFT

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Pre-market Notes

dips on 109 for 110+ continuation. Overall I still think all time highs are possible this year or early next

Recap

I think using MSFT as a market indicator of push exhaustion would have been good. I kept asking myself why isn't MSFT pushing into 112 with given the push on everything else, if finally gave a pop into 111 but it was hard one only to dump end of day [/vc_column_text][/vc_column][/vc_row]

GBT

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Pre-market Notes

Moving to back burner after today. Looks like consolidation mode. may grab some long dated 45 calls.

Recap

more consolidation and slight grind up. Taking it off radar. [/vc_column_text][/vc_column][/vc_row]

TSLA

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Pre-market Notes

Overall holding really well. Same plan, wait for a dump to get long.

Recap

More [/vc_column_text][/vc_column][/vc_row]
300-400% winner

CORT

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Pre-market Notes

Ideally gaps and squeeze out run into 20-24 out of the gate to sell the calls I bought yesterday and then get short. Hey a guy can dream right... more likely we push into 19-19.80 and a fast yank. volume is light in premarket so leaning toward a possible short. If we get over 7m in vol again today and that yank dumps and holds 15.80-16 or 17-17.50 levels all day we could see the secondary push into 20+ coming.

Recap

What a beast. nailed last sells on CORT at .80 from .20 entry -- alerted long and sells and warning about 19.50 level live in discord room. [/vc_column_text][/vc_column][/vc_row]

NBIX

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Pre-market Notes

failed drug trial. Looking for a push(72-75 levels) and failed momo to get some 70 puts if cheap enough. may even yolo 65 puts.

Recap

Didn't get the levels I wanted for a trade so no trades on this -- nice double bottom bounce off the 65 level and short gettings squeezed. [/vc_column_text][/vc_column][/vc_row]

Earnings Action

SFIX

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Pre-market Notes

Going to be eyeing dips for short squeeze higher. Ideally dip 19.80 and then rip into 22.

Recap

Sometimes it sucks when you're too patient for an entry and miss a run. I sometimes struggle to join trenders after the move starts. What a run from 20 to 23! [/vc_column_text][/vc_column][/vc_row]

PLAY

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Pre-market Notes

Ideally gaps and pops into 45.50-46 area on open to get a short for 43 test, if 43/42 breaks we should see 40. If 42-43 level fast dump and hold and it started to grind, I'm also open for a long for 2-3pts of upside. Watch discord, there should be a play both directions on this today.

Recap

Had to play this with commons but nailed short alert in afterhours the day before and the covers into 43. Instead of the 46 level pop we got 47 which shifted the trade structure. Still got a nice short off with covers around 46, but no strong break of 45.50 to get the downside again. [/vc_column_text][/vc_column][/vc_row]

AEO

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Pre-market Notes

Looking for more downside

Recap

I was wrong on more downside but still found a trade setup on this. Got a great rip on the open into 19 for a short and fast dump back on 18. but that held. You have to watch for that and not get stubborn. Especially on fast gains in first 30 minutes. Lock those gains in and then see what develops. You can always go back in. Once this crossed over 19, shorts got fried. Perfect hod breakout, pull back retest of vwap and 19 level and then grind higher into lunch to hit that 20 [/vc_column_text][/vc_column][/vc_row]

China names

not watching today

Pot names

not watching today

 

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THIS POST AND ALL CONTENT ON THIS SITE REPRESENTS OPINIONS ONLY AND PROVIDED FOR EDUCATIONAL PURPOSES ONLY. CONTENT SHOULD NOT BE CONSIDERED ADVICE OR A RECOMMENDATION TO BUY OR SELL A SECURITY. PLEASE SEEK ADVICE FROM AN INVESTMENT PROFESSIONAL.

spectre_trades


Momentum Trader. Technical Chart Analyst. Always on the hunt for 3x or better reward to risk.

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