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What Happened? A Recap of Stock Market Watchlist for 17 Dec 2018 

 December 17, 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.   Hope everyone had a great weekend.

General market thoughts

We are moving into the last 2 weeks of the year.  Typicaly there is some rally into that last week of Dec.  We might see one.  We’re at a major support level and markets should thin up into end of the year which could bring some range and chop.  If market breaks down and doesn’t dump, I’m thinking we may get muted moves over next couple of days while we wait for Fed meeting on Wed.

300-1000% winner

SPY

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Pre-market Notes

We are testing a key level at 260. Had a little premarket gap to test the 262 area and no we are back under 260. Key levels I'm watching are 260,262,258.60, and 255. Pops toward 262 that fail early I lke for a short, if we break 258 I like for a short toward 255. If we dip under 260 and push over 262 and 262 becomes a base, I like a long.

Recap

Started a personal 2k-50k challenge today trading only SPY over next 4 weeks. First trade was a loser and lost $250. Second trade alerted entry on 259 at .50, out 1.60. for $2200 gain-- the kicker end of day these hit over $5.00 and it could have been a $2k to 10k day. Did a few other scalps after that exit, but really wish I held on to those entries per planned 255 target. I hate the expression green is green, I prefer executed trade plan well or not... annoyed at not sticking to my plan. So partially executed well. [/vc_column_text][/vc_column][/vc_row]

JNJ

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Pre-market Notes

Premarket weakness so far. Looking to get short at open for dump into 125, and then flip long for pop into 130. But truth be told, if market is weak and we get an overshoot on selling, 120 isn't out of question for a 20% haircut. Basically looking for day 2 selling. If JNJ comes out with good defense and buy volume shows up, I'm game for a long WITH good risk/reward.

Recap

This had a choppy start and then alert shorts on in after the stalling over 130. NIce gains, but had to cut quickly since each level was a fight to go lower. JNJ announced a buyback and ceo defended. ah action gave it a pop, but doesn't look lilke it had much follow through. Give the weak response, thinking if we dont't get gap and run tomorrow more downside coming [/vc_column_text][/vc_column][/vc_row]

BBY

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Pre-market Notes

Price target cut to $50 and pre market dump. Going to eye pops with market weakness to join short.

Recap

NIce pop into 54. Untortunately no trades on this. Fell off the radar with the focus on SPY [/vc_column_text][/vc_column][/vc_row]

JACK

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Pre-market Notes

Confirmed reports that they are in talks with potential buyers.

Recap

nice gap push on volume, and then fail. Once it broke open price it was cooked! [/vc_column_text][/vc_column][/vc_row]

AAPL

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Pre-market Notes

Eyeing with market

Recap

Tried to get short on this into its strength but it kept pushing so had to cut for a loss. Unfortunately, I didnt just back in short with SPY doubel top. Easy 300% gain doable. [/vc_column_text][/vc_column][/vc_row]

MSFT

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Pre-market Notes

Eyeing with market

Recap

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XPO

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Pre-market Notes

Should get a 2-3 pt move out of this today. Ideally push exhaustion for a short. Just because they announced a buy back doesn't mean they have to spend a single dollar. That's the briliance of their announcement last week. That said, if we break recent lows into coming days/weeks, XPO could dump much lower.

Recap

Nice dip and rip off 50,, break hod and push into 55.89. Alerted started short at 55 in the room. Thinking we revisit sub 50 this week. [/vc_column_text][/vc_column][/vc_row]

GE

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Pre-market Notes

Basically we based Friday between 7-7.20. Keeping an eye on it, but not sure we get any more big moves, until news/volume.

Recap

More consolidation on 7 [/vc_column_text][/vc_column][/vc_row]

PCG

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Pre-market Notes

We had what looks like an exhaustion push into 27 on Friday and dump into low 24s. We had more news over the weekend regarding safety violations

Recap

Impressive support on 24. If this breaks, could see some longs unwind. [/vc_column_text][/vc_column][/vc_row]

Earnings Action

ADBE

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Pre-market Notes

Looking for day 2 selling into 210-200 if a market sell of begins. Also open to a long if weak open during first hour and vwap reclaim

Recap

Monster. Weak open, r/g move and reclaim over vwap for a push into 230s. We then got the lower highs on 230 and flushed into 220. [/vc_column_text][/vc_column][/vc_row]

COST

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Pre-market Notes

Also looking for day 2 selling for break of key 200 level. if 200 tests and holds after first hour and we get over vwap, I'm open to a long as well with market strength.

Recap

Fell of radar, but nice dump right into 200. [/vc_column_text][/vc_column][/vc_row]

China names

not watching today

Pot names

These names are holding up now.  Sounds like hemp related products make rally on Trump signing Farm Bill.  So eyeing dips for strength, or pops for weakness.  Hard to tell so far.

TLRY

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Pre-market Notes

Has share lockups coming in January. So expecting continued selling into major strength ahead of this.

Recap

Super support break and dump. Friday's strength shrugged off. [/vc_column_text][/vc_column][/vc_row]

CGC

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Pre-market Notes

30 level got defended again on Friday. If this continues to hold, may not be a bad area to get long dated calls.

Recap

Tested 30 and broke toward 29. Would love to see consolidation on 28-29 level for a few weeks before getting long. [/vc_column_text][/vc_column][/vc_row]

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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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