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My Trade Game Plan For 8/12/15

Hi everyone,

Some thoughts of the current market:

  • China devaluation their YUAN caused market sell off today as potential currency war. China economy is in much trouble for growth then previous expected.
  • $UUP dollars still king as commodities $CL_F (crude oil) slipped, i see crude going under 40/barrel in coming days/weeks.
  • Fear of September Fed hike is another reason market on it toes lately. I highly doubt we'll see any hike in Sept. Likely end of year or early next year '16.
  • Biotech sector starting to really sell off in summer, usually one of the strongest sector. Traders/investors cash out to protect their capital. Summer always been slow for biotech

Market indexes keys levels:

  • $SPY @ 208.66, support @ 207.80 & 206. Resistance @ 209.5 & 210.40
  • $IBB @ 367.11, support @365 & 360. Resistance @ 375.53 (50ma) $380.

LONGS Trade ideas Nonbiotech:

  • $FIT @ 42.93, if break 43.31 take long next R is 43.80. Strong support @ 42.50. PT 45.75-46$ if work. Risk .80c for 2-3pt play.
  • $TWTR @ 29.62, support at 28.50, options play if clear $30.15 level, likely heading to 31-32.50. If support fail, don't play long.

Longs Trade ideas for Biotech:

  • $PBYI @ 97.01 love the increasing volumes, short covered. Support at 92 $90. I think this is heading to $100.
  • $TTPH @ $44.01 w/ P3 data is Q, strong support at 42.35. Good swing to head back to $50. Support @ $40.25 is very strong.
  • $RDUS @ $65.70 right at strong support of 50ma. Swing to PT $75. If fail support 65 $ 64.75. This may head back to $60. Cut losses quick if that happened & fight another day.
  • $FPRX @ 18.77 fours days selling & oversold on weekly & daily. Like for bounce to 21-23$ PT. Strong early fundamental pipelines.

SHORT IDEAS:

  • $CYBR- likely to sell off tomorrow on earnings. Their $58 is strong support. Think this is heading back to $55 or 53.
  • $FB like this heading to $90 this week, but news came out late as they may tried to steal twtr thunder. Short via 92P if market conts to be bad.
  • $DDD @ 14.03 looks to head back to 12.
  • $AAPL support at $112 if conts weakness. If hit over 114.51 worth a calls long options for day trade.

Earnings tomorrow on watch:

  • $BABA @ 77.34. If bad ER (Earning reports) #s, if drop anything 10% or greater i'd buy hand over fist bc potential growth is huge for LT. If good ER, next resistance is $92.

Final thoughts:

For me, i use Twitter to follows mostly financial news & some traders. I don't like to interact, arguing, debate or drama bc market already stressful, why bring more stress. I focus how to make money & my account growth. Sometimes its not about being right, its about making money. Focus on what you do best and there are endless money to be make in this market. People attract to success and positive attitude person. Keep that in mind. GL to you all!

"The art of being wise is the art of knowing what to overlook."-William James

Additional disclosure: This is just my personal ideas and trade plan and not recommendations to buy or sell. You are responsible for your own actions.