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Game Plan For 8/13 & Market Recap

Hi everyone,

Today's market recap:

  • US equities opened gap down this morning, traders are quickly to sell out to protect their capital on China devaluation YUAN & currency war.
  • Around 11AM CT $SPY and the biotech sector started to bounces back and we ended green
  • $CL_F crude oil and $GOLD were strong all day & top gainers as short covered along with traders chase momos.
  • Some asked me is this a bear market B$? no, its not. We are still in the bull market, its just that there are more fear on China devaluation YUAN & Fed hike in Sept.
  • Its important for market to follow through tomorrow & I will be glued to Biotech sector & major indexes.

Market indexes support & resistance:

$SPY support @ 207 & 206.59. Resistance @ 210 & 211.50

$IBB S @ 363 $ 365, R @ 375

LONG IDEAS FOR NONBIOTECH IF INDEXES ARE HEALTHY:

  • $AAPL @ 115.24, 116.25 1st big resistance. Gap down this morning & dips buyers stepping @ 110. Strong closed. Watch pivot 116.25 cleared for 118$, if fail $114.75 likely to test $112 again.
  • $SUNE support @ 12 along weekly at 200ma, if cleared 14.51 & 14.85 we head to 16.25 & 18.
  • $FB @ 94.19 dip were bought and hold the $91 level, i like calls if we cleared 95.20 & it will head to 97-98
  • $TPLM 4.02, R @ 4.25. short term play watch.
  • $SN three days of higher highs, doable to 8.50$, short term play
  • $SCTY @ 50.86, clear 51 doable for 52-53. Scalp type of play. Energy still not out the woodshed yet

LONGS IDEAS for BIOTECH

  • $RDUS @68.21 and 50ma hold up like a champ, still like this heading to $75 w/ the help of overall market
  • $TTPH this one dips are bought so fast everyday. Clears 45.25, it will head to 47$ quick. Good for swing w/ data run up. Play if safe & be out before data. Goal is consistency gains not homerun.
  • $FPRX gap down on the 5th trading days and bounces back. 21-23 PT short term play.
  • $BDSI @ 7.31 w/ tough resistance at 7.95. BE AWARE there are lots of sub serv in this name, Get out before them. Be smart.
  • $XNPT at 6.25 is their support pivot, looks good to head back to data run up to 7.10-7.45 PT.

SHORT IDEAS:

  • $YOKU @ 19.32. Fail 19.25 will head to 18.20 $ 17.75
  • $YHOO watch this trade tandem w/ weakness from $BABA earnings.
  • $DDD- still a good short candidates, only for scalp.
  • $CYBR- This was a good short from last night idea. Pops on earnings & pre-market, shorted in PM then drop most of the day. $55 hold up for now, if fail 56.51 $55. This will test 52.30
  • $SHAK just pure overvalued, pops and drop earnings.

Final thoughts:

AS i finished up my blog, future looks like to be gap down again. Volatility at it finest so its best to observe from sidelines for newbie or if you have to trades do so w/ small positions. This is a hit & run market. As always, do your DD & come prepared to trades.

"You can do what you have to do, and sometimes you can do it even better than you think you can." -Jimmy Carter.

Get well & beat that cancer, Mr. President

GL everyone. Cheers

-B$$$

Additional disclosure: These are my personal blog ideas and not recommendations to buy or sell. Do your homework and dd.