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Market Recap Thoughts & Game Plan For 8/26

Hi Everyone!

Market recap:

  • US equities opened and gaped up today, $DJIA slowly moved up to 600 points, but last hour of trading stocks market slowly bleed to closed red and $DJIA -200points.
  • New home sales fall short, actual report 507k vs est 510k. Slow growth.
  • Asia market sell-off continues made US investors/traders more nervous and panic
  • $CL_F crude oil have it first rebound in a week, API weekly #s come out tonight with actual -7.300M vs est 1.900M. Still expect oil to be around 35-37/bl. Bearish.
  • $GOLD looks to fall back to 1110. Bearish $GOLD
  • The market is very weak, trade with caution on long side. At moment, i like to day trade (NYSE:DT) instead of swing trade (NYSE:ST). Too much fear, anxiety and panic from retailers. Still many problems with the macro economy.

Trades recap:

  1. $CLDX came out strong up at one point 13%+, alert this trade in private at 13.40 yesterday. Nice profit for my group.
  2. $FB from previous blog, i like long on calls and we did followed through. Another good gains
  3. $CSIQ DT alert at 17.05, it pops to high of 18.58, we sold for DT play gains.
  4. $SPY was a huge winner here on puts. We saw resistance hit at 194.25 when market was up 200pts, we took the weekly 192P and $SPY drop like a rock to closed -200pts.

Indices:

  • $SPY at 187.27, R @ 190.15, S @ 184.50. Keep in mind, oversold can become more oversold. Most support can easily be broken due to market volatile and fear
  • $IWM @ 109.69, it was a tell tale of market weakness all day. no major bounce
  • $IBB $XBI-WOODSHED!

Trades ideas for tomorrow:

  • $AMBA @ $87, like it for short to $80 or even to $70.
  • $BABA like short via puts on this tomorrow if 67.5S fail or China continues weakness tonight
  • $UVXY will be on day trade WL. R @ $72, S @$45. All depends on the market behave tomorrow. Good for volatility trade
  • $TWTR This one will have non-stop rumors when market is up so be careful out there. Trade below IPO price at $26
  • $PCLN like it short candidate via puts if fall below 1175 or hit resistance at 1210.
  • $DUST look to test $35R
  • SHORT BIAS on everything for now!

Biotech ideas:

  • $SRPT- FDA grants priority review ah, but with the weakness of biotech not interested at this point
  • Hard to add any biotech swing positions at this point, either hold what you have or cut it. Im more interested day trades based on chart for now. Need M&A to get the sector happy again.

Final thoughts:

Extreme fear in the market at moment means its better to go short on day trades, any swing will bring more pain to your portfolio. Its a day trades market, hit and run. Protect your capital if you're inexperience trader or join trading with me.

Cheers,

"A successful man is one who can lay a firm foundation with the bricks others have thrown at him."-David Brinkley

Additional disclosure: These are just blog ideas not recommendation buy or sell. Do your DD before making any trades.