Open Positions
We had about 25 trades trigger on Monday which turned out to be 1 day early. Mondays short lived rally only lasted ½ of a day and then we sold off to close near the lows of the day. This was very bearish action and not something one wants to see when they are due for a bounce. It all worked out just fine since on Tuesday we got our rally. Many of our positions were up 3-4 times what the average stock was up today. This is why we pick the stocks that we do. We are not only timing our entries for high probability entry points but the stock list itself that we screen from are ripe for well above average moves if we can catch them correctly.
Here are some of the nice moves we got on Tuesday
CTSH
BUCY
BVN
VIT
Market Direction and New Setups
We are very reluctant to enter into many new trades here since we are still technically in a downtrend. We could get a bounce back up to the 50 day MA but on the weekly chart things look much more ominous. This tells us we had better not get too deep into this market and timing your entries and exits are essential to survival right now. Not many traders are making money in this market but we just nailed this last move once again after accurately calling out this recent top.
NASDAQ Daily Chart-Looking for a bounce up into at least the 100 day MA if not the 50 day where it will most likely stall and reverse lower
NASDAQ Weekly Chart-broke critical support and looking ominous
New Setups
No new setups for Wed Feb 10
Thanks
Better Stock Entries
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Disclosure: No Positions