Final Blog Post for Good Reason... Plus Watchlist for the coming days: BYND, AMZN, EVER, ADNT, EPC
Updated: Aug 10, 2019
As of tomorrow I'm partnering with Northwestern Mutual to be a financial resource to as many people as possible. NM has agreed to let me continue to trade my own accounts. This transition will force me to get out from behind the computer more frequently. I'm much happier when I'm out and about the town interacting with great people. However, the downside to this transition is that I will not be covering individual stocks on twitter or this blog going forward. You'll have to call or email me to discuss ideas! It's going to be a lot of fun and I look forward to helping as many people as I can.
This post contains a brief watchlist for the days ahead, a few resource links, who to follow to twitter for great stock ideas, and my contact info if you ever would like to reach out about your trading and overall financial goals. I firmly believe trading for income can play a part in a comprehensive financial plan (I will continue to trade for myself too). I have over 1000 charts posted to twitter over the past few years that you can use as a resource for your own price action studies. I'll cover more resources below.
To clarify my own definitions: Trading is focusing on short-term supply/demand levels to anticipate stock movement. Investing is thoughtfully planned based on goals, age, income, retirement needs, estate planning, etc. Trading utilizes short-term volatility in the market to make profit. Investing utilizes a long-term approach of systematic diversification of assets across several 'buckets of money' for wealth accumulation and preservation. (IRA's, 401k, Cash value life insurance, 529 account, annuities, real estate, etc) Trading is Knowing the news, but trading the price action. Investing is knowing the news but staying with your long-term predetermined financial plan. Neither one involves panicking just because CNBC said so (more on this below too)
Resources:
Learning to identify setups is key to a traders success.
Finviz.com for screening setups (setups can be learned through StockCharts
The Power of Options - Turning a .6% stock gain into 70% profit in 90 minutes.
Options Basics (after you've learned your go to setups and can screen for them and understand why to use them)
Commission free brokers (Robinhood, Webull, Firstrade)
How to avoid the day-trading rule (for accounts under $25k)
Trading vs. Gambling (Sometimes you might be better off at the casino?)
Okay, enough with the boring stuff, let's get to action! My final (sadly) public watchlist:
Beyond Meat BYND - finally broke support level as we have been anticipating the downside move. 160 is the next support level that needs to fail. Ideally it fades back towards 105/120 gap fill range in coming days/weeks.
Amazon - AMZN trying to reverse after a large selloff. I bought some calls in anticipation of the bounce yesterday. Remember the original Rothschild quote about buying when there's blood in the street. CNBC's 'markets in turmoil' segment has been a great contrarian indicator over the past decade. AMZN held 1750 well, so thats the risk guide I'm using with target towards 1950 if it can get the reversal confirmation over 1825 soon.
EverQuote EVER - Watching to see how it acts around the 20 area after the power gap up. The last few power gaps had an early morning follow through the next day followed by a sell-off. So if 20 breaks and then fades back, I may look to get short using the 20 spot as guide.
ADNT - big breakout test in progress. Tomorrow will be telling.
Edgewell EPC - Watching for 32 breakout as it tests horizontal and downtrend reversal breakout levels.
Remember, you can trade whatever you like, as long as you have a plan! Use the resources I posted above to start developing your trade playbook to build game plans. I watch 100's of stocks, I just try to post the best setups for my playbook. You'll find your own 5 best stocks to watch on any given day after you've developed your playbook.
If you ever want to chat with a financial professional that's also a trader who probably understands what your going through when trying to make moves here's my contact info:
Blaine Tarr
Northwestern Mutual
970-988-9240 (texts welcome!)
blaine.tarr@nm.com