Trade Ideas 11/28/18 - Solar catching, Market due for a bounce? WYNN, JKS, FSLR VSLR, RUN, AAPL, SPY
I recently quit my day job of 3 and 1/2 years to get back into full-time trading. I'm on pace to do double what I was making at the day job. Having $5k+ days made that decision easy?...Nah, the burnout of being stuck in middle management did that. Trading was the hard part. I suppose convincing my wonderful loving future wife was the extremely hard part... ('Leaving a job' blog post coming soon.)
After spending Thanksgiving with my family I'll be posting more watchlists and general blog posts going forward. Here's my top watches for Wednesday:
WYNN - Looks prime as a bottom reversal candidate. 113.50 is the breakout area. Target 120+ near term. Was near $200 earlier this year before all the Steve Wynn harassment issues.
Solar stocks are on the move. The top charts to watch here:
JKS - Needs the 12 breakout for next leg up on daily chart.
FSLR - Needs to clear 45 for bottom reversal breakout. Target towards 55 near-term. Risk on 42.
VSLR - Not a chase as its already made its daily chart breakout over 6. Ideally we see it dip back into mid 6's using 6 as risk for next leg up.
RUN - Already making a consolidation breakout. Use the breakout level as risk (13ish). Watch dips for entry with swing trade target towards 16/18 range if the solars keep going.
Is it time for a broad market bounce? A lot of charts showing support over the past few sessions. Let's take a look.
AAPL - Very tight downtrend after the 'poor' earnings report. Previous breakout levels become the new support on the way down. Tuesday's action made me play along. I took 175 calls for a bounce. If I'm wrong here, I'll take the loss and reverse to 170 puts for the next leg down towards 160. Always play what the market gives you. If its not working cut the loss and re-evaluate or find a better setup.
SPY - Depends on the overall market and what Trump decides to do with China at the G20. I call this the WTF!? pattern. Nothing easy here, but its important to note that its trying to bounce off recent support.
Good Luck out there! As always do your homework and know your risk before entering any trade.
Disclosure: I'm long AAPL 175 calls, WYNN 115 & 120 calls, and will trade the solar stocks mentioned above according to the plan discussed.