Hold Off Until After The FOMC
My Swing Trading Approach
I don't expect to make any trades during the morning. I will hold off until after the FOMC meeting to make any new trades to the portfolio. Continue to increase my stop-losses on existing positions.
Indicators
VIX - 6 day losing streak just barely stopped. Still unable to close below 10.
T2108 (% of stocks trading below their 40-day moving average) - At 61% but still not breaking declining resistance off of the March 2016 highs. Could be a problem for stocks going forward.
Moving averages (SPX): 20-day crossed back above the 50-day moving average - a bullish gesture.
Industries to Watch Today
Communication Services looking to bounce finally, Industrials, Energy, Tech and Financials remain the strongest of late, Healthcare looks vulnerable to a bigger sell-off while utilities continue to coil.
My Market Sentiment
FOMC today which will likely mean a quiet morning and a more volatile afternoon.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 6 long positions
Recent Stock Trade Notables:
- Nvdia (NVDA): Long at $170.45, closed at $187.94 for a 10.3% profit.
- Tyco Connectivity (TEL): Long at $80.15, closed at 82.58 for a 3% profit.
- Netflix (NFLX): Long at 177.75, closed at 182.30 for a 2.6% profit.
- Micron (MU): Long at $31.12, closed at $31.94 for a 2.6% profit.
- WYNN Resorts (WYNN): Long at 138.20, closed at $141.37 for a 2.3% profit.
- Netflix (NFLX): Long at $168.69, closed at $173.06 for a 3% profit.
- PSQ: Long at $39.28, sold at $38.34 for a 2.3% loss.
- SPXU: Long at $14.68, closed at $15.42 for a 5.0% profit.
- Tesla (TSLA): Long at 365.09, closed at 356.15 for a 2.4% loss.
- United Parcel Service (UPS): Long at 113.58, sold at $114.74 for a 1% profit.
- First Solar (FSLR): Long at $48.07, sold at $49.10 for a 2.1% profit.
- Facebook (FB): Short at $168.31, covered at $170.62 for a 1.3% loss.
- SDS: Long at $49.81, closed at $48.88 for a 1.8% loss.
- SPXU: Long at $14.51, closed at $15.25 for a 5.1% profit.
- Zayo Group (ZAYO): Long at 32.91, closed at 33.83 for a 2.8% profit.
- JP Morgan Chase (JPM): Long at $94.91, closed at $93.83 for a 1.1% loss.
- Bank of America (BAC): Long at $24.48, closed at $25.01 for a 2.2% profit.
- Alibaba Group (BABA): Long at $151.69, closed at $153.43 for a 1.2% profit.
- Salesforce (CRM): Long at $90.86, closed at $89.43 for a 1.5% loss.
- Autodesk (ADSK): Long at $106.45, closed at $111.34 for a 4.6% profit.
- Bank of America (BAC): Long at $23.99, closed at $24.23 for a 1% profit.
- IBB: Long at $313.18, closed at $324.25 for a 3.5% profit.
- SPXU: Long at $14.82, closed at $14.58 for a 1.6% loss.
- Alibaba Group (BABA): Long at $143.65, closed at $150.40 for a 4.7% profit.
- American Airlines (AAL): Long at $49.26, closed at $51.84 for a 5.2% profit
- Intel (INTC) Short at $35.21, covered at $34.46 for a 2.1% profit.
- Nvdia (NVDA): Long at $155.57, closed at $157.53 for a 1.3% profit.
- IBB: Long at $298.24, closed at $303.74 for a 1.8% profit.
- SPXU: Long at $15.68, closed at $15.25 for a 2.7% loss.
- Whirlpool (WHR): Long at $190.46, closed at $195.19 for a 2.5% profit.
- Ferrari (RACE): Long at $84.60, closed at $89.93 for a 6.3% profit.
- Amazon (AMZN): Long at $964.70, closed at $1001.23 for a 3.8% profit.
- American Airlines (AAL): Long at $49.18, closed at $50.62 for a 2.9% profit
- Alibaba Group (BABA): Long at $124.95, closed at $137.51 for a 10.1% profit.
- Starbucks (SBUX): Long at $61.78, closed at $63.68 for a 3.1% profit.
- Western Digital (WDC): Long at $91.24, closed at $89.29 for a 2.1% loss.
- Broadcom (AVGO): Long at $236.65, closed at $241.15 for a 2% profit.
- SPXU: Long at 16.60, closed at $16.98 for a 2.3% profit.
- JP Morgan Chase (JPM): Long at $87.84, closed at $85.98 for a 2.1% loss.
- Micron Technology (MU): Long at $29.00, closed at $28.04 for a 3.3% loss.
- Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit.
- Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.
- Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit.
- Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit.
- Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
- Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit.
- Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit.
- Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss.
- Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
- Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
- UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit.
Click here to download my Allocation Spreadsheet.
I don't expect much from the FOMC and don't see that much to justify that many changes to your pretty diversified list of holdings. If anything I'd recommend people taper down on real estate investments rather than stocks right now. Housing prices are cyclical and are likely to fall before the market does.