Setups to start the week

Indicators

The Investors Intelligence Sentiment Poll is nearing extremes and has me on the cautious side. Seems to me any upside from here may be limited. I've highlighed the past two times we've gotten to this level over the last two years. 

$BPSPX - Clearly in the overbought red zone.

$BPNYA - Not as overbought as the S&P but its nearing an area where we normally see pullbacks/pauses.

Setups

$AAPL - Looks like a potential inverse head and shoulders. Breakout and hold above the neckline would confirm this pattern. Holding that 50 day would be a good start.

$AFCE - Watch for a break above the 50 day.

$MEOH - Nice consolidation. 

$RUTH - This one should continue to the upside, market willing.

$TXRH - Another restaurant which looks prime for more upside.

Back to cash...

I sold the rest of my longs today and am now back to cash. I will wait a bit for a market reset. Those do still happen right?

Took some profits today

My short term market timing indicators are telling me to take profits and be extremely selective with any new swing trades so thats exactly what I did.

After Hours Movers: TSLA +24.6%, GMCR +16.3%, CTRP +13.5%, PZZI -16.6%, RAX -16.3%, DRWI -13.2% 

Setups

$SBGI - Doesn't get much tighter than this. 

$CCIX - A U.S. construction play with earnings tomorrow after the market close. 

$MDCO - Strong sector, good earnings and nearing a range breakout.

Few setups

Setups

A few setups

I opened a very small starter short position on Friday with tight stop above the recent range. I'm still expecting some weakness to continue here but the bears have had a tough time showing any kind of sustained strength so would not surprise me to break through the range.

$BPNYA hasn't quite given me a buy signal as of yet, that could change this week.

Setups

$AOL looks good on the weekly chart.

$FLO - nice tight range. 

 

in Cash

Not much to post. In cash on the sidelines and just watching here.

Setups to watch

For me caution is still warranted so my swing positions have been of the  .25% risk variety. 60% long at the moment with some decent breakouts.

Setups