Morning Market Briefing – Same Song, Same Verse

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Morning Market Briefing – Same Song, Same Verse

Morning Market Briefing

Morning Market Briefing – Same Song, Same Verse

August 12, 2021

Good Morning!

Stop me if you’ve heard this one. Yesterday, the SPY made yet another low volume all-time high and the QQQs showed signs of putting in a rounded top on the daily, and being in a full on downtrend on the hourly. If that sounds familiar, it’s because that is exactly what happened Tuesday, and similar to last Friday as well. “Sell in May and go away”, has apparently just transferred to early August. Regardless, there are some opportunities in individual stocks, as some of our coaches outline below. Our other watchlists remain intact, and we’ll head into the weekend ready and waiting for whatever comes our way. Happy Thursday!

SPY needs to maintain $442 for next leg up.

QQQs have a rounded top in progress, break of 21 EMA will confirm that.

YouCanTrade Coach Shaun’s Play Of The Day

Well another interesting day in the markets , financials and oil stocks getting some bids while tech is not.

Todays trade is on GOLD  ( Barrick Gold  )

I am looking to  sell a bullish put credit spread if the stock is around the $20. level . Gold and silver has retraced significantly from the highs in early June and the weekly time frame suggests that most of the damage might have been reached here. i am looking at taking in credit with the purpose of taking on the stock if it actually continues to fall to my strikes. I will be looking to Sell to Open the 19 strike and Buying to Open the 17 strike for protection . My risk on this trade is the $200 margin less the premium received which should be around a $25 credit.

YouCanTrade Coach Shan’s Play Of The Day

A nice textbook bullish pin bar has been created at the end of the day on Wednesday for $FISV (Fiserv Inc. LTP $111.81) while the stock is trying to break out from 50 EMA and there after 150 EMA. The stock has been beaten up in the market in the last 3 months 2.5% down while Nasdaq 100 is up by more than 12% in the same period. The company recently launched a new solution called Clover(R)Station Solo, a solution designed to help full-service restaurants run front and back of house operations through a single merchant-facing device. Technically RSI, Stochastics and MACD all lined up for a launch to cross over the immediate resistance line at $112.11 and any upward momentum might push it through towards previous high of $127.34.

However, some indicators point it for a further slide below after hitting the price at 150EMA or 200EMA and thereby continue the downtrend that it had in the recent months.

Watch List

Symbol Why We’re Watching
USB Banks have shown strength. Watch for break of $58 to confirm 50 SMA breach.
AAPL Building to a breakout or breakdown of multi week wedge pattern.
EBAY Could retest $60 on break of $65.
AMD $108 is 50% fib level on recent move.
UPS Could test 200 SMA on break of $190.

YouCanTrade Scanner Ideas

Symbol Idea Direction
VZ Short
IBM Short
NVDA Long
MGM Long
LOW Short

For more information on the YouCanTrade scanner, click here. 

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2021-08-12T08:28:46-04:00
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