The Daily Ticker 8-26-24 – Top Trading Pros

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Plus market analysis, sector rotation and industry group breakdowns for the hottest stocks in play.

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// Key Lessons:
— Transitioning from Knowledge to Profit: Understanding trading principles is different from applying them profitably.

— Strategy and Conviction: Importance of believing in your strategy over time, not just trade by trade.
Practical Trading Tips: Includes advice on share size, adding to positions, and avoiding impulsive trades outside your plan.

— Risk Management: Emphasizes not increasing trade size until consistent profits are demonstrated over months.

— Self-Assessment: Encourages traders to critically evaluate their trades and understand their journey without comparing to others.

— Long-Term Perspective: Focus on results over time, not just individual trades, to develop a winning mindset.

Real estate sits atop the list of sector performance from last week and shows solid gains over the last four weeks as well. Many stocks in the sector popped on Friday for two primary reasons, anticipation of Jerome Powell’s speech on interest rates, cuts, and then him actually saying it.

Stocks from the sector on my watchlist for the week include: #VNO #PLD #CBRE #BXP #WELL #REG.

Basic materials traded into the list. I don’t have any great trades for Monday other than #AEM.

Although healthcare received attention last week, many of the ideas I like are beyond an optimal entry and need to reset a new pause for better risk/reward.

Utilities shows the second best four week gain, and we have three stocks worth trading this week: #FLNC #VST #NRG.

Going off the beaten path for technology and solar stocks popped up. #RUN #ENPH and the reversal in #SEDG have some attention.

Enphase Energy is stuck in a twelve month trading range but a must to keep on your radar. A minor breakout last week, looking for a major breakout above $138. (Set an alert)

SolarEdge Technologies gained fourteen percent on Friday.

// Industry Groups

Building products and equipment: #BLDR #AZEK #FBIN #ASPN.
Home improvement retail: #HD #LOW.
REIT office: #VNO #KRC #BXP.
Residential construction: #TOL #PHM #KBH #DHI #LEN.
Semiconductors: #TXN #NVDA #MRVL #ADI #ON.

// Gainers From Monday’s Open

Stacked bullish order flow PLUS +1% from Monday’s open price.

// Swing Alerts

#TGT, Target Corp traded into a massive, unexpected bullish gap after reporting last week. After a six percent decline from the earnings gap opening, the stock closed Friday as an inside day. With plenty of room to go.

$180 is a major resistance level but that’s a four to one reward to risk on the trade setup. Backed by a retail sector that seems to be coming to life and nearing a major breakout.

$160.61 buy stop limit
$155.75 stop loss
$170.49 add shares
$175.18 IPT
$4.94 ATR

Target Earnings Highlights:
Looking ahead, Target raised its full-year 2024 earnings guidance to $9.00-$9.70 per share, up from the previous range of $8.60-$9.60. For Q3, the company expects comparable sales to be flat to up 2%, with earnings per share projected between $2.10 and $2.40.

While Target maintains a cautious outlook on consumer spending, the company’s focus on value and operational efficiency appears to be paying off, as evidenced by the strong Q2 results and improved full-year guidance.

Open Swing Trade Updates

// #PEG 8-12-24

$80.20 entry
Not participating in the rally. Moving stop loss up to $80.
8-22-24 encouraging the stock closed as a bullish engulfing candlestick (traded below the previous day’s low, and the previous day’s high, also closing strong.
8-23-24: $80 stop loss remains in place.
8-26-24 Looked like the stock was finally ready to breakout with a solid start to Friday, but closed near the low. Stop loss moved to $80.20 break-even. Looking to deploy the capital elsewhere if stopped out.

// #RTX 8-12-24

$116.89 buy stop limit
Slight profit moving stop loss to break even.
8-22-24 came within .05 of getting stopped out and closed near the low of the day. Break-even stop likely to get hit today.
8-23-24: Closed as an inside day, near the high. Inside candles signal a volatility breakout. Moving the stop to just below yesterday’s low: $117.
8-26-24: Broke out of an inside day with a bullish gap but couldn’t muster an energy candlestick to get some separation from the recent trading range. Stop loss remains at $117.

// #PLTR 8-14-24

$31.19 entry.
Closed as an inside day. The stock is up fifty three percent in two weeks.
Moving the stop loss up to break even.
8-22-24 After reporting, a meteoric move higher and one could now argue seven straight melted candles (small body candlestick). The trade remains valid and is technically paused, but leaving the stop loss at break-even.
8-23-24: Broke out of the inside candle and traded into a bearish engulfing candle. We’re +$1 on the trade. Stop loss remains at break-even: $31.19.

8-26-24: Last week was a five day trading range that closed near the low. Break-even stop loss remains in place.

Check news before putting a stock in your game plan:

Daily Watchlist:
AMD, GOOGL, AMZN, SQ, COIN, JPM, META, TSLA, CVX, XOM, AAPL, BA, CAT, GE, NVDA, NFLX, ROKU, WMT

Bullish + inD: GE, INSM, DOCS, TGTX, COHR, NKE, TGT

Bullish Setups: NVDA, ASPN, AAPL, HD, CVNA, PGR, UPST, FTNT, TJX, MMM, AEM, PYPL, ONON, CARR, IOT, PANW, TXN, RCL, AMT, FIS, ABBV, APP, TMUS

Bullish SnapBack Setups: ASTS, HRB, PLTR

Bullish + U-Turn: GEV

Bearish + inD: FIVN, MRNA, LSCC, SMCI, GOOGL, EL

Bearish Setups: ABNB, VLO, EMR, CELH, WYNN, PCAR

Other: AMD, ROKU, SNOW, SBUX

Bullish Accumulation Day: CAVA, SGRY, ROKU, EVH, WOLF, VNO

Bearish Distribution Day: BILL, AAP, INTU