Trade Plan for Wednesday(SBUX, WIT, GLD)
1. Market Action 2. Open Positions 3. New Setups MARKET ACTION Scanning the individual names in the major indices speaks volumes to us about the state of the market. The Nasdaq 100 only has 23 stocks trading above their 50 day moving average and the S&P 500 has around only 25% of its own components trading above this level. Many of these stocks look to be crashing out on profit taking as well. We have now broken the recent lows and look like we could be getting ready to test the July lows. If the July lows break we could see another collapse to new lows. The market still has a chance to right itself if it can show some strength on Wednesday but Tuesdays finish was a real big disappointment. We did see some bids step in and this buying push us off the early morning lows. We love playing these types of wash out moves when they reverse and close near the highs of the day but we went from a reversal off the lows to an accelerated move lower. We also closed at the lows on heavy volume. This is very, very bearish activity and normally precedes lower levels. The only thing we have going for us giving us hope of a market recovery is we have already been down 4 days in a row and we are near the previous low support levels. This could give us a relief rally in the next day or 2. At this rate this rally should be smacked back down on heavy volume at resistance levels. OPEN POSITIONS We were stopped out of WIT with about a 5% loss. If you were awhile enough you could have taken some profits in the first couple days of this trade as it ran nearly 4%. We were also stopped out on SBUX at near breakeven after a run of over 21%. Profits should have obviously been booked along the way and there were many opportunities to close
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