Weekend Review | Setups

Trade Anatomy Portfolio

-.29% MTD | +9.24 YTD

Position Summary

6 long | 0 buys | 1 sell

Watchlist Summary

27 candidates



This week sure felt like they wanted to sink the market to the bottom of the river, but each attempt resulted in it floating back to the top regardless of the amount of weight (news) used to do the job.  Friday's job report did more for metals than it did damage to the market.  When the noise and chatter become too loud, it's always best for traders to turn down the volume and focus on their setups.  By focusing on the quality of your setups your trading decisions will be clearer and will likely be in tune with the prevailing trend.  By Friday's close, the watchlist still had the most candidates since Oct/Nov of last year.  

General Markets, Oil, & Metals

The S&P 500, Nasdaq, Russell 2000, and Crude Oil all stayed above their short-term mid channel lines this week.  With Friday's impressive move, gold moved above it's mid-channel line, but silver wasn't quite able to get its head above the line.  Below are the charts.

Position Summary

Several new entries were initiated during the week leading into Memorial Day.  This week was more of a watch and observe, but one sell did trigger.  MITK had to be removed yesterday after closing below the main trend line on 6/2/16.  It's an excellent example of a stock that can be trending well with no apparent signs of distress and then sell off in a single day.  These types of trades occur on occasion which is why every trader must understand the principles of position sizing and risk management.  When it was all said and done, MITK went from a 30% plus gain to a 15% gain.  Below is the chart.

Watchlist Summary

Watchlist candidates and screens continued their positive momentum this week.  Stocks continue to push on their upper boundaries and several have even moved beyond recent consolidation points.  Below are few to watch.

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