June 2019 Swing Trade Updates:
A couple weeks ago I started sharing some swing trades swing trades. And while the market didn’t accommodate much opportunity in May, June is turning out to be a different story!
Because with SPY back at all-time highs and the most recent Fed announcement out of the way, I’m feeling a little more comfortable putting money back to work.
So in this blog post, I want to update you on some new trades I made this week, plus a couple new ideas I’ve put on this week.
Market Getting More Cooperative:
One of the big factors in my swing trading is waiting for the overall market to be accommodating. The simple truth is, if SPY is in a downtrend, more breakouts will be likely to fail. For now though, that’s not the case.
Here’s the daily chart of the index ETF:
When most stocks are moving higher, above their moving averages and with no resistance, I’m more comfortable taking risk.
So this week, I picked up VCYT and TEAM. Neither of them have really got going yet, but the charts are near highs and the underlying earnings are also showing upside acceleration over the last few quarters. I’m hoping they can continue to coast higher until the next reporting period.
Now while I wait for these trades to develop, I also want to update you on some other purchases I’ve blogged about.
Two weeks ago, I mentioned a new position in NEO and EHTH. Let’s take a quick look at NEO first…
Here was the chart where I showed my entry:
And below is the current chart, where you can see NEO is still bumping and grinding higher. While it hasn’t been the fastest mover, the chart is still looking relatively constructive above the 10-day EMA…
Lucky for me, EHTH has been moving a little bit most dynamically. Here was my entry:
And here’s the chart now – still moving higher albeit with volatility picking up a little bit. For now, I’m just hanging on for the ride and trailing my stop along the way.
With any luck this one can keep moving. And barring a big drop, I’ve already trailed my stop to breakeven so I should be able to avoid a loss.
My on, the other good-looking chart is that have OKTA. No doubt this is another expensive high-growth stock. So hopefully this recent gap higher can hold
Here’s the entry from last week:
Now the one final caveat I have to add here is usually not this many ideas work out for me. My win rate tends to be a function of the market overall. So I’m always keeping an eye on my stops – and ready to hit the exits if we do see a more sustained pullback.