One of the perks of being a subscriber of The Entry Points premium content is that Trader Scott sends our members comments every morning about market directions, movements and stocks we are watching for set ups. We release these comments in an edited form afterwards from time to time to allow our visitors a little peak into our premarket information.
Pre-market comments for November 10
Working hard, observing, trying to always be on the right side of the market, and giving yourself a fighting chance. These are the themes which I certainly hope you have taken away from all of these discussions.
Yesterday we discussed what concerns me, but I still need to see the market “confirm” my “hunch”. With the big markets, especially the stock market, to get a feel for things I do trades to “test the waters”. Meaning, if I’m starting to sense a potential bigger-picture turn, the best way for me to get a feel is to put money down and get a “sense” of my “intuition”. I actually have no intuition, just work ethic – constantly, constantly working, and a huge part of that is always observing and writing thoughts down. And as to that, yesterday I had a lunch-time conversation with a subscriber who is also always observant. It’s with the premarket:
As far as overall, I’m testing the waters with TQQQ today, Bought into the “crash” this morning (spring), sold, and then shorted into the retest of the 3-push top. Covered 1/2 into low retest, I’ll leave the rest with a scratch stop, 133.82-131.84. I want to see if we finally have an intraday secondary rally failure. It’s the first step, and gives me some info. Also shorted EEM today, averaging in position. We’ll see what the market does. Also notice 2 things, at least for one day. The selloff in stocks, not accompanied by rally in bonds. The “safe-haven” rally in gold, not silver.
So with the QQQ chart, I bought the initial spring into the (useless) bad news, sold it and shorted into the 3 push retest, covered (too early), scratched the rest, as discussed. Trying to get a feel and there was a potential long-side trade there also later. Just testing the waters. The “failed rally” did not stick overall, but it did occur on a 1 minute – info and observing. JNK got hit with a huge increase in volume, more info. Govt. bonds are down big today, stocks are sliding.
The huge accumulation area in oil, discussed numerous times, has yielded the breakout, with another resistance area to deal with. Gold is also in the huge accumulation area, and is currently trying to eat thru the 1285 supply area. But again, trying to stay on the right side of the market and giving yourself a fighting chance – recognizing accumulation, recognizing the downside of the accumulation and the upside of the accumulation, knowing when and what it means (approach) when a market/stock is in accum. combined with the new uptrend, knowing where the true breakout point is. All of these videos are on this site. We have given you numerous great opportunities and all of the tools to be very successful in markets. Just being on the right side is a hugely powerful tool in itself.
As to accum., 2 stocks which we’ve talked about more than any other are DVAX and IMMU. And discussed both recently and in the intraday videos, because of the opportunities as they had backups in their uptrends. I’m long both, DVAX for months, and today they both have excellent news. I’m considering lightening up a bit – accum is a powerful tool. Also have been discussing another holding, OSTK, again accum. Not long but EKSO another one, with numerous springs and up 50% at one point this AM from recent lows – accum, on all time frames. The smaller ones need to take profits. The shippers had the reaction and I’m long DRYS into the spring, these things will continue to be great traders – TOPS, RLOG, DCIX, ESEA, SALT. They are forming a major bottom – Baltic Index.
There are the groups which we like more than any – pot stocks, green tech, shippers, retailers, metals, energy – into the big reactions. And select biotech plus blockchain. Chip stocks are benefiting greatly from crypto mining.
Trading-wise, long ONCS, watching MYO, TRXC, OMER, LN very strong. (ROKU discussed in premarket comments yesterday.)
After-market comments:
DVAX opened .10 short of the high of the day which was 22.25. Profits were taken quickly and the stock blew through support creating opportunities for (2) fantastic spring trades. The first one was from 20.00-21.60 and the other from 18.60 to the high of the day of 20.81. If you learn any trade, make it a spring. We have talked extensively about these trades as profits can be made very quickly. Both of those trades were close to or over 10% in their moves.
IMMU This stock has been among one of Trader Scott’s favorites. It is a strong stock and has shown up in the pre-market comments over and over again. It closed yesterday at 10.45 and gapped up on open today at 11.41. It reached a high of 12.72 before closing at 12.40. We hope you’ve been trading this one as it has made incredible moves over the past several months.
EKSO Another stock that we’ve traded in and out of and has popped up in our pre-market comments. It opened on a fantastic gap up at 1.30 which was a .24 move from yesterday’s close. It sold off and hit support of 1.20 bouncing all the way up to 1.59. Talk about an opportunity for a great trade. We hope you caught that one, sadly, we didn’t.
The shippers were not as volatile as they have been lately, but as we’ve stated in all of last week’s pre-markets, these need to be on your watch list as they are forming a major bottom. They’ve all been great traders starting from last Friday.
ONCS Had a beautiful spring from 1.95 to 2.53
OMER was our favorite stock going into the day.
Leave a Reply