Market is Struggling for Direction

Market Conditions

Market is still in a   'Confirmed Uptrend'   but it appears the Growth Stocks are not making much progress since the   'Follow Thru Day'  that was declared on March 11th.  Currently the leading Growth Stock index  $QQQ  is residing below the 50 day sma (simple moving average) and closer to the 100 day sma.  That does not bode well for the IBD (Investors Business Daily) style of investing.  We currently have 10   'Distribution Days'   between the  $NADAQ  and the  $SPY.   It's critical now to stop the bleeding and mitigate losses.  Personally I am cutting losses at  -5%  for new starter positions that were initiated during the   'Follow Thru Day'.   There was nothing wrong with the stock selection but the realities are, when the market goes through a corrective phase, 75% of the stocks will follow the general direction of the market.  Raising  CASH  should be the theme for this week and selling stocks into strength ought to be the primary goal of preserving the trading capital one has.

Stocks  to  Monitor

Lots of the market leaders we had last year and this year may not be the ones that will be the leaders again when the market decides to follow it's uptrend.  We have to start looking at the stocks with a fresh pair of eyes and monitor stocks that are residing above the 50 day sma.  Quite a few of the old market leaders are extended 10% or more beyond the rising 50 day sma.  If the market continues to retrace slightly and consolidate, some of these old leading stocks could form a tight base.  That would be ideal.  

Here is a list of stocks that are worth watching this week.  They are trading above the 34 day ema (exponential moving average) and showing institutional support.  I have indicated support/resistance price levels that I shall be monitoring.  Those levels will change however as the stock makes the progress.  

Stocks: 

1. $AMAT  ... $110.88
2. $APHA  ... $ 19.14
3. $ASML  ... $541.33
4. $APPS   ... $ 77.38
5. $BBBY   ... $ 30.08 (Have a position +5.79%)
6. $DKS    ... $ 78.39
7. $ENTG  ... $100.12
8. $ESI     ... $ 19.40
9. $ETSY   ... $211.85
10. $FANG   ... $ 74.60
11. $FRHC   ... $ 51.84
12. $GNRC   ... $293.00 (Have a position -3.90%)
13. $GOOGL ... $2035.00
14. $HI      ... $ 48.85
15. $IAC     ... $235.61
16. $INMD  ... $ 69.75
17. $KLAC  ... $287.34
18. $LGND  ... $154.95
19. $LRCX  ... $541.00
20. $MRVI   ... $178.19
21. $MU     ... $ 89.22
22. $PLT     ... $ 41.46
23. $SBUX   ... $104.86
24. $TDC     ... $ 42.18 (Have a position -0.94%)
25. $TGT   ... $181.11
26. $TLRY  ... $ 24.70 (Have a position +7.22%  Took 1/3 off for +31.80% gain)
27. $TWTR  ... $ 66.02
28. $WAL    ... $ 93.94
29. $YY     ... $115.28

Good luck with the market this market.  Lighten up with your stock positions this week and adhere to your rules for mitigating losses.  

Happy Trading!

Amin