Swing Trader Pro: Afternoon Briefing (10-07-2022)

JC Parets
October 7, 2022

From the Desk of Kimmy Sokoloff

Economic data came out this morning, which, in reality, wasn't bad. But the S&P 500 dropped 3% at its low.

As I mentioned this morning, to me the issue is oil up, bonds down posing the biggest risk to the overall market.

Today's trades were lackluster:

  • I bought $SPY at 365.51 and sold it at 366.96. This was a bounce trade, nothing more. (I did the same with $QQQ but closed it out flat.)
  • I bought $FCX at 29.25 and sold it at 29.34. I was looking for 29.80. It went as high as 29.60 then flopped.
  • I shorted $VLO earlier in the week, and I re-shorted more today at 117.50. I covered some at 115.5 and the remainder at 112.90. Now I'm flat on VLO, all out of this position. This was an aggressive trade not meant for most.
  • I bought $ZIM at 23.96 and sold it at 24.11. This was just a scalp. I was hoping for more of a bounce.

The only good winners today were VLO and SPY!

I booked a couple of losers today too:

  • I bought $EXPE at 94.35 and got stopped out at 93.35.
  • I bought $V at 184.29 and sold it at 183.90.

Your first stop in your best stop!

We shall see what next week brings. Hopefully, we get some great buying opportunities.

It's very hard for me to recommend shorting stocks to a room of people I don't know. Shorting is very aggressive and not meant for most.

So, patience pays. And when a buy setup occurs, we'll go after it.

Have a great weekend!

We'll see you live at the open Monday morning to start the trading day.

And please reach out with any questions.

All Star Charts Team

Filed Under: