Chart of the day: GoPro

Today's stock chart of the day GoPro. GPRO is a recent IPO that is riding an earnings catalyst after bottoming out in early March. It is now breaking out and stalling at the newly formed 200 day moving average resistance level. A break of this level could set the stock up for a run to it's highs around $80.

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The Next Explosive Bottoming Formation: Steel

Back in December we successfully identified and swing traded the bottoming formation in gold miners, followed by energy/oil/gas in early January.  Often when one or two sectors show this formation, other related sectors will follow.

Steel is showing signs that it is the next bottoming formation candidate.  This sector does not have an ETF to trade, so we look to leading stocks like X.

Notice the trend line break.  The big gap up 5 days ago was an earnings breakout, which gives the stock the catalyst it needs to start a new trend.  Positive volume is pouring in, which is exactly what we want to see.

As we saw with gold miners and energy, these types of bottom formations take time to develop and are volatile.  You must be patient with entry as there will likely be a pullback and test of the lows.

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The Common Sense Approach to Swing Trading Apple: A Measured Move

One of my favorite swing trade setups is the earnings breakout.  I know, we have established that in post after post.  What you guys really want to know is how does The Market Speculator plan to trade Apple!

I've got your back fellow swing traders.  Trading Apple, and making a profit from it, is like a badge of honor.  Call your significant other up and tell them you traded Regular Therapeutics, and they will fall asleep before you even get to the profit talk.  But Apple, now everybody wants to hear about an Apple trade.

Any time I look to make a swing trade, I search for a stock with a catalyst.  AAPL has that, blowing the roof off earnings two days ago and gapping up on heavy volume.

Price is currently at $118.90, about a dollar away from the all time high.  That is the key level.  The last time AAPL broke out from an old high, back in mid-October, the stock went on a 15 point run in just under a month and a half.

History tends to repeat itself and I would not be surprised to see a similar run once AAPL clears the recent high.  The $120 level is the buypoint.  This entry level provides low risk and high reward, which is the most important of our 23 laws of trading.

So there you have it.  The common sense approach to trading Apple.

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