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[Platinum Watchlist] (1.30.23) 3 Stock Updates
[Platinum Watchlist] (1.30.23) 3 Stock Updates
August 21, 2023
Good morning!
Hope everyone had a great weekend.
Stock futures are down this morning as the market is preparing for a busy week of earnings reports and results from the FOMC meeting on Wednesday. There are no major economic reports due out today.
LMT is presently the only position on our watchlist. It closed down on Friday just above the 20-Day SMA. The sole weakness from the indicators is an RSI below the 50 level. The MACD just crossed over the signal line, which is positive, however I would like to also see it continue past the zero line. As always, utilize stops to defend your gains and/or limit your potential loses.
I would be reluctant as a swing trader to add any new paper trade positions this morning with the markets starting out in the red this morning. Unlike when an analyst unknowingly downgrades one of our positions causing price action to dive, we have advanced knowledge of when the FED is going to announce rate hike decisions and also when major companies will be announcing earnings. Prudent risk management would tell us to remain patient with our cash positions and let this storm pass by.
With that being said, there are a few set-ups that came out of last week’s rally including ADBE & SFM.
With premarket in the red and a ton of orders from the weekend to be processed, let the market settle and see where the day takes us. Remember, this is a watchlist and not a buy list.
Have a great day! We only paper trade on this watchlist. This information is for educational purposes only and is not a recommendation to buy or sell a stock.
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