Shooter’s Trading Notes

A weekly piece by Scott “Shooter” Henderson that includes his weekly Risk Review of major markets and his top swing trading ideas.

We primarily make long trades in our VSL stocks and a handful of crypto assets. Short trades are generally used to hedge the long portion of our portfolios, not for outright speculation.

Make sure to adhere to a rules based approach to trading using technical indicators. And, we highly recommend trailing stops and/or stops at preset technical levels.

Make sure to follow along in chat if you are going to swing trade a portion of your account. We recommend starting with trading 5% or less of your total portfolio and no more than 20% even as you gain experience.

Risk On / Risk Off Index Notes

A view of the big indexes that give us a clue as to whether the stock market is more risk on or risk off.

– Labeling Update –

In an effort to limit confusion I removed the dates from price labels at the wave intersection’s and replaced them with just a price label. I will also add I a label for “A good spot to take partials” reflecting prior support and resistance levels. Changes will be applied to new charts moving forward. If you have a question ask.

SPY Risk On! No Set-up / Maybe Counter Trend but the Plunge Protection Team (PPL) will keep me on my hands until something definitive manifests.

SPDR S&P 500 ETF Trust Weekly Chart
SPDR S&P 500 ETF Trust Daily Chart

QQQ Risk On! Set-up is long of Fridays low. Your risk your chase! I’ll wait to see if we get turn around Tuesday and tea off that.

PowerShares QQQ Trust Weekly Chart
PowerShares QQQ Trust Daily Chart I’d like it better if we had a back-test of the Speedline (Red Support Line).

IWM Hold! No Set-up

iShs Russell 2000 ETF Weekly Chart

DIA Risk on! Set-up is Long off Fridays Low. Same though as Nasdaq. Maybe $356 2 weeks out.

Dow Jones Ind. Avg. ETF Weekly Chart
Dow Jones Ind. Avg. ETF Daily Chart

TLT Sell any rip to $143.50 USDJPY pair is very noisy still responding Evergrande Debt Crisis someone is going to blow. Its not if its when and how big. Thinking Yields up! Stop a $1.50 higher.

iShs 20+ Yr Treasury Bd ETF Weekly Chart
iShs 20+ Yr Treasury Bd ETF Daily Chart

Shooter’s Swing Trade Ideas

Several of Scott’s conviction swing trading ideas from the VSL & ETFavorites, his own lists, cryptos and short ideas (which are never from the VSL which is a long-only list).

Positions

  • ABBV Oct $115 calls / Just letting it run!
  • ROKU Nov $420 calls / Just letting it run!
  • HYG Oct $80 puts 1.5%

Close/Sell/Trim

Stops

Stops Hit

  • VIX.X $22.09

Stops Raised

Open/Buy/Add

SBUX Set-up Buy $107ish Earning is Oct 28th so at some point we will start to run into that with 25% beat on last quarters earnings. Big Seasonality Trade with Commercials. I think $107 will be a gift.

Terms, Disclaimers and Social Media

Please see Scott “Shooter” Henderson’s disclosures and terms of service for his swing trading ideas.

Follow Shooter on Twitter: @doplus