Daily Routine – February 23, 2021

SUFO – Stocks Up From Open
SDFO – Stocks Down From Open
U/D – Up/Down
RV – Relative Volume
HRV – High Relative Volume
LRV – Low Relative Volume
EOD – End of Day
PLG – Potential Leadership Groups
DMA – Daily Moving Average
KMA – Key Moving Average

Leadership Day – Indexes finish up on the session with leadership groups leading from the open.
Rotation Day – Indexes finish up on the session with laggards leading from the open.
Distribution Day – Indexes finish down on the session on increasing volume vs prior day. Track index volume: https://www.traderlion.com/stock-market-exchange-volume/


1. Reviewing today to prep for tomorrow

#TLThoughtsR sorted by time.

*It’s fairly clear. Open below $3850 and there’s nothing below per daily plan. *Not much to do today. Even if a recovery is made – it doesn’t matter much. Sit back, watch the action. Patience is required. Worth repeating.

Themes
1. Social Media names in PINS SNAP TWTR – act well near 21DMA/23EMA/10DMA. That is group RS with Nasdaq at 50DMA
2. Software names: TWLO APPS DT LSPD near or above 21DMA/10DMA. Software acting well
3. GOOS LB TGT retail types continue to act well

*Personally I am in no rush to jump in. The ranges are wide and risk is hard to define. Will be eyeing close to see how things shape up. This is not a war for the lowest price. You don’t get a trophy in the mail for that.
*$3850/3880 of interest.

*Please focus on your own systems. Twitter can be a strange place with many acting perfect and leave you feeling lost as to what do they know that you don’t. Nobody else matters, just you and your system. Focus within. Go over your rules. Make it about you.

*Close above $3880 = trend intact in a 90 point recovery.
*Hedges should be peeled off SQQQ is about +2% from yesterday’s $3880 entry area.
*No rush to enter yet. Action will settle down, show good R/R points. A few themes to key in on as tweeted already.

Reviewing Current Positions

CurrentPortfolioUpdateFeb232020
Current Positions screenshot from Interactive Brokers Account
SymbolBaselineMagnetEOWPink LineMoneyFlowThought Process
CELH$55$80>$55++Repeat IOF Recently$55s held today on market turbulence on a closing basis, however not the large bottom wick I was expecting. Tighter action into EOW would be a ++. Looking to add to position near $55s if a potential trend is seen into EOW.
CRSR$35$50>$35++Repeat IOF RecentlyNot over the moon about the entry. $35 is baseline risk which is much greater than I like, partial position will manage accordingly. Cut on weakness, reposition near $35 if market shows sane action, or add on strength above $40. Planning 3 scenarios here. Larger base pattern, pink line screaming.
FUBO$35$50>$35++Mixed IOFBetter entry and cushion here, revisit to $35s will add stock with a stop at $35. Add stock above $40 if market strengths. Risk-free position barring any event risk here. Entry was based on a retrace to $35s while market was below $3850 – Relative RS to market with gauge correlation. Fairly advanced entry. 30 cent risk vs gauge.
MGNI$50$60>$50++MixedNot the way I wanted it to hold 50. At one point, it was down near 30% in a single session and recovered. This is not normal action. $50s will be watch. Will hold through earnings tomorrow if close above $50. Managing position only. Reports tomorrow AMC
PENN$110$140>$110++Repeat IOF recentlyPENN/DKNG have shown RS. Wanted to position in one or the other coming into the week, PENN entry was again a correlation of $110 holding as the market was below $3850. Data-based entry. Will be managed vs entry. Will watch for tighter action to add to the position on strength if possible.
PINS$80$80>$80++Large Repeat IOF post-earningsSocial Media showing strength today and most closing near highs with SNAP TWTR. Not the way I would’ve drawn it up. Price was near $70 at one point and closed near $85. Not the tightest action. Abnormal. $80s on watch into EOW. Managing position only.
SNAP$60$60>$60++Large IOF RecentlySimilar thought process as PINS above. Ridiculous range saved by news catalyst today. $60 on watch EOW. Repeat IOF today so will see how things go.
UPWK$50$60>$50++Large IOF RecentlyReported earnings and is near ATHs. Will be watched. No add is planned. $50s EOW is ++. Managing position only.
Reviewing current positions to know pain points

Weakest to Strongest Positions: CRSR, PENN, FUBO, CELH, MGNI, SNAP, UPWK

2. Market Review

SP500Nasdaq
Market ConditionsConfirmed UptrendConfirmed Uptrend
Distribution Count42
Support50DMA50DMA
Market Indexes via Top 10 Report
sc 87
sc 88
sc 89

3. Sector, Group, Industry Review

1 Day Leading Performance-Momentum Groups: Solar, Social Media, Casinos, China Internet, Cannabis
1 Day Lagging Performance-Momentum Groups: Miners, Oilers, Biotechnology, Real Estate, Transports

Performance1DFeb232021

Week to Date Leading Performance-Momentum Groups: Oilers, Casinos, Energy, Airlines, Communications
Week to Date Lagging Performance-Momentum Groups: Biotechnology, Semiconductors, Software, Solar

WeektoDateGroupPerformance2021 02 23

4. Key Watchlist Standouts

Hight Tight Flag Candidates (HTF) Watchlist

Standouts: QFIN OCUL PACB(35) MWK FTCH ORGO GRWG(50) OMI VERI(35/40) PLUG(50) CRMD CAN (15/20)
The bracket shows gauges and key levels for the stock from a data POV.

WL Tickers: BEAM BEEM BLNK BNED BTBT CAN CLNE CLSK CMRX COHU CRMD CVLB DDD DMTK DNMR EGHT EOLS FCEL FLGT FTCH FUV GILT GOGO GP GRWG JMIA LAZR LQDT MGNI MP MWK OCUL OIIM OMI ORBC ORGO PACB PLUG QFIN SI SOL SPWR TIGR VERI VFF VUZI

IPO Watchlist

Standouts: ALGM ASO CRSR(40) SDGR SHLS(35)
The bracket shows gauges and key levels for the stock from a data POV.

WL Tickers: ABNB AFRM AI ALGM ASAN ASO BEKE CCIV CLVR CRSR DASH DMYD DSP FOUR FROG KC LDI LMND LSPD LU NNOX OCDX ONEM OPEN OZON PLTK PLTR POSH PSNL SDGR SEER SHLS SKLZ SNOW SUMO TLS UPST VRM YALA YSG ZI

Gappers Watchlist

Standouts: APPS(80) PINS(80) FEYE(20) CALX(35) UPWK SONO SGMS TWLO(400) DT INSP SNAP(60) LB GOOS
The bracket shows gauges and key levels for the stock from a data POV.

WL Tickers: ACRS API APPS ARVN ATOM BILI CALX CELH CHGG DDOG DT FATE FEYE GOOS IMMR INSP LB NET NK NUAN NVAX NVTA PINS PYPL RCKT SFIX SGMS SNAP SONO TDC TGTX TUP TWLO UPWK VIOT VOXX WK Z ZS

6. Top 10 Report Plan

SymbolBaselineMagnetT10 PivotPink LineMoneyFlowThought Process
MKSI$160$175$172.75Recent IOFOn watch vs T10 Pivot. On T10 Pivot watch for a close above the $175 mark. On market turbulence on watch for RS vs the $160 mark.
NFLX$550$550$566.65Large IOF recentlyOn watch vs T10 Pivot and a close above the $550 mark on its T10 Pivot attempt.
NVDA$550$600$587.66Large Repeat IOF recentlyOn watch vs T10 Pivot and a close above the $600 mark on it’s T10 Pivot attempt. $550s/$560 of interest on retracement in stock.
XPER$22$22$22.09On watch vs T10 Pivot
HZO$45$50$49.67IOF RecentlyOn watch vs T10 Pivot and a close above $0 on its T10 Pivot attempt.
TGT$185$200$195.55Repeat IOF recentlyOn watch for RS vs $185 on market turbulence and T10 Pivot on strength.
YETI$77$77$75.88IOF recentlyOn watch vs T10 Pivot and a close above $77 on its T10 Pivot attempt.
Stocks in bold in the Symbols column are of interest and will be on my focus list.
TL Acronyms | TraderLion

7. Swing Trade Plans (STPs)

CELH of interest as it consolidation above the $55s into next week as volume dries up on the name.

CELHFeb232021STP

LAZR on watch to reclaim $30s. A potential performance booster as it continues to consolidate on its daily chart. $30/35s of interest on strength. However, doesn’t rank high on the list at the moment.

LAZRFeb232021STP

FUBO remains of interest if it can firm up above the $40 mark. $40/45 remain of interest if normal character returns to the stock. On watch on strength into the $40s and on strength into $45s.

FUBOFeb232021STP

FEYE in the Software space remains of interest. It’s consolidating tightly the past few weeks above the $20 mark. The volume to the left of the chart is hard to ignore. Of interest on strength into the $20s and on strength above $21/22 mark. An attempt of $21 must close above the $21 mark. $20 remains baseline risk.

FEYEFeb232021STP

CRSR continues to consolidate above the $35s and below the $40s. It remains of interest given the CANSLIM fundamentals as it works its way within a larger base structure. $35s of interest on weakness in the stock and $40 of interest on strength. An attempt of $40 must close above the $40 mark.

CRSRFeb232021STP