Swing Trader Market Update: SPY, Energies, and Rite Aid

By LucciStaff Uncategorized

By LucciStaff

Nate G. is one of the self-titled “Lucci Originals”- the first students to ever learn how to trade with Sanglucci.com over four years ago. Along with the other Originals, Nate has become profitable, independent trader and a huge part of the growing community we’re building here today. He’s also one of the most patient and methodical options traders you’ll ever meet!

Here’s what he’s looking at in the markets today and for the rest of the week.

The overall market has been a bit confusing for me lately, which is definitely a sign to be patient until I find my bearings in this environment. Here are some of the names on my near-term outlook.

This SPY has been tough to read. Increased volatility, increased volume, and a switch’eroo play yesterday. It’s been a fun area this year, around 200. I want to see where the SPY goes, but definitely need to have patience here.

SPY

The other sector I’m interested in are the energies. Stocks like $XOM, $HAL, $COP, and others. These names have been pummeled with the tank in oil. But who’s ready to catch a falling knife? I’m sure some of you have already tried, only to lose your hand. I’d love to see $XOM find some support around the 85 area; that’s what I’ll be watching for on this name. I’ve dip bought at that level a few times before, and would like to do it again for long option swings. Perhaps the June 95Cs, anyone?

XOM

And last, but not least, for all of those equity traders lurking among us: Rite Aid. Decent chart doing some recovery. Definitely wanting to see it push through resistance here. Just a slow cheap equity play that could set up for some fun above this 5.9-6.0 area.

RAD

All in all, this is a time to be patient. There are definitely some great individual picks here and there, but just be very selective right now. I’ll be stalking energies and casinos for the near future at least, but my short term plan is to take it easy, stay mostly cash, and enjoy the rest of the month. The markets aren’t going anywhere, and when it’s confusing and somewhat hard to bang out a few bucks, I’d rather do something else.

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