Strong Stocks to Buy Today After the Decline 6-15-20

Many new stock traders believe that disciplined trading means you need to act like a robot. Emotionless.

For me that concept takes the fun out of trading.

Discipline simply means you are allowing your edge, your trading strategy to do the hard work.

In today's trading lesson we discuss how to learn from each trade so that you never again feel lost, overwhelmed or afraid.

Some people took heavy losses last week because they lack the tape reading skills to see the coming stock market correction. (We called it in last Monday's video 6-8-20)

It was much worse than anticipated, but degree is not the point, being prepared for a decline is the point.

I also recommend a book called "Mindset" by Carol Dweck. Watch the video and you'll see why.

If you were confused last week, or took some big losses, I strongly suggest you join the 30 day boot camp.

Trading Game Plan: 6-15-20

Watch: Best Stock Picks Today

The SPY ETF desperately tried to hang onto the 200 simple moving average on Friday. And that's the level we need to watch in order to regain our conviction to buy stocks.

The stock market reaction to the FOMC - Jerome Powell comments can't be called anything but vicious. It was classic sell the news, but it was harsh.

And maybe a wake up call that many people needed. 

We have a few short sale opportunities but they come with a "relative weakness" tag. They aren't A+ trade setups,

These stocks include WMT, MRK and BMY. Watch the video to see my game plan in these stocks.

For the long side and stocks to buy DKS Dicks Sporting Goods showed strength on Friday and is near a breakout level. We discussed a buy stop to enter.

BYND Beyond Meat also shows a promising trade but certain conditions need to unfold for the new entry.

Airlines stocks are showing too much indecision right now, so I'm waiting for a better story.

Have a great day,
Pete