[Platinum Watchlist] (1.31.23) 3 more stocks on our watchlist

Good morning!  Good morning! 

Hope everyone had a great weekend.  Stock futures are down again this morning as the market is preparing for a busy week of earnings reports and results from the FOMC meeting on Wednesday. Today we will get the consumer confidence report and the Chicago business barometer.   

LMT remains on the watchlist with a cost basis of 455.35. It closed at 460.59 yesterday just above the 20-day SMA. The RSI is still below the 50 level and we will place stops limits to defend our gains. With potential turmoil in the market, it may be prudent to take 1/2 of the position off the table in the event of a run-up as a FED news conference is as unpredictable as an earnings report.  

I provided SFM and ADBE as swing trade possibilities yesterday. SFM traded down just below the 20 with a declining RSI. ADBE also traded down with the general market to close just above the 200-day SMA which is the current resistance level. I’m always reluctant to add to new positions prior to a FOMC announcements, so be cautious in your paper trades.  

Lastly, money still moves, even in a down trending market so as swing traders we want to look beyond the horizon of today’s price action for the next potential set-ups.

From a sector point of view, I have Aerospace, Food and Utilities on the radar. In yesterday’s short video, I reviewed GD. 

In utilities, I’m watching ED. 

From the food industry I looking at CPB. These are “horizon” stocks and do not yet meet the requirements of the guidelines but have potential to do so in the future. This is what I look for each week, so you don’t have to.  

This information is for educational purposes only and is not a recommendation to buy or sell a security. We paper trade on this watchlist to learn the basics of swing trading.