SAVE Trade on Jun 4, 2020 10:01 from CharliePham: Tradervue User Stock Trades.

The Big Picture:
Since the low on March 23, the S&P 500 has been rallying relentlessly. It closed last week up 36% from the March low

The S&P500 Futures is looking bearish today - down 0.3% as im writing this (14:00). The volatility has been reduced and that can be shown by the VIX which is at 25.7 now and the candles on the SPY are getting smaller. QQQ yested ATH at 237.43 and reversted this level. SPY tested resistance at 313 level yesterday.
If this level holds then that indicates that the market is respecting this resistance level, if this level breaks then QQQ is making new ATHs and SPY on its way to ATH.

"The market tends to do what will inflict the most pain on the biggest number of investors."

Today, the disconnect between the economy and the market’s powerful rally flies in the face of logic. But more importantly… it’s creating a huge amount of pain for investors.

The total number of jobless claims since the pandemic struck is at about 48 million people in the US. Major companies are firing workers right and left… long-standing businesses – like car-rental company Hertz – are declaring bankruptcy… and we’re living in fear of an invisible enemy that already took more than 100,000 American lives. A positive outlook just now is that the U.S. employers reduced payrolls by about 2.8 million workers in May, but that was significantly better than the 9 million lost jobs economists had expected.

Taxes are going to rise sharply in the near future. The massive deficits are going to create a long-term drag on economic output. And yet, if you look at the price action in the equity markets, you’d think we have a booming economy with full growth, a balanced budget, surging optimism, and modest inflation.

Intraday Fundamentals:
Save: Breaking out of consolidation phase (Stage 1) And a potential transitioning to a stage 2 mark up phase. The stock was trending in a range between 18.80 and 7. Spirit airlines and the rest of the airlines sector is soaring today (14.21% Increase PM) on the hope for normalization. The airlines are among the companies hit hardest by the pandemic. Stock is breaking major resistance in premarket signalling increase of bullish sentiment and momentum.

ATR: 1.45
RVOL: 4.66
Average volume: 13.69
Short float: 21.63%!

• Well done: A good entry if i did it right. It would have hit my target at 21.66 (HOD was at 21.74) But the right thing and well done thing here is that i sticked to my plan. The setup is (! that the stop loss goes under the execution bar.

• Improvement Notes/Mistakes: I have too much fog and "shit" in my brain when taking this trade. I was at work and could not be able to sit down in peace to focus. The next time if i trade at work just put myself on after call and focus 100% on trading. Fuck the job. This was my mistake and lost me a winning trade.

• What i learned from this trade: FOCUS. I need to be able to have laser focus. Stop loss was supposed to go under execution bar – NOT eruption bar. Got in at 19.90 – Out at 20.

My entry was 19.90 and stop loss was supposed to be 19.58 – This would put my target at 20.54 and position size at qty 31

I did a mistake and put my stop loss below eruption bar at 19,02 – This put my target at 21,66(!!!!) and position size at 11.

Got out at Breakeven

Confirmations -
1: Breaking and forming above VWAP
2: Target below HOD
3: Shock value on the Daily - Gapping above a 3 months resistance