Have been tracking the names on your Focus and Watch List since that is the style I am most comfortable with and really want to excel at that type of trading. Was watching ZS on Friday, looked like a great setup, saw it break through $70 and was considering taking a cheater entry, also considered buying on the pullback and reversal on the 15 min chart, but passed on both because I was not sure if I should be taking new positions in this market since it is in a down trend for the last five days and because it is such a news driven and volatile market. Wanted to find out your thoughts on taking new positions during this pullback?


As indicated in the report above, the uncertainty related to the China trade talks lifted on Friday, sparking an afternoon sell-the-rumor, buy-the-news reversal and rally. The ability of the glamours to hold up during the five-day pullback was telling.

My private blog post sent during the Friday afternoon rally was an indication that the coast was clear for fresh-money buys. However, we will need to see some follow-through in the Nasdaq on Monday to become more comfortable. This in light of a substantial sell-off in the futures market Sunday evening. ZS is buyable, as it rests 0.8% above its 72.94 pivot.