Today's hangout deals with strategy and trading approach. Namely, when to cover in a rising market and how I time my entries using the market action as the primary driver. 

Enjoy!

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Here's tonight's watch-list for tomorrow's trading:

Long United Therapeutics (UTHR)

uthr

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Bullish signs are creeping in again on the SharePlanner Reversal Indicator and they are aligning nicely on the weekly and daily time frames. 

Here's the Daily SPRI

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Pre-market update:

  • Asian markets traded 1.9% higher. 
  • European markets are trading 0.7% higher.
  • US futures are trading 0.5% higher ahead of the market open. 


Economic reports due out (all times are eastern):
MBA Purchase Applications (7), Housing Starts (8:30), Industrial Production (9:15), EIA Petroleum Status Report (10:30), Janet Yellen Speaks (12:15), Beige Book (2)

Technical Outlook (SPX):

  • One of the wildest trading days of the year that saw the market open and continue on the rally from yesterday, only to give it all back up at 1844 and proceed down to 1816, and then rallied back to 1842 at the close. 
  • Much of the rally was short squeeze induced. 
  • Key resistance was broken at 1840 today. 
  • Also watch 1847 today as it represents the descending trend-line off of the April highs. 
  • 1873 is the ultimate resistance level to break. 
  • 30 minute SPX chart shows a triple bottom in place. 
  • If SPX's Friday lows are broken expect 1790 of the rising trend-line off of the August lows to be tested. 
  • Volume continues to come in strong on each sell-off. 
  • The Market doesn't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

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Be sure to join me tomorrow in the SharePlanner Splash Zone for all my real-time trade setups via chat-room, text and email as well as the ability to automate all my trades through Ditto Trade. You can sign up by clicking here

Here's tonight's swing-trading watch-list:

Long Foster Wheeler (FWLT)

fwlt

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Yesterday's bounce is gone, and the indices are looking like they are ready for another leg down. 

Which makes the list of trade setups in this post a must for you to review. There are plenty of solid plays here, and if the S&P 500 can break 1814 (Friday's lows) there is a good chance we will be dropping down to the rising trend-line off of the August lows at 1790. That gives ample room for plenty of profit opportunities and the list below isn't short of having those (no pun intended). 

Here's the bearish trade setups for the week:

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Pre-market update:

  • Asian markets traded 0.1% lower. 
  • European markets are trading 0.2% lower.
  • US futures are trading 0.1% lower ahead of the market open. 


Economic reports due out (all times are eastern):
ICSC-Goldman Store Sales (7:45), Consumer Price Index (8:30), Empire State Manufacturing Survey (8:30), Janet Yellen Speaks (8:45), Redbook (8:55), Treasury International Capital (9), Housing Market Index (10)

Technical Outlook (SPX):

  • Respectable bounce yesterday, but it keeps us between resistance (1839) and support (1814). 
  • Yesterday's intraday action on SPX indicates that the bears are attempting to short the rips. 
  • 30 minute SPX chart shows a possible double bottom in place. 
  • Tax Day traditional is a bullish day for the markets. Only 6 times since 1981 has been bearish (last year was bearish).
  • Two key resistance levels need to be broken to restore confidence in trading to the long side: 1839 and then the seemingly impossible 1873. 
  • If SPX's Friday lows are broken expect 1790 of the rising trend-line off of the August lows to be tested. 
  • Volume continues to come in strong on each sell-off. 
  • The Market doesn't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

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Here's tonight's watch-list for tomorrow's trading:

Short Colfax (CFX)

cfx

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The market is bouncing after a rather hideous sell-off last week. I've seen plenty of bounces like the one we are getting here today over the past two months, only for them to get squashed within a couple of days and trading lower than it was prior to the bounce. 

So you have to be careful with wanting to jump on the bullish bandwagon at this stage of the game. Plenty tried last week, only to give away their short-lived gains by week's end. 

I'm also no fool either to the reality that this could be a reversal that takes us to new highs, but as before, SPX is going to need to find a way to get back above 1873 and stay there before I believe in its possibility. 

Here's the bullish watch-list:

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Pre-market update:

  • Asian markets traded 0.1% lower. 
  • European markets are trading flat.
  • US futures are trading 0.5% higher ahead of the market open. 


Economic reports due out (all times are eastern):
Retail Sales (8:30), Business Inventories (10)

Technical Outlook (SPX):

  • Second consecutive day of selling on Friday makes a possible test of the rising trend-line off of the August lows very possible this week (currently at 1789). 
  • Futures are strong heading into the open and creates a similar scenario with what we saw last week in terms of a dead-cat bounce after two heavy days of selling. 
  • 1814 represents short-term support for SPX which is just above where it closed at on Friday.
  • Volume continues to come in strong on each sell-off. 
  • 30-minute chart of SPX shows a heavy breakdown and huge break of support in place. 
  • In theory any kind of bounce should find heavy resistance overhead at 1839-1840. 
  • VIX continues to spke higher - now at 17.03, but not nearly like what we have seen in previous market sell-offs. 
  • The most important trend-line and level of support for the bulls is the rising trend-line off of the August lows which currently sits at 1789. It wouldn't surprise me if that is where this market is ultimately going. 
  • The Market doesn't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

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