I hope everyone had a great Christmas as I'm ready to rock today despite what is still perceived as a lack luster and untrusting market.
Yesterday we crossed below the most significant level in the last 2 months from my analysis on the S&P. Ironically enough we surged right back above the 141.40 SPY level at the end of day rally, creating a hammer tail on the daily chart. With an expected gap down this morning we are confirming the bearish direction but nothing will be final until the cliff concerns are taken care of. Going over, under or through the fiscal woods are all in the realm of possibilities. As trader, i'm only concerned with the fact and am not in the business of political projections. Once a decision has been made, I'll be able to start trading again with less systemic risk.
Be aware of key data this morning with PMI at 9:45 and pending home sales at 10:00 AM EST.
|Morning Coffee - Day-Trading Watch-List|
|1||$BKS-Up big in PM following the announcement of a new investment from Pearson. This stock has been a huge intra day mover in the past and will at the top of my list for trading today.|
|2||$TSO- I may want to get in on TSO depending on how bearish the overall market is today. TSO failed to take out the high of 45.40 and is due for some revision to the mean.
$CALL- Nice gap up this morning as strong earning estimates were outlined by the new president and CEO. PM trading has the stock up about 11%. I'll be watching this one closely as we might only have a few stocks in play today.
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Brian (@WallStreetNole) specializes in short-term equities trading, and acts as a personal trading coach and consultant for many traders. He is the creator of SAER trading principles and his day-trading strategies provide traders with profitable opportunities in the stock market. Brian and his wife currently reside in Greenville, SC with their dog Bella. More >>
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