Fed offers up a stock market beatdown

I don’t get all the annoyed by the stock market all that much. Sure it can do things that will make you scratch your head, but yesterday’s manufactured afternoon sell off coming from the Fed proclaiming that stock prices were a bit too high, was not something I was thrilled about. That is because, as a person who follows charts, yesterday’s rally was strong and trending higher nicely. Then you get a comment in the Fed Minutes and it causes the algos to go completely awry. 

Am I going to mope about it? No. Instead, I am going to move on. Move on to the next trade and manage those trades that I am currently in. Things like what happened yesterday is part of trading. It doesn’t follow along the lines of technical analysis, and that can infuriate a trader, but technical analysis provides us with a guide, not absolutes. 

But here is one absolute I can give you. Despite the sell off yesterday, the S&P 500 is holding the 50-day moving average still. That continues to be a rising level of support that provides a catalyst for the bulls and an impenetrable wall for the bears. So keep that in view as you head into today.  

S&P 500 Chart

Current Stock Trading Portfolio Balance: 

• 2  Long positions

Recent Stock Trade Notables:

• Las Vegas Sands (LVS): Long at 57.24, closed at 56.53 for a 1.2% loss.  
• UPRO: Long at 91.94, closed at 96.54 for a 5.0% profit.
• Alibaba Group (BABA): Long at 105.736, closed at 108.22 for a 2.4% profit. 
• Facebook (FB): Long at 134.27, Closed at 139.23 for a 3.7% profit. 
• CDW Corp (CDW): Long at 58.65, closed at 58.91 for a 2.7% loss. 
• Redhat (RHT): Long at 82.41, Closed at 83.53 for a 1.4% profit. 
• Ambarella (AMBA): Long at 57.15, Closed at 55.52 for a 2.8% loss. 
• Alibaba Group (BABA): Long at 104.73, closed at 106.05 for a 1.3% profit. 
• Broadcom (AVGO): Long at 218.63, Closed at 222.71 for a 1.9% profit. 
• American Airlines (AAL): Short at 44.76, Closed at 44.03 for a 1.6% profit.
• UPRO  (Day-Tade): Long at 95.35, closed at 96.50 for a 1.2% profit.
• OZRK: Long at $56.12, closed at $54.69 for a 2.5% loss. 
• FNSR: Long at $34.25, closed at 34.70 for a 1.3% profit. 
• UPRO  (Day-Tade): Long at 96.92, closed at 98.03 for a 1.2% profit. 
• JP Morgan Chase (JPM): Long at 87.21, closed at 89.67 for a 2.8% profit. 
• Chevron (CVX): Short at 110.03, covered at 111.85 for a 1.6% loss. 
• Flex Technologies (FLEX): Long at $15.62, closed at $16.57 for a 6.1% profit. 
• Baidu (BIDU): Long at $174.70, closed at $187.00 for a 7.0% profit. 
• Ollie’s Bargain Outlet: Long at 33.20, closed at $32.50 for a 2.1% loss. 
• Corning (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit. 
• Illinois Tool Works (ITW): Long at $127.74, closed at $129.86 for a 1.7% profit. 
• Marriott Int’l (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit.