Morning Call Express: Connecting The Election Correction Technically
In today’s Morning Call Express, Scott Redler discusses the Fed day today and the likelihood that it is a non-event as the U.S. Presidential Election has taken center stage. He reviews the action in the SPX given the sell-off yesterday and updates the new levels of support and resistance. Scott also looks at the bounce that took place in the Biotech (IBB) and a couple high beta tech names.
Continue Reading -->Morning Call Express: Ranges and Noise
In today’s Morning Call Express, Scott Redler puts all this sideways action into perspective by looking at the longer term SPX chart. He then takes a look into the recent daily action, which has been choppy, to say the least. Scott notes that it is likely to stay this way until after the election. He also looks at some recent earnings names as well as FB which will report tomorrow.
Continue Reading -->Morning Call Express: Pressure Mix
In today’s Morning Call Express, Scott Redler talks about the headwinds that the market is facing this morning. Specifically AAPL, now with earnings behind it and the levels that is has trading pre-market. He also talks about the levels he will be watching to trade around. Scott also reviews other high beta tech names as well as the recent action in Oil.
Continue Reading -->Morning Call Express: Markets May Find Traction
In today’s Morning Call Express, Scott Redler talks about some of the constructive action we have seen recently. He also looks as the wedge formation that continues to build on the SPX. He also talks about the QQQ flirting with all-time highs. Scott also discusses several names including NFLX, MSFT, GOOGL, FB, AAPL (ahead of earnings) and others.
Continue Reading -->Morning Call Express: Merger Monday
In today’s Morning Call Express, Scott Redler talks about all the mergers happening to kick off the week as well as some other factors leading to the bullishness this morning. He reviews the chart of the SPX and the key levels he will be watching as well as how he is playing this gap up. Scott also looks at high beta tech names like NFLX, FB, and AMZN. He also notes the action in Gold and Oil.
Continue Reading -->Morning Call Express: Sluggish With a Constructive Feel
In today’s Morning Call Express, Scott Redler updates the key levels of support and resistance on the SPX. He also talks about some earnings names that have reported as well as other names that are looking constructive.
Continue Reading -->Scott Redler’s Chart Attack: SPX, GOOGL, BABA
This morning the SPX futures are pretty much flat as things feel stuck below 2144-2149 but above 2114-2124. We’ll patiently wait to see which way this resolves as company earnings are released. Individual names will be better to focus on as there is more movement in them, for now. Google (GOOGL) finally gave a cleaner move above $816-820 and hit as high as $828.81. If you sold some strength buying into this $820 zone, it would be good if it holds for additional gains thru earnings. My 2016 target is north of $850. BABA was another great focus from my 2016 report. It has been the most active for us since we listed it back at $81-$85 and then $93.50 and again at $95. At this point, it is near weekly highs and it looks like all time highs can happen this year. Right now, it’s digesting above $99 and I may look into a different option strategy for next quarters earnings.
Continue Reading -->Scott Redler’s Morning Call Express: Earnings Hump
In today’s Morning Call Express, T3 Live Chief Strategic Officer Scott Redler breaks down the action in SPX and IBB, as well as individual names like NFLX, GOOGL, and AAPL.
Continue Reading -->Scott Redler’s Morning Call Express: Earnings Central
In today’s Morning Call Express, T3 Live Chief Strategic Officer Scott Redler breaks down the early earnings season action.
Continue Reading -->Traders Don’t Get Much More Neutral Than This!
Permabulls always say everyone’s bearish. And permabears always say everyone’s bullish. Neither side provides evidence for their views. So I like regularly run through a wide variety of sentiment measures to get an accurate reflection of the market’s mood. According to 7 sentiment measures I track, traders appear to be very, very neutral, even though the S&P 500 is still within a stone’s throw of the 2193 all-time high. 1) SPX Options Prices – Bearish SPX options prices show a high put skew. I looked at 10% out of the money 6 month SPX options. There is currently a 9.6 point skew in implied volatilities on the options. That’s the 86th percentile. So relative to calls, traders are paying more for 10% OTM 6 month puts than they have 86% of the time over the past 5 years. 2) AAII Sentiment – Bearish The latest AAII Sentiment Survey shows that 25.5% of individual investors are bullish, well below the long-term average of 38.5%. But what’s really interesting is that bullishness has been below the long-term 38.5% average for 49 straight weeks! 3) ISE Sentiment – Neutral The ISE Sentiment Index closed at 65 yesterday (81 puts for every 100 calls). And its 10 day moving average is just 101 — a level that indicates a neutral mood. 4) Wall Street Strategists – Neutral The average year-end target price for the S&P 500 is 2171, according to Bloomberg. That implies the market rises 1% into year-end. YAWN! 5) CBOE Equity Put-Call – Neutral The CBOE Equity-Put Call ratio was 0.66 yesterday, which is just below the YTD average of 0.69. This points to neutral sentiment. 6) CNN Fear & Greed Index – Neutral The Fear & Greed Index is at 48. F&G operates on a 1-100 scale, and 50 is neutral. So it’s basically right in the middle. 7) Investors Intelligence – Bullish Yesterday, the Investors Intelligence Survey of newsletter writers showed a slight decrease in bullishness to 46.1%. This is still a positive reading. ********* So we have 2 bearish indicators, 4 neutral indicators, and 1 bullish indicator. Blend them together and you have a moderately bearish crowd. I’m hearing a lot of bears say that everyone’s complacent… but I just don’t see it.
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