Tag Archives for " stock market "
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 -->Morning Call Express: A Leveled Approach
In today’s Morning Call Express, Scott Redler talks about some of the talking points that has the SPX futures down this morning. He also offers one of the rules he follows to determine what trading style to implement. Scott also looks at the QQQ and Biotech Index and provides additional insight into the current state of the markets.
Continue Reading -->Morning Call Express: AAPL Picking
In today’s Morning Call Express, Scott Redler talks about how to navigate the current range and what levels to be looking at to trade around or, if nothing else, be aware of them. He also talks about AAPL, his recent trade in it, and where to look for it move heading forward. Scott also looks at some individual names.
Continue Reading -->Morning Call Express: Elections & Markets For Debate
In today’s Morning Call Express, Scott Redler covers the current range in the market, ahead of earnings season, and the levels to be looking at for clues. He also looks at a couple sectors, banks, high beta tech, and a few new issues.
Continue Reading -->Morning Call Express: Biggest Mover of the Week, Gold
In today’s Morning Call Express, Jeff Cooper talks about the big move in gold this week. He highlights some of the key levels that he is focused on based on Gann methodology and the sqaure of 9 wheel.
Continue Reading -->Morning Call Express: Jobs Report Ahead
In today’s Morning Call Express, Scott Redler reviews the action in the market ahead of the jobs report tomorrow. Scot talso looks at high beta tech names along with a couple sectors and one or two new issues.
Continue Reading -->Morning Call Express: Taxing Times
In today’s Morning Call Express, Scott Redler talks about yesterday’s action and, once again, reviews the SPX and some of the scenarios that he is looking for as we start the final quarter of the year. He also talks about some of the action in individual names like TSLA, NFLX, AAPL, and some new issue names.
Continue Reading -->Morning Call Express: A Closer Look, Dow Jones Industrial
In today’s Morning Call Express, Jeff Cooper talks about the potential head and shoulders top on the Dow Jones Industrial and the action seen yesterday. If support is broken, a test of the 200 day moving average is on the table. He also talks about the Gann connects which are in play.
Continue Reading -->The Morning Hammer: Thank You OPEC!
Want to Earn Serious Income With Options? Then click here to check out Doug Robertson’s special live trading event! ******** Yesterday afternoon, OPEC announced an output cut, ending months of speculation and confusing headlines. That sent oil and energy stocks skyrocketing, and pushed the S&P 500 to flip from a decline to a 0.5% gain. Now if you are bullish on oil and willing to take serious risk, I would look at Diamond Offshore Drilling (DO), which will be removed from the S&P at tomorrow’s close. This is a truly hated stock (just 3 buy ratings out of 35 covering analysts) and it’s still near generational lows. The index removal is definitely the type of news you see near cyclical lows. I’m already pretty heavy in energy with my KYN and BGR positions, but I’m still taking a look. Overseas markets followed through on the oil-driven US strength, with the Euro Stoxx 50 up 0.8% and the Nikkei up 1.4%. Commerzbank announced a major workforce reduction and dividend suspension, and is shrinking its securities business. Pepsi (PEP) beat on earnings and raised guidance on strong results in North America. Barclays cut its target on Apple (AAPL) and removed its “Top Pick” status, sending the stock a little lower pre-market. Pacific Crest downgraded FitBit (FIT) to underweight on weak channel checks. Despite the mostly good news flow, SPX futures are back to flat, which I guess makes sense ahead of 2 days of important economic data. Today, we have GDP with the all-important PCE Deflator (the Fed’s preferred inflation indicator) following tomorrow. Trader are split roughly 50-50 on whether the Fed will hike rates in December, and these numbers could very well shift based on these reports. US economic data has been generally stinky since late July, though we’ve had a few bright spots like the recent Durable Goods, Consumer Confidence, and Jobless Claims numbers. This morning, the Fed’s Harker said he wants to raise rates sooner rather than later. So let’s see if the numbers support him.
Continue Reading -->Clinton Victory Means a Peso Victory
1) Mexican Peso Jumps The big post-election meme on Wall Street today is the jump in the Mexican peso. It’s up 1.2% against the US dollar today on Hillary Clinton’s strong showing in last night’s debate. Donald Trump is not viewed as peso-friendly, to say the least. But keep in mind that over the past few months, broader equity markets haven’t shown a tendency to favor one candidate over the other. That may change as we get closer to the finish line, especially around the second debate on Sunday, October 9. 2) Biotech Is Fine Biotech (IBB) is doing well this morning. In recent history, biotech has done better when Trump was favored, so this is an interesting development — especially since Gilead (GILD) was downgraded. 3) Gold Sinks Gold is taking a big hit this morning, and some of that is attributed to Clinton’s win. Trump’s wild-card nature is seen as more favorable for gold, even though gold’s status as a safety asset is in question. Chinese gold imports from Hong Kong also hit a 7-month low. However, keep in mind that the junior miners (GDXJ) are actually slightly outperforming the metal. GDXJ is essentially a high-octane way to play the metal, so I’m surprised it’s not doing worse. Stay on the lookout for a possible bounce higher in gold. 4) Crude Games It seems like oil bulls keep getting carried away on chatter about production freezes/cuts, and they always end up getting burned. I’m starting to think we should ignore all oil headlines until we get official word on the outcome of the meeting in Algiers. For now, the chances of a production freeze or cut look pretty slim. 5) Economic Data Today, we saw in-line S&P home data, a Markit Services PMI beat, a consumer confidence beat, and a miss on the Richond Fed. Overall, the economic data trend is still down. As you can see in this chart of the Citi US Economic Surprise Index, economic data strength relative to expectations is right around Brexit levels. The difference between now and then is that the market had more or less price rate hikes out. Now it’s pretty much 50-50 as to whether the Fed will move in Deceember. If the data trend continues to weaken, we could very well see the dollar dip and gold rip. We have Durable Goods on Wednesday, GDP on Thursday, and Personal Income/Spending plus the PCE Deflator Friday. So we could see some real fireworks!
Continue Reading -->