We saw pretty volatile moves in some names.
Fed Chair Jerome Powell spoke, and he has another public appearance tomorrow.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
We saw pretty volatile moves in some names.
Fed Chair Jerome Powell spoke, and he has another public appearance tomorrow.
[11/16: stop updated to 32]
If it ain’t broke, don’t fix it.
We’ve been witness to many charts, that look like today’s setup, breaking out and turning into big winners in recent months. And with very few signs of this current bull market running out of steam, we think there will be many more repeats of these profitable patterns in the weeks and months ahead.
And cheap options premiums continue to make it advantageous to play these moves simply with long calls.
Strazza has been pounding the table on DraftKings for a couple weeks now and today’s trading action has me convinced that the time is right to get involved.
First, the chart:
[Read more…]
by JC
Is it time to just hold your nose and buy Disney down here?
Sector rotation has been working.
The laggards are catching a bid.
Is Disney the next stock that money is going to rotate into? [Read more…]
by David
From the Desk of Kimmy Sokoloff
We had a nice ramp up yesterday. I called out $SPY at 434.34 for a move to 436.60 in the Live Trading Room.
The market is pulling in this morning, and Fed Chair Jerome Powell will be speaking at the open.
by Ian Culley
From the Desk of Ian Culley @IanCulley
Most emerging market currencies have been in beast mode.
The Chinese yuan is a notable exception.
In fact, most Asian currencies haven’t fared well against the dollar over the trailing three months.
Latin American and Eastern European currencies – mainly the Brazilian real and the Mexican peso – are driving these markets.
Analyzing these currencies through the Emerging Currency Fund $CEW as it makes new 52-week highs is useful.
But I’m more interested in the Chinese yuan as it slips and slides against the dollar.
Why?
China represents the world’s second-largest economy.
And, based on the charts, the yuan could provide valuable insight into the direction of US stocks…
“What are you afraid of?”
JC posed this question to me yesterday on the Morning Show.
For context, he was asking me about our upcoming 21-day trip to 8 cities in Southeast Asia.
I might have surprised myself when I quickly and confidently answered: “Nothing.”
And I meant it.
I’ve actually been thinking a lot about this topic lately.
“Fear” is such a powerful and loaded word. It toys with our emotions. While often protecting and keeping us safe, our fear-stoked emotions also can trigger us into making poor – and sometimes awful – decisions.
All our best-laid plans go out the window when fear takes over.
Franklin D. Roosevelt, the 32nd President of the United States said it best: “The only thing we have to fear is fear itself.”
This is doubly true for traders. We need to do everything in our power to keep our positions or portfolios structured so that nothing can scare us. Because when we’re scared we lose all sense of control. We lose rationality. We lose perspective. And then we either rush prematurely for the exits or worse, double down on our mistakes.
We need to fear “Fear.” [Read more…]
by David
From the Desk of Kimmy Sokoloff
I mentioned this morning that odds favored a bounce.
$SPY broke above its eight-day moving average and headed higher.
by David
From the Desk of Kimmy Sokoloff
$SPY and $QQQ had played catch-up to $DIA and $IWM, but they’ve moved down to their respective 21-day moving averages.
We’ve been heading lower for a week now, and we have a holiday coming up next week.
The market typically likes to rally before a holiday weekend.