We saw a lot of movement in the indices today.
The $SPX hit resistance near the 50-day moving average around 3,800 and reversed lower but then rallied into the close.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
We saw a lot of movement in the indices today.
The $SPX hit resistance near the 50-day moving average around 3,800 and reversed lower but then rallied into the close.
We can’t argue with price.
And price continues to tell us the Energy bull market still has legs.
Today’s trade is a case in point where trading action today announced a declaration that an old-school oil services name wants to continue climbing higher.
by JC
The lengths that grown adults will go to justify their reckless behavior continues impress.
One of the classic misnomers that you’ll hear out there, especially these days, is: “Don’t Fight The Fed”
How many times do you hear these fools say it?
They think they sound smart. They think they’re clever.
They pretend to be historians, but all they’re proving is that they’re lazy, wrong and enjoy embarrassing themselves in front of everyone.
If you’re going to quote the great Marty Zweig, the least you can do is quote him correctly. [Read more…]
by Ian Culley
From the Desk of Ian Culley @Ianculley
Bonds are an absolute dumpster fire.
Everyone knows fixed income is having one of its worst years on record. And, from the looks of it, we’ll all be dragging our Christmas trees to the curb before US Treasuries stage a miraculous comeback.
Don’t get me wrong. I believe these safe haven assets will dig in and catch higher – eventually. There’s just no sign of it happening any time soon.
Instead of focusing on the disappointing performance of bonds, let’s turn our attention to its relative trends against other major asset classes – stocks and commodities. [Read more…]
by David
From the Desk of Kimmy Sokoloff
We have big data out at 8:30 a.m. ET this morning.
As I write, the futures are up. Let’s hope they stay that way.
The concept of “Tilt” is often discussed when things have gone awry. It’s usually associated with poor risk management and sloppy trading that has led to larger-than-expected losses.
You can no doubt find endless stories of traders in every timeframe who have gone on tilt and proceeded to wreck their month, their capital, and sometimes even their careers.
We’ve all experienced some degree of this in our own trading. It comes with the territory. It takes a rare human who possesses the mental fortitude to stay completely focused no matter what’s happening to their portfolio. Those people are out there – but they’re hard to find.
The downsides of going on tilt when our trades or strategies aren’t working out are fairly obvious.
But we rarely talk about when we go on tilt with a winning position! [Read more…]
by David
From the Desk of Kimmy Sokoloff
The market did bounce from the lows at $SPX 3,700, but it was lackluster.
In order for this market to head back up hill, the SPX would have to get above 3,750 and hold it for a move to 3,775.
Well, that was fun!
Yesterday we were treated to the latest interest rate hike from the Federal Reserve and a speech and Q&A with Fed Chairman Powell that apparently wasn’t well received by the market as stocks slid furiously into the closing bell and continued the selloff into this morning.
Where we go from here is anyone’s guess. Still, I’d like to take the opportunity to continue taking advantage of consistently elevated options premiums and put on a delta-neutral credit spread in an area of the market where I think some sideways rangebound action may be setting up into the end of the year.