Reading the stock market today is like watching a day-time soap opera…
You know something big is coming you just don’t know what. And it changes from day-to-day. This is a challenging tape. Be prudent in your risk management and work the list of stocks in your game plan really hard throughout the entire day.
Some day trading environments are easy to read and your sloppy, lazy trading is corrected by a clear bias. This is not that stock market.
The buy every dip because the stock market keeps going higher is finally over.
Time to be a pro and have a plan.
Stock Market Today: Map of the S&P 500
(click the map for a full view)
Day Trading Game Plan: The SPY ETF Chart
SPY price action is best viewed on a 5 day hourly chart. Four consecutive Doij candlesticks on the daily chart are not showing any tape reading signals. A gap fill to the $194.96 are resistance this morning sets up a new short-sale.
(click the chart for a full view)
Stocks to Trade | Wednesday September 23, 2015
Pete’s Notes:
- Slow drift higher this morning and a afternoon sell-off most likely scenario today.
- No trend days on the SPY making it tough to read the tape.
Charts in Focus
Sometimes what a stock doesn’t do is a strong signal. AAPL seems to be lacking short-sellers. We need more trading to see if it’s simply a lack of sellers focusing somewhere else or if there is a bid under the stocks. $116 and $120 are the first targets.
(click the chart for a full view)
Earnings in play today > 1M avg shares:
Stocks that showed Relative Strength Yesterday– contra to the SPY Negative change from the open on 9/22/15: CYBR, QIHU, LULU, NFX, AMBA, BIIB, DLTR, CLR, FIT, ADBE, HAL, GPRO
Above the 20sma, up for the week and closed 2% higher from the open: CYBR, FIT, ADBE, HAL
Below the 20sma, Down for the week and closed 2% lower from the open: qrvo, isis, dlph, nxpi, stx, wdc, mbly, bidu, feye, len, lng, hznp
Bullish Ideas ATR/Volume/Price: LB, UA, TSLA, AMZN, NKE, SBUX, FB, ADBE, UNH, LLY
Bearish Ideas ATR/Volume/Price: gpro, amba, wynn, lng, qihu, cf, hp, abbv, lulu, mon, bidu, apa, mbly, wmb, stx, myl, wdc, baba, nee, lvs, mrk, amt, stt, hes, etn, cci, ir, amgn, lrcx, apc, de, qrvo, utx, oxy, cat, twx, gs, ace, feye, dvn, clr, ibm, hon, mmm, mar, rrc, nsc, yum
Weak Stock Weak Close: cpgx, lng, dyn, mos, exc, pot, bidu, bwa, mur, wdc, fe, grub, qrvo, feye, trn, adt, ncr
Strong Stock Weak Close: RCL
Weak Stock Strong Close: gpro, amba, qihu, lulu, dltr, do, dg, etn, slb, mpc, twx, agn, clr, zion, nov
Strong Stock Strong Close: ADBE, CDNS, UNH, LLY
20 day Breakdown: nrg, lng, dyn, mos, exc, swft, pot, bwa, wdc, cag, gsk
20 Day Breakout: ASNA, NAT, OKE
2x Normal Volume: HZNP, CAG, NRG, BWA, DYN, SWFT, EXC, CCL, NCR, POT, PCG, MOS, HPQ, TRN, AGN, RCL
Watch List Longs: BBY, SBUX, UNH, MO, BRCM, ADBE
Watch List Short: abt, wfc, amgn, adm, slb, kss, ms, wmt, cof, hon,
Inside days: intu, xel, ace, unh, hcn, rai, tsla, hcp, tmus, teva, tgt, anf
AAPL Price Chart Flashing Bullish Signs
What Will an Apple Electric Car Mean for the Company?
AAPL will try to put a dent in TSLA. I think it’s a mistake. They are getting out of their core competency and competitive advantage.
Countless other companies have tried this. It doesn’t work.
NEW YORK (Real Money) — Apple (AAPL – Get Report) product lovers received quite an interesting piece of information Monday. According to The Wall Street Journal: “Apple Inc. is accelerating efforts to build an electric car, designating it internally as a ‘committed project’ and setting a target ship date for 2019, according to people familiar with the matter.”
The story pushed Apple shares from $114.18 to close at $115.21 Monday. The shares fell back to the $112 range in midday trading Tuesday.
On its face, Apple entering the electric-car race firmly plants the company in the next battleground of the Connected Car. It also reminds us that even though Apple has brought a number of software innovations to market, first and foremost it is a product company.
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks with serious upside potential in the next 12-months. Learn more.
Personally, I believe the automotive industry and how we go about buying cars — from dealers, not the company directly — is an aged business model and one that simply screams for a change. How I hate having to deal with the salesperson only to then encounter the managers, all the while being told how great a deal I’m getting even though it sure looks like I’m going to be spending more than I thought I would. Ugh!
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