Bullish Stock Market Keeps Rolling 3-23-16

moving averagesA common, and annoying problem I see in coaching is letting one candlestick shake you out of a good trade.

As the bullish stock market keep rolling along without opposition, you should be bidding with confidence, especially when:

  • The $SPY is trading above the open.
  • Your stock is trading above the open.
  • The VXX is trending lower and trading below the open.

This scenario is in abundance the last 6 weeks. But you end the day mad, angry, annoyed, frustrated and left wondering “what’s wrong with me?”

You are confusing a ripple with a tidal wave. The cycle must always be big-little-big. To correctly set up and manage trades, start higher time-frame, lower time-frame, then back to higher time-frame to manage.

One 5 minute candlestick should not scare you out of a solid idea. If this is happening to you, your criteria for trailing profits is not clear enough, and most likely too focused on the immediate price action. To earn money you need to give your trades room to breathe, unless you are scalping.

One of the easiest ways to hold good trades longer is to use moving averages on your entry time frame. Experiment which ones work for you. You will be glad you did.

If you need some help leave a comment below…

Pete

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Pete’s  Day Trading Notes:

  • The $SPY closes negative but above the open, again.
  • Healthcare perking up this week.
  • $AMZN was poised to collapse, finds a bid. Excellent stock to day trade if you can handle the average true range (14.46).

U.S. stocks set to struggle for direction as pre-Easter quiet kicks in

U.S. stock futures pointed to a fairly flat start for Wall Street on Wednesday, as investor appetite for riskier assets such as equities appeared to wane in a shortened Easter week.

Dow Jones Industrial Average YMM6, -0.04%  futures rose 7 points to 17,511, while S&P 500 futures ESM6, -0.01%  added 1.75 points to 2,044. Nasdaq-100 futures NQM6, -0.02%  rose 3.25 points to 4,437.50.

“Reduced liquidity and limited economic data ahead of the Easter holiday period should ease volatility until the middle of next week,” said Nour Al-Hammoury, chief market strategist at ADS Securities, in a note to clients

Data on new-home sales for February will be released at 10 a.m. Eastern Time. U.S. markets will close on Friday in observance of the Good Friday holiday.

Continue reading on marketwatch.com 

Stock Market Today: Map of the S&P 500

(click the map for a full view)

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Bullish Stock Market Keeps Rolling 3-23-16

Stocks Close Mixed; Nike Slips After Hours On Sales Miss

The stock market pared gains ahead of the close Tuesday, but still ended well off early losses sparked by the terror attacks in Belgium. The Nasdaq led with a 0.3% gain, while the Dow Jones industrial average gave up 0.2%, and the S&P 500 dipped 0.1%. Volume ran slightly lower on both major exchanges vs. Monday, preliminary figures showed.

The attacks fueled a flight to safe-haven areas of the market, such as gold. April gold futures rose 0.4%, settling at $1,248.60 an ounce.

Biotechs and other drugmakers rallied for a second day in today’s stock market action.

In the biotech space, Alexion Pharmaceuticals (ALXN) and Vertex Pharmaceuticals (VRTX) each rose more than 3%, while Amgen (AMGN) added 2.5%.

Anika Therapeutics (ANIK) gained more than 3%. It’s nearing the top of a buy range from a 43.92 cup-base entry cleared Feb. 25. The stock is 3% off its 52-week high.

Among generic drug makers, Akorn (AKRX) gapped up to vault 41% higher after reporting preliminary full-year guidance above estimates. Shares recovered their 50-day moving average for the first time in over two months.

Travel stocks got hit in the aftermath of the Brussels terror attacks; dairy and apparel stocks also lagged

Continue reading on investors.com

Chart Reading the SPY ETF

$SPY closes above the open for the eighth day in a row. Due for a pull-back, look for $201.85 support.

(click the chart for a full view)

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Technical Analysis | Charts of Interest

$ESRX on finviz.com

Express Scripts (ESRX) Stock Continues to Drop After Anthem Lawsuit

NEW YORK (TheStreet) — Shares of Express Scripts Holding Co. (ESRX – Get Report) are slumping by 2.49% to $67.61 in early afternoon trading on Tuesday, after the St. Louis-based company was sued by health insurance provider Anthem (ANTM) yesterday.

Anthem is seeking to recover damages for alleged higher than competitive benchmark pricing from the pharmacy benefit management provider, as well as damages related to operational issues, the Indianapolis-based company said in a statement.

Anthem is suing Express Scripts for about $15 billion in damages, the Wall Street Journal noted

Continue reading…

$ESRX continues to test $65.50 support, a break has a short-sale profit target of $59.34

(click the chart for a full view)

CLICK IMAGE to ENLARGE

CLICK IMAGE to ENLARGE

Stocks to Trade 3-23-16

Short-Term Trading Momentum:

Positive the last 20 and 5 trading days | closed 2% higher from the open: HFC, CYH, WNR, WDC, X, THC, IONS, CERN, AMGN, PANW, TSO, HCA, CNQ, ATVI, SM, STX,

Negative last 20 and 5 trading days | closed 2% lower from the open: esrx, skx

Quarterly Order Flow:

Bullish Stocks to Trade: IONS, HCA, WYNN, AVGO, UNH, CRM, CHTR, BIDU, PSX, FB, HON, CVS, BABA, ADBE, MMM, LOW, MCD, HES, ADSK, CAT, BA, YUM, FDX, DG, CVX, CB, KMB, AEM

Bearish Stocks to Trade: esrx, lnkd, incy, teva, lly, endp, vrx

2x Normal Volume: VRX, DF, CPGX, HOT, HOT, POM, INFN, STJ, SRPT

Inside days: aapl, t, ko, vz, dvn, endp, ebay, jnj, hal, ctrp, qcom, aig, dow, ba, ctsh, cat, mcd, pep, ip, stt, rrc, dd, dhi, kmx, wrk, yum, de, nee, pxd, len, lulu,

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