The U.S. stock market looked to be getting it’s footing on Friday as it held the open price (SPY) for most of the day. The selling into the weekend never happened but news from Beijing has put a damper on any hopes of a higher open this morning. We wake up to China stock market arrests with a crackdown and probes into the Beijing plunge.
Chinese authorities have arrested nearly 200 people for alleged online rumor-mongering adding fuel to an already volatile China stock market.
Although we are heading into a 3 day weekend, celebrating Labor Day, the crucial jobs report is slated for release on Friday. A lot going on, should be a solid week for day trading.
Stock Market Today: Map of the S&P 500
(click the map for a full view)
Very muted day of trading in the SPY on Friday. The lack of selling appeared to be showing us the fear was reduced and we could look forward to a nice trend day higher on Monday. The news from China took care of a higher open. Let’s see if we can regain our footing again after the open. I am looking to trade Friday’s bias, looking for a higher move off the lower open.
(click the chart for a full view)
Stocks to Trade | Monday August 31, 2015
- Today’s trading should have decent volatility on the open. Unlike last week where you had to wait until 1:30 for solid price action to day trade.
- A terrific summer of trading comes to a close today.
Charts in Focus
Very clean pull back to resistance today in TXN. Volume decreased the last two days as price moved higher. This is exactly the price/volume relationship you want to see.
(click the chart for a full view)
Earnings in play today > 1M avg shares: DANG
Stocks that showed relative weakness– contra to the SPY + change from the close on 8/29/15: bita, bxlt, gme, myl, prgo, splk, vmw, wday, wuba
Bullish Ideas ATR/Volume/Price: NFLX, BIG, FIS, INCY, SRPT, STZ, POST, HLF, HRTX
Bearish Ideas ATR/Volume/Price: viab, gmcr, fit, wynn, terp, gpro, juno, scty, twx, dvn, kss, tasr, lvs, grub, m, all, twtr, dis, vtr, cbs, sndk, bidu, cvx, mjn, clr, de, met, qcom, myl, unp, cop, lng, wmt, slb, pypl, ir, hal, xom, pg, yelp, apc, ibm, nsc, cl, utx, pxd, etn, adsk, mon, txn, mmm, apa,
Weak Stock Weak Close: fit, myl, wmt,
Strong Stock Weak Close: ATVI
Weak Stock Strong Close: viab, terp, gpro, juno, dvn, tgna, grub, twtr, mur, cvx, clr, cnq, bp, cop, slb, hal, apc, nsc, pxd, txn, bhp, apa, rio
Strong Stock Strong Close: nflx
20 day Breakdown: adsk
20 Day Breakout: DO, FTI
2x Normal Volume: atvi, cvx, ual, adsk, dvn, nfx, hp
Watch List Longs: BBY, BRCM
Watch List Short: kss, ms, all, cvx, cop, wmt, slb, hal , xom, adm, ko
Inside days: dg, ir, orcl, kim, mon, gs, ms, acn, wpz, pep, tol, adp, adp, hon, jnj, met, wfc, vlo, adm, rax, low, cat, pg, bby, cvs, tso, jpm, mmm, gold, csco, cag, twx, ibm, wba, lly, all, vtr, stwd, ccl, cah, dal, cf, pm, c, stt, afl, ups, jnpr, dfs, trv, vz, cmcsa, swks, hcn, symc, luv, aig, pgr, biib, pcar, goog, syy, esrx, ma, axp, goog, mbly, yum, t, cof, amzn, teva, xlnx, hca, wfm, a, yelp, rai, brcm, feye, jblu, m, gmcr, mjn, altr, cce,
China Stock Market Arrests | August 31
China Punishes Stock Market ‘Rumor Mongers’, Journalist Apologizes On State TV For Damaging Investor Confidence With Fake Story
SHANGHAI — With China’s stock market remaining volatile, the country’s regulators are continuing a crackdown on rumors, which they say are partly to blame for recent falls that have wiped more than 30 percent off the value of Chinese shares.
State media reported Monday that 197 people have been punished for spreading online rumors, relating both to the stock market and recent explosions at a chemical warehouse in the northern city of Tianjin, which killed at least 150 people, with 23 still missing. Meanwhile a journalist from one of China’s leading financial magazines has been shown on television confessing to spreading “fake information” and damaging investor confidence.
The reports appear to reflect official concern at the potential fallout from the plunge in China’s markets. The official Xinhua news agency said 165 social media accounts had been closed in the Chinese police’s “special campaign” against online rumors. It said the rumors included reports that a person had committed suicide because of the recent falls in the stock market, or that 1,300 people had died in the Tianjin explosions.
Xinhua did not give details of the punishments handed down, but said those involved had expressed “repentance” for their “misconduct,” which had “caused panic, misled the public and resulted in disorders in stock market or society.”
China said two weeks ago that it closed 50 websites for spreading rumors about the Aug. 12 Tianjin explosion, however this is the first official confirmation of reports of the closure of social media accounts.