China Stock Market Trades Lower 12-28-15 | Oil Prices Dip

China and oil are dragging the U.S. stock market lower this morning. Another gap, that makes 4 in the last 6 days, this makes for a challenging opening trading session. It can be tough to be patient, but it’s the correct trading plan right now.

Day traders need to focus more than ever in the current market, this means a definite list and a definite morning game plan. The general market is neutral, this is not an easy tape. An obvious market makes up for bad decisions, and also produces out-sized winners. This is not that market, you needed to be a sniper in 2015.

As the year draws to a close you should be planning how to improve in 2016. The best advice I can give you, is to print out your P&L statements, and see where and when you made the most money, and where you lost the most. The trades in between don’t matter much.

Clarity in your strategy can immediately turn your trading positive. Set aside a few hours and assess how you did.

Stock Market Today: Map of the S&P 500

(click the map for a full view)

China Stock Market Trades Lower 12-28-15

Day Trading Game Plan: The SPY ETF Outlook

SPY price action can be described as chaotic at best. Doji candlesticks, gaps, and a trading range (202-212). $200 is solid support. No call here longer than day-to-day. Tape reading skills a must here.

(click the chart for a full view)

China Stock Market Trades Lower 12-28-15

Pete’s Notes:

  • The 5 day heat-map of the SPY looks good but I can’t make a bullish case with the 20 ema now below the 50 sma. Gaps in both directions in the last 5 days makes this a hard call. I am in day trading mode for the SPY.
  • Solar stocks continue to be strong.
  • Quite a few inside candlesticks today. Looking for trend day breakouts.

Technical Analysis | Charts of Interest

FSLR First Solar, Inc. 

First Solar gapped higher through the $64 resistance level, and held for 7 days. It now has room-to-go to the $73 level with a healthy 2.98 ATR, FSLR has solid potential for a nice trend day.

(click the chart for a full view)

China Stock Market Trades Lower 12-28-15

China Stock Market Trades Lower 12-28-15 | Oil Prices Dip

> 20sma | positive the last 5 days | closed 2% higher from the open: MBLY, RLYP, SAVE, UAL

< 20sma | negative last 5 days | closed 2% lower from the open: clr, nke, wtw

Bullish Ideas ATR/Volume/Price: RLYP > 29.50, FSLR, SCTY, TRIP, AMGN > 165, ESRX, ACE, CELG, SRPT, QUNR, NEE, AVGO, ADBE, BABA > 85

Bearish Ideas ATR/Volume/Price: clr, fl< 64, sm, wmb, dvn, lng, jwn, ua, cop, kmx, slb, pxd, apc, aapl, cmi, cof, ksu, mmm, unp, bhi, dis, wdc

Weak Stock Weak Close: clr, fl, lng, sm, wmb

Strong Stock Weak Close: TMUS

Weak Stock Strong Close: infn, twtr, wdc

Strong Stock Strong Close: RLYP

20 day Breakdown: nke, wtw


2x Normal Volume:

Watch List Longs: JNJ, PNC, BMY, MCD, MO, KO, DAL, BRCM, ADBE

Watch List Short: cop, hal, slb, ms, cof, bhi, axp, dis, ntap, m, akam,

Inside days: ge, t, fb, dis, vz, gm, mrk, len, ms, coh, pg, wmt, celg, unp, cat, bbby, lvs, oke, pypl, atvi, bby, ccl, mos, cf, cag, gis, adm, ba, hes, jci, amzn, kss, mgm, jwn, tjx, tmus, cl, gme, mon, kmx, kors, cof, hon, expe, de, tsla, dhr, nue, rost, hog, googl, cost, urbn, fosl

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