Draghi Comments Spur Bullish Price Action | 10-23-15

This is not a  day trading environment for those without a plan.

Vicious selling followed by vicious buying. Yes, I know it’s earnings season but a good market to trade is one with consistency from week to week. This is challenging. I would suspect new traders are up late at night trying to figure out that they don’t understand.

Here is your answer… we are in a day trading market. Day trading mode as we call it in our Live Trading Room. This means, for most stocks, your bias to trade, is the most recent price action.

You are having a hard time with the long-term picture because it is not there. Take out the China melt-down and 2015 is a trading range. This doesn’t mean you can’t make money, don’t let yourself off the hook with that excuse. There is opportunity. It is simply short-term and you need to dig it out.

Work the keyboard. Passively viewing the stocks in your list is not enough.

Stock Market Today: Map of the S&P 500

(click the map for a full view)

Draghi Comments Spur Bullish Price Action

Day Trading Game Plan: The SPY ETF Outlook

SPY price action closes near the $205 resistance. Set to open higher this morning.

(click the chart for a full view)

Draghi Comments Spur Bullish Price Action

Pete’s Notes:

  • Thursday’s bullish day caught many by surprise after the Wednesday selling pressure.
  • The stock market continue to alternate a long and short bias.
  • Many new breakouts looking for follow through.
  • AMZN and GOOGL off the charts higher.

Charts in Focus

ACN Accenture

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Draghi Comments Spur Bullish Price Action


Busy Earnings Day 10-22-15


Draghi Comments Spur Bullish Price Action | 10-23-15

Earnings in play today > 1M avg shares:  AAL, PG, COG, LYB, STT, RCL, VTR,

Relative weakness to yesterday’s SPY POSITIVE change from the open: cyh, thc, abby, endp, ua, kkmi, ci, aet, myl, esrx, cern, mnk, etp, rrc, xon, ar, wdc, wynn, syf, holx, lvs

> 20sma, positive week and closed 2% higher from the open: KLAC, CVX, ADBE, CAM, CF, DIS, CAT, INTU, DLPH, XOM, SLB, DE, AMT, BA, KHC, ACN, HON, MAR, MMM, DHR, MJN, NXPI, URI, CTXS

<20sma, negative last 5 days and closed 2% lower from the open: cyh, thc, abbv, endp, ua, ci, aet, myl, esrx, unh, myl, wpz, etp, wynn,

Bullish Ideas ATR/Volume/Price: ADI, NKE, XOM, NXPI, DLPH, MCD, MAR, TRV, MMM, DIS, CTXS, BA, INTU, ACN, DHR, HON, CRM, EA, HD, FB, AMZN, GOOGL, ADBE, GILD, RCL

Bearish Ideas ATR/Volume/Price: vrx, cyh, thc, endp, xon, vmw, hca, tsla, mnk, abbv, myl, aet, feye, wpz, gpro, lly, scty, stx, abc, hog, ci, dltr, rrc, dg. stj, wmb, lng, vrtx, gmcr, mbly

Weak Stock Weak Close: cyh, thc, endp, bkd, myl, rrc, esrx

Strong Stock Weak Close:

Weak Stock Strong Close: stx, vmw

Strong Stock Strong Close: TXN, NVDA, UNTC, LLTC, GE, NTAP, XOM, NXPI, DLPH, RAI, MAR, MMM, ADP, MO, GGP, CTXS, PAYX, INTU, ACN, ATVI, HON, ADBE, GILD

20 day Breakdown: abbv, cyh, axp, phm, myl, swn, thc, hznp, ua, unh, lly, bkd, aet, jah, stj,

20 Day Breakout:GE, MSFT, EBAY, KO, MCD, GILD, TXN, LUV, CAT, ABT, KR, NXPI, MJN, BEN, DHR, BA, LLTC, CTSH, CTXS, URI

2x Normal Volume: CYH, VRX, THC, KLAC, ENDP, UA, ABBV, HCA, MCD, MJN, VMW, CTXS, LRCX, AET, ANTM, UNH, WDC, HOG, NXPI, GILD, TEVA, URI, STJ, URI

Watch List Longs: GE, XOM, MCD, TRV, MO, PM, KO, DIS, COST, HON, BK, HD, SBUX, TJX, INTC, LLTC, JNPR, NTAP, INTU, DAL, ADBE

Watch List Short: aet, wmt, kss, bby, axp, m

Inside days: aapl, gm, c, yhoo, teva, baba, v, vmw, stx, bmy, schw, lrcx, hog, pot, jblu, cvs, biib, dfs, dvn, mnk, feye, all, bby, gs, csiq, bbby, gmcr

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