Oil Prices Move Lower Airlines Trade Higher | 9.3.15

Today should be an interesting day to trade… With only 2 days of trading heading into a long weekend, today’s trading will most likely see better opportunity than the last Friday of the summer before Labor Day.

I feel today could be the line in the sand for the bulls and bears. Who will blink first? We seem to be back at an area of balance since last weeks massive selling.

This is a good thing, we can finally get back to setting up trades that have a longer bias than the last 2 days.

Stock Market Today: Map of the S&P 500

(click the map for a full view)

Oil Prices Move Lower Airlines Trade Higher

Day Trading Game Plan: The SPY ETF Chart

The SPY is set to open higher this morning (7am) with a gap-fill target of 197.01.

(click the chart for a full view)

Oil Prices Move Lower Airlines Trade Higher

Stocks to Trade | Thursday September 3, 2015

Pete’s Notes:

  • Looking for a gap fill today and a spot to sell-short.
  • The moving averages are still a little screwed up because of last week but we seem to be getting back into a clean rhythm of price action. Need to run scans without the 20sma to get some fresh ideas that make sense.

Charts in Focus

Alaska Air Group, Inc. ALK

The trade of oil versus airlines is a staple in any good traders playbook. Oil continues to move lower and ALK is close to 52 week highs.

(click the chart for a full view)

Oil Prices Move Lower Airlines Trade Higher

Earnings in play today > 1M avg shares: CIEN, CPB, JOY, MDT, PAY, PLL

Stocks that showed relative weakness– contra to the SPY + change from the open on 9/2/15: sina, ccp, lm, pbf, stt, hp, nov, dltr, cvx, nbl, nflx

Above the 20sma and closed 2% higher from the open: (not necessarily all longs, but stocks to note for the price action of strong close from the open and above the 20sma) MDCO, SLH, FTK, KORS, SRPT, INCY, DHI, EXPD, ALK, VMC, DAL, JBLU, STJ, AAL, ISIS, RAX, TASR, SCTY

Bullish Ideas ATR/Volume/Price: LULU, TJX, HD, UA, NKE, FL,

Bearish Ideas ATR/Volume/Price: gpro, wynn, fit, jd, viab, juno, twx, qihu, vtr, terp, bax, baba, kss, lvs, dvn, dis, cbs, adsk, de, dltr, bidu, abbv, mjn, pru, cybr, grub, myl, nbl, unp, hot, nee, gs, stt, dow, mur, yum, sndk, lyb, ir, pg, cf, slb, nsc, cvx, etn, all, apc, clr, adi, duk, mon, apa, xom, eix, hal,

Weak Stock Weak Close: wynn, jd, terp, bx, dvn, dltr, ben, joy, nbl, ip, lng, stt, slb, fe, cvx, emc, kmi, trn, rio, hp, su, hal, LULU, VMC, LMT

Strong Stock Weak Close:

Weak Stock Strong Close: amgn, ctl, grub, juno, lvlt, msft, nxpi, yelp

Strong Stock Strong Close: DHI, LULU, DAL, JBLU, ALK, MDCO, FTK, SRPT, INCY, EXPD,

20 day Breakdown: adsk, dltr, fe, joy

20 Day Breakout: ANF, FTK, INCY, LB, ZG

2x Normal Volume: UAL, DLTR, HRB, DOW, GPRO, NBL, AMBA, ADSK, VIAB, JOY, FE

Watch List Longs: BBY, TJX, HD, DAL

Watch List Short: kss, ms, met, pru, wmt, pm, slb, cvx, ko, cof, all, xom, hal, tgt, axp, wynn, lvs, qcom, m dow, sndk, emc, dd, hpq, klac, txn

Inside days: joy, wynn, mchp, abbv, nsc, abt, cag, lltc, ma, yhoo, v, kim, vz, ups, bk, xom, pnc, pnc, emc, gild, sti, gs, ea, ppl, d, crm, brcm, kss, lvs, mxim, twx, pg, baba, axp, phm, c, dfs, rai, afl, usb, adm, qcom, cof, a, cf, hca, txn, ebay, jnpr, fslr, twtr, wfm, mos, sndk, aet, mgm, fit

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Oil Prices Move Lower Airlines Trade Higher | 9.3.15

Oil down on stock builds, equity rally aids

Crude oil prices softened on Thursday after a surprise build in U.S. inventory levels and on a firm dollar, although stronger equity markets helped support commodities.

A respite from bearish economic news in China, closed for public holidays for the rest of the week, also helped stabilize oil prices that have seen volatile swings over the past two weeks.

Brent was 20 cents lower at $50.30 a barrel by 0840 GMT, having gained 94 cents in the previous session.

U.S. crude was just 5 cents lower at $46.20 a barrel, up from the day’s low of $45.65, after settling up 84 cents on Wednesday.

Olivier Jakob, managing director of PetroMatrix, said the market was quietening down after the extreme moves, with public holidays in the world’s two largest oil consuming countries – the United States and China – helping to temper the appetite for risk taking.

“We made a big move in flat prices, so we’re probably starting to stabilize,” Jakob said. He added that the U.S. Labor Day long weekend would “lessen a little bit the appetite for flat price trading.”

U.S. crude has see-sawed, climbing 27.5 percent over three trading sessions to Monday’s close – its biggest such gain since August 1990 – after plunging to a 6-1/2-year low of $37.75 a barrel early last week.

Brent has been similarly erratic, gaining 28 percent over the last week in August before dipping back to as low as $47.74 a barrel on Wednesday.

U.S. crude stocks saw an unexpected gain of 4.7 million barrels to 455.4 million in the week to Aug. 28, the biggest one-week rise since April, data from the U.S. Energy Information Administration showed. Analysts had expected inventories to remain unchanged.

A firmer dollar also hurt oil prices by making the commodity expensive for holders of other currencies.

 

Continue reading on reuters.com

 

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