The stock market showed expected strength off the open yesterday but it was a day of continued indecision. Today’s higher open is not a buying opportunity. The pressure is to the downside.
If you are a day trader there will be plenty of two-way trading. We can only ignore the China for so long as oil price tumble as well.
July 7 Stock Market Today: Map of the S&P 500
(click the map for a full view)
The SPY price action gave us two solid trends yesterday, one up, one down. Then closed in the middle of the day. We keep finding support in the 205.30 area. Stock specific today unless we break that level, then the short-sale could be a little more aggressive.
Stocks to Trade |Tuesday July 7, 2015
- Over night futures are off the lows. Not a clear-cut sell short the first 90 minutes.
Interesting Chart Lessons:
HIG showing a solid strong close among the market indecision. Currently holding the breakout nicely.
Earnings in play today > 1M avg shares:
Bullish Ideas ATR/Volume/Price: MBLY, WMB, CI, HCA, TSLA, LLY, NKE, FB, MA
Bearish Ideas ATR/Volume/Price: yelp, sndk, clr, kors, isis, gmcr, gpro, baba<80, bidu, utx, mon, lng, mmm
Weak Stock Weak Close: bhp, coh, cree, nov, oke
Strong Stock Weak Close:
Weak Stock Strong Close: luv, adsk, wm, hrb, bby
Strong Stock Strong Close: VLO, HFC, MPC, EA, HIG, NFLX, DIS, PSX, SBUX, PGR, ABT
20 day Breakdown: clr, atw, sina, se, nov, low, syy
20 Day Breakout:
2x Normal Volume: aet, hum, sfm, clr, cag, jci, ebay, dltr, low
Watch List Longs: EBAY, VLO, CVS, TGT, TWC, LEN, ADBE, T
Watch List Short: swn, hal ,slb, bhi, cvx, cop, cost, all, ko<39.25, axp<77, dd, qcom, orcl, lltc, txn klac
Inside days: dal, cnx, yelp, ctsh, ctrx, tsla, cvc, scty,
Oil Prices Tumble | Top Stories
5 big reasons for oil’s plunge Monday
Oil futures got pummeled Monday. Prices for West Texas Intermediate and Brent crude logged their lowest settlements in roughly three months. In fact, WTI crude prices have cratered nearly 13% since June 24.
Monday’s action marks the sharpest one-day drop for U.S. oil prices since April, as August crude CLQ5, +0.42% on the New York Mercantile Exchange settled at $52.53 a barrel, down $4.40, or 7.7%. On the ICE Futures exchange, August Brent crude LCOQ5, +1.06% lost $3.78, or 6.3%, to $56.54 a barrel. Read Monday’s Futures Movers.
Here are the five biggest reasons for the dramatic price plunge:
Oil price plunges after ‘No’ vote in Greece, impending Iran deal
Oil prices fell 7 percent on Monday in the worst single-day decline in three months after Greece’s Sunday bailout referendum. Meanwhile, fears of oversupply have taken hold as Iran and world powers approach a nuclear deal.
The US benchmark oil price kept going down for the third session in a row on the New York Mercantile Exchange, losing 7.7 percent to close at $52.53 per barrel.
Brent crude, the global benchmark for oil prices, fell more than 5 percent on the London ICE Futures Exchange to close at $56.93.
Capital Economics lowered its year-end price forecast by more than 8 percent, which puts US oil at $50 a barrel and Brent – at $55.