Oil Trades Lower | Stocks to Trade 11-2-15

Back in day trading mode after a Met’s migraine…

The outcome sucks but we have a solid foundation for years to come.

The market views a potential rate hike this year as a coin-flip. I don’t see it happening with the SPY trading near 52 week highs.

Continue to trade sector and stocks specific. If the market is obvious it’s a bonus to your conviction level but don’t wait for it. The SPY continues to trade on both sides of the open price.

Stock Market Today: Map of the S&P 500

(click the map for a full view)

Oil Trades Lower | Stocks to Trade 11-2-15

Day Trading Game Plan: The SPY ETF Outlook

SPY selling on higher volume shows the reward potential, at least for one day, show the market needs to pause after a solid five week move higher.

(click the chart for a full view)

Oil Trades Lower | Stocks to Trade 11-2-15

Pete’s Notes:

  • Short-sale setups are scarce, but longs with great risk/reward are too.
  • Inside days may be the best play today.
  • Financials continue to be neutral. So far, last week’s breakouts not holding.
  • China stocks worth a look.

Charts in Focus

AMGN Amgen Inc.

AMGN had an explosive run from $150-165. Nice two day retreat sets up a buy day today.

(click the chart for a full view)

Oil Trades Lower | Stocks to Trade 11-2-15


Oil Trades Lower | Stocks to Trade 11-2-15


Oil Trades Lower | Stocks to Trade 11-2-15

Earnings in play today > 1M avg shares: V, AIG, EL, SYY, FIT, NBL, DO ALL, THC, OLN, D, CYH, CAH, CAR, PXD, ETR, L

Relative weakness to yesterday’s SPY positive change from the open: ABBV, NFLX, NXPI, IDTI, BIDU, WLL, ETE, NOV, WMB, ETN, CTRP, M, FIT, GT, SWKS, KSS, ADSK, BBBY, VMW, LEN, TRIP, CSIQ

> 20sma, positive week and closed 2% higher from the open: ABBV, NFLX, ITDI, BIDU, ETN, CTRP, M

<20sma, negative last 5 days and closed 2% lower from the open: vrx, scty, twtr, gpro, feye, hznp, stx, el, mos, yum, hcn, vtr, mdvn, skx, mnk, amba<49.50

Bullish Ideas ATR/Volume/Price: FB, BABA, XOM, NFLX, DIS, PSX, BMY, FSLR, MCD, CTRP, UAL>61.50, HD, AMGN, DHR, BA, AMZN, NKE, CRM, AMT, SNDK, HON, MMM, ACN, ADBE, GOOGL, RCL, CTXS, INTU

Bearish Ideas ATR/Volume/Price: vrx, cyh, scty, skx, vmw, feye, gpro, endp, wdc, thc, tsla, akam, stx, yum , swks, rrc, ibm, gmcr, lulu, mdvn,

Weak Stock Weak Close: vrx, scty, exc, gpro, feye, stx, hcp, yum, hcn, thc, vtr, mdvn, skx, cyh, amba

Strong Stock Weak Close: FB, BMY, EA, TSO

Weak Stock Strong Close: ete, gps, rrc, swks, vmw

Strong Stock Strong Close: CTRP, TRIP, ADSK, IDTI

20 day Breakdown: exc, hcn, kate, scty

20 Day Breakout: ABBV, BIDU, ETN, FSLR, PSX

2x Normal Volume: SCTY, VRX, CVS, IDTI, EA, NXPI, FSLR, EL, BIDU, ABBV, AGN, BWA, CTRP

Watch List Longs: GE, XOM, SBUX, KO, DIS, MO, MCD, HD, AMGN, PM, HON, TRV, COST, DD, SNDK, KLAC, JNPR, LUV, MGM, MSFT, DAL, INTU

Watch List Short: wmt, bby, axp, akam

Inside days: nxpi, ko, pypl, mrk, gpro, pg, aig, gild, cop, rrc, tmus, cbs, dhi, mur, tsn, lly, utx, aet, hog, jnpr, yoku, lng, afl, cmi, wynn, skx, tso, ua, vmw, len, adi, vrtx, googl, ftnt

Oil slides on Chinese demand concerns, record Russian output

Oil Trades Lower | Stocks to Trade 11-2-15Oil prices fell on Monday as weak Chinese economic data fueled concerns about demand slowing in one of the world’s largest oil-consuming nations, while record-high production in Russia exacerbated the global supply glut.

Brent crude futures LCOc1, the global benchmark, traded down 72 cents at $48.84 a barrel at 1025 GMT, down 1.5 percent. U.S. futures were trading at $45.84 a barrel, down 75 cents, or 1.6 percent, on Friday’s close.

“High OPEC production, record-high production in Russia and weak China data are driving prices lower,” said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt.

China’s factory activity fell for an eighth straight month in October, a survey showed, pointing at continued sluggishness in the world’s second-largest economy.

 

Continue reading on reuters.com

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