Day trading these days is like stop-and-go traffic. You really need to pay attention.
This is the most blue-collar market I have traded in a long time, maybe ever. You can get bored during the “stop” and miss the “go.” There has never been a better time to learn how to work the keyboard. Some market conditions are awesome, you can simply watch your list of stocks, and new trading opportunities fall out of your monitor.
The current price action, actually the 2015 price action, is weeding out the lazy trader. Simply watching prices move up or down isn’t enough. To make a monthly living as a trader in the current stock market, you need to dig it out.
What does “work the keyboard mean?”
Assuming you have a list of stocks sorted by long or short, you need to constantly cycle through your stocks and look for entries with profit potential that has room to go. Algorithms can and will shoot a calm stock up or down its average true range in the blink of an eye. You need to be ready before it happens. You need to know your levels and find the pause that pays.
One missed entry can make or break your day. Work the keyboard and be selling to those day traders who were on YouTube waiting for an alarm to trigger.
Stock Market Today: Map of the S&P 500
(click the map for a full view)
Day Trading Game Plan: The SPY ETF Outlook
SPY has now officially recovered 100% of the China meltdown. So I guess that means everything is okay now? As if none of that mess happened and it’s swept under the rug?
(click the chart for a full view)
Pete’s Notes:
- More setups long today.
- LNKD huge gape higher after earnings.
- Reward potential for new SPY longs has diminished with resistance nearby. Maybe enough room to go for one more good trend day higher.
- Retail still weak.
Charts in Focus
BA setting up a trend day today with an inside day after two doji candlesticks closing near the top of the range.
(click the chart for a full view)
SBUX Guidance Miss | Stocks to Trade 10-30-15
Earnings in play today > 1M avg shares: MYL, XOM, ABBV, EXC, STX, CVS, CVX, WY, ETN, CL, HCN, LNG, BUD, LM, PSX
Relative weakness to yesterday’s SPY positive change from the open: nxpi, twtr, vrx, txn, teva, stx, rrc, bwa, endp, feye, dlph, amgn, bidu, amba, celg, len, vmw, mbly, xon, ctxs
> 20sma, positive week and closed 2% higher from the open: AGN, VLO, AET, PSX, TSO>109.50, AMT,
<20sma, negative last 5 days and closed 2% lower from the open: nxpi, twtr, rrc, bwa, feye, amba<50,
Bullish Ideas ATR/Volume/Price: FB, AGN, BABA, DIS, MA, HD, BMY, AMZN, MCD, EA, HON, BA, AMT, PRU, NKE, ACN, LRCX, DHR, TRV. GOOGL, CRM, ADBE, MMM, CTXS, RCL, MMM
Bearish Ideas ATR/Volume/Price: gpro, nxpi, vrx, stx, rrc, feye, scty, swks, wdc, hca, amba<50, grub, cmi, vmw, thc, lulu,
Weak Stock Weak Close: amba, bwa, feye, kss, rrc, stx, vmw
Strong Stock Weak Close: IDTI, CTXS, AMGN, TXN
Weak Stock Strong Close: gpro, hog
Strong Stock Strong Close: AGN, VLO, TSO, CBG, PSX, AMT
20 day Breakdown: ally, jah, kate, nxpi, pcg, rrc, tmus
20 Day Breakout: AGN, CBS, GLW, HBI, YNDX
2x Normal Volume: PFE, GPRO, NXPI, PYPL, MGM, AGN, VRX, HBI, KKR, JAH, WBA, HOG, ALLY, GSK, TMUS, BWA, MJN, AKAM, HOT, EL, DLPH, KATE,
Watch List Longs: GE, AMGN, TRV, MCD, BMY, MO, DIS, PM, COST, PRU, BK, HON, JPM, WFC, HD, KO, MGM, JNPR, MSFT, INTC, DAL, INTU, ADBE,
Watch List Short: wmt, bby, kss
Inside days: twtr, msft, baba, dow, yhoo, ebay, hal, pg, v, cvs, nov, wmb, akam, csx, dal, qcom, bisu, mxim, hd, ip, aem, ibm, ctrp, dg, ftnt, ba, pep, low, jnpr, coh, afl, nke, acn, cien, lrcx, nsc, dsw, adsk, nue, ntap, mmm, rcl, fdx,
Starbucks Earnings Not Hot Enough For Investors
Starbucks Corp. (NASDAQ: SBUX) reported its fiscal fourth quarter financial results after the markets closed on Thursday. The coffee giant had $0.43 in earnings per share (EPS) on $4.9 billion in revenues versus Thomson Reuters consensus estimates that call for $0.43 in EPS on $4.90 billion in revenue. The same period from the previous year had $0.37 in EPS on $4.18 billion in revenue.
Global comparable store sales increased 7%, which was driven by a 3% increase in traffic. In terms of the breakdown Americas comparable sales increased 7%, China/Asia Pacific comparable sales increased 9%, and EMEA comparable sales increased 4%.
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