It’s time to stop whining about trading a tough stock market.
If you’re a frustrated trader I have some news for you. This is the new normal Deal with it. Day traders need to admit the market is lacking a bias. This causes weak conviction.
This means you need to be a stock picker. Is this news? No. Look at the chart of the $SPY for the last 18 months. There are spurts in price action but for the most part it’s a trading range. The market has not been obvious, save for a few pockets as opposed to a few quarters.
Why the tough talk? Because too many traders are complaining. “I bought the high and it went lower…I shorted the low and it went higher…”
That happens to all of us. You stop focusing on the losing trades and ask yourself why you don’t earn more on the winners.
Trading is challenging, but very rewarding when you finally have a trading plan that makes sense for you. If you want a guarantee, get a job.
For me. I like it here in front of my charts. It’s not always easy but I didn’t sign up for easy. I signed up to be in control.
How about you?
Pete’s Day Trading Notes:
- Retail stocks showing solid strength.
- Tipping point day today for the bears.
- $WYNN continues to test the 200 sma resistance.
Stock Market Today: Map of the S&P 500
(click the map for a full view)
–> Top 25 Proprietary Trading Secrets
Stock Market Bears Seeking Psychiatric Help | Stocks to Trade 2-25-16
— David Moadel (@davidmoadel) February 22, 2016
Wall Street stocks pointed to modest gains at the start of trading on Thursday, as investors kept a close watch on wobbly oil prices and after Chinese stocks logged their worst session in two months.
Paring earlier losses, Dow Jones Industrial Average futures YMH6, +0.25% rose 27 points to 16,500, while those for the S&P 500 index SPH6, +0.23% were up 2 points to 1,932. Nasdaq-100 futures NQH6, +0.23% rose 3.75 points to 4,212.50.
U.S. stocks closed with modest gains on Wednesday, reversing sharper earlier losses as oil prices turned higher late in the session.
Oil prices CLJ6, -0.22% moved up and down, last down 65 cents to $31.94 a barrel. On Wednesday, U.S. crude inventory showed a smaller-than-expected build, though stockpiles still hit another weekly high
Continue Reading on Marketwatch.com
— Chris Ciovacco (@CiovaccoCapital) February 20, 2016
Chart Reading the SPY ETF
$SPY set to test the $194 resistance…again. Do the bears have the bulls on the ropes? Or do we simply hold resistance and fall back into the range? If bearish traders blink, a 2-3 day rally in the stock market will be fast and furious.
(click the chart for a full view)
Technical Analysis | Charts of Interest
#TGT | Target Corp
TJX’s Q4 earnings rose 6.5% to 99 cents per share, a nickel above views. Revenue grew 8% to $8.96 billion, ahead of forecasts for $8.73 billion. Same-store sales rose 6%, with positive comp growth in all segments. TJX is the parent company of T.J. Maxx, Marshalls and HomeGoods.
Comps and EPS growth “significantly” exceeded the company’s own expectations, said CEO Ernie Herrman.
“Once again, customer traffic drove our entire consolidated comp increase,” he said in prepared remarks. “It was also the primary driver of our comp increases at every division in the fourth quarter and full year as we continued delivering consumers a differentiated offering at extreme value. We are convinced that we are gaining market share profitably around the world.”
(click the chart for a full view)
Stocks to Trade 2-25-16
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: FSLR, LNG, SNDK, DNKN, TGT, IR, MCHP, AER, VFC, COST, NCLH, UTX, QCOM, MBLY, UAL, FB, M, KORS, CAH, MAR, ETP
Negative last 20 and 5 trading days | closed 2% lower from the open: car
Quarterly Order Flow:
Bullish Stocks to Trade: FSLR, TGT, COST, GPN, TJX, UAL, DG, KORS, CHRW, WMT, TSN, JNJ, MMM, NEE, KMB, CB, XOM, LULU, PEP, CAM, WYNN, DAL, DLTR, CCI, AEM, PM, LVS, ED
Bearish Stocks to Trade: car, rcl, ba, lnc, lb, now, pnc, crm, c, trip, pru, nfx, gs, egn, ions, lnkd, vrtx, vrx, mpc,
2x Normal Volume: CAR, UTX, TGT, LOW, MBLY, CRM, LNG, TJX, FSLR, SNDK, ADSK, TRGP, LGF, CRZO, IR, DNKN
Inside days: kr, coh, m tol, thc, hcn, wfm, gpor,