Stock Market Indecision | Trading Game Plan June 23

Another Day another Doji candlestick.

Stock market indecision is putting index traders to sleep, but there are plenty of stock specific plays to attack.

ADBE and FB yesterday were trends of beauty.

So what is the best trade in this tape? Be picky, be very selective. If you’re a day trader you need patience. A critical key to long-term success is focus. Only risk money on your best ideas and let everything else go.

This is a great market to master how to create a trading game plan. You can’t afford to be lazy with this much stock market indecision.

Stories that Emphasize the Stock Market Indecision

Fear and Greed Collide in the Stock Market

I have always felt that sentiment indicators of the broader market are of limited value to investors trying to determine whether to buy or sell.

That’s because in their totality, these indicators are usually a hodge-podge of contradictory information. Look no further than this market.

Last week, for example, I pointed out evidence in the financial press that many investors were growing fearful of their market, as evidenced by news that some investors were taking big stakes in calls on the CBOE Volatility Index (VIX). I also cited information regarding the declining stake in equity allocations of active managers.

But while some might be nervous about the Nasdaq hitting fresh highs and a Dow that is back over 18,000 – creating a proverbial “wall of worry” that should support further gains – there are plenty of signs that other investors are punch drunk on the stock market’s six plus years of success.

The VIX is currently a relatively low 12.74, and it fell by almost 9% Monday as the broader stock market rallied modestly. That’s a clear sign that fear is at a minimum. [(Investors who play the VIX can use an exchange-traded portfolio called the iPath S&P 500 VIX Short-Term Futures (ticker: VVX )]

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Nasdaq at all-time high as Greek drama drags on

Stocks surged Monday as a relief rally around the globe helped send the Dow up a little more than 100 points and the Nasdaq to an all-time record high.

Surging 0.7% was the Nasdaq composite, ending up 37 points to a new record close of 5135.97. It also notched an intraday record high of 5162.13. The Russell 2000 also hit a new intraday record.

The Dow Jones industrial average ended up 104 points, or 0.6%, to 18,119.78, erasing all of Friday’s triple-digit loss. The Standard & Poor’s 500 index gained 13 points, or 0.6%.

Stock markets in Europe were up sharply and market action on Wall Street is bullish amid hopes that a revised, last-chance Greek proposal will kick0ff real negotiations at Monday’s emergency meeting of European finance ministers. Even if a deal doesn’t get hashed out today, investors view the improved tenor of the talks as a sign a deal will likely get done later this week.

After the emergency meeting broke up, Dutch Finance Minister Jeroen Dijsselbloem, who chairs meetings on his euro-area counterparts, confirmed that the Greek government earlier Monday submitted a new set of proposals to end the impasse over more aid to Greece.

Dijsselbloem told reporters in Brussels, according to Bloomberg, that the proposals were welcomed and that a more complete assessment is still to come.

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 June 23 Stock Market Today: Map of the S&P 500

Day Trading Game Plan: The SPY

spy map june 23

SPY daily chart continues to show indecision. Another close near the open.

spy chart june 23

Stocks to Trade |Tuesday June 23, 2015

Pete’s Notes:

  • Greek news is starting to bore me. Get it over with. This is going on for 3 years.
  • Nice breakout in ADBE
  • WMT showing signs of accumulation

Interesting Chart Lessons:

BA| The Boeing Co.has earned some big contracts recently, two days of consolidation. Setting up for a nice trend day (most likely a few)

ba chart

Earnings in play today > 1M avg shares:


Bearish Ideas ATR/Volume/Price: rrc, gmcr, baba, wynn, clr, slb, apc

Weak Stock Weak Close: aa, ddr, fcx, gmcr, hcn, mgm, twtr, wynn, x, yndx

Strong Stock Weak Close: UNH, TASR, SUNE, CAG, CI

Weak Stock Strong Close: kors, swn, rdc, mu, sndk

Strong Stock Strong Close: ADBE, ETFC, FB, FITB, JBLU, MET, NFLX, PRU, SCHW, US,

20 day Breakdown: etp

20 Day Breakout: ADBE, AET, FITB, CELG

2x Normal Volume: CI, AMBA, AET, CAG, ADBE, IP


Watch List Short: slb, cvx, cop, wmt, hal, kss, all, wynn, luv, intc, qcom, sndk, nue

Inside days: intc, twtr, msft, pfe, baba, jd, yhoo, brcm, tgt, cop, unp, mcd, nov, ctrp, qihu, mxim, jci, swks, ibm, stx, amzn, tol, dltr, fslr, trv, sina

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