Stock Market Pauses Ahead of Initial Claims Report

The bullish argument is getting tired.

Day traders are seeing a lot of two-sided price action. In this type of stock market you need strict criteria or you will be chopped up and spit out answering a margin call.

Baseline criteria includes:

  1. How you determine order flow.
  2. How you determine momentum.
  3. How you set up risk/reward.
  4. How you determine day trades that match criteria one and two.

Be strict or be frustrated.

If you need some help leave a comment below…


Trading Podcast Downloads

Pete’s  Day Trading Notes:

  • The stock market continues to rise on light volume. Musical chairs afoot, don’t get caught long without a stop-loss.
  • $AAPL continues to impress. Great for day trading right now.
  • $RH explodes out of a trading range, plenty of room to go. Needs to stay above $40 to bid.
  • Cruise stocks strong. $RCL, $CCL, $NCLH
  • $DLTR and $UA nice breakout setups.

U.S. stock futures slip ahead of key jobs data

Wall Street was set for a day in the red, with investors taking a breather on the last day of the quarter as they waited for key labor market data.

Futures for the Dow Jones Industrial Average YMM6, -0.02%  were down 27 points, or 0.2%, to 17,595, while those for the S&P 500 index ESM6, -0.07%  dropped 3.95 points, or 0.2%, to 2,051.50. Futures for the Nasdaq 100 index NQM6, -0.08%  fell 8 points, or 0.2%, to 4,474.

The losses follow Wednesday’s positive close for U.S. equities after dovish comments by Federal Reserve Chairwoman Janet Yellen, who signaled the central bank won’t raise interest rates in April. Over the past month, there has been a fall in expectations for the Fed to hike interest rates again soon, which has helped boost U.S. stock markets and weaken the dolla

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Stock Market Today: Map of the S&P 500

(click the map for a full view)

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Stock Market Pauses Ahead of Initial Claims Report 3-31-16

Stocks Extend Post-Fed Gains; Apple, Visa Lead Dow

U.S. stocks extended their post-Fed gains Wednesday, following European stock markets higher.

The Dow Jones industrial average and Nasdaq composite each rose 0.5%, while the S&P 500 added 0.4%. The tech-heavy Nasdaq closed above its 200-day moving average for the first time in nearly three months. Volume on the NYSE and Nasdaq fell from Tuesday’s levels, according to preliminary figures.

Select oil and gas related industry groups led the upside in today’s stock market action, even though WTI crude oil reversed an early 4% gain. It ended up just 0.1% to $38.32 a barrel. Consumer electronics retailers and railroad operators also outperformed. Homebuilders, data storage and gold miners lagged.

Apple (AAPL) and Visa (V) led the Dow, each with a 2% gain. Apple is now 2% away from retaking its 200-day moving average. It’s been below the line since early November. Cowen upgraded the stock to outperform from market perform and raised its price target to 135 from 125. Shares advanced 2% Tuesday amid news the FBI dropped its iPhone-hacking order against Apple.

On the IBD 50, Universal Display (OLED) knocked out another 4% gain to climb past a 54.78 buy point of a cup with handle. Volume was 92% higher than normal, a bullish sign.

Lululemon Athletica (LULU) gapped up and soared 11% to a nine-month high in fast turnover. Shares cleared a 65.09 buy point of a new handle. Earlier this month, the stock cleared a 63.60 handle but volume was light. The yoga wear maker reported Q4 results that topped views, though it offered Q1 and full-year EPS guidance below forecasts.

Sonic (SONC) gapped up and rose 6% to a one-year high, clearing a 33.04 handle entry in hefty trade. The drive-in burger chain late Tuesday reported solid earnings.

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Chart Reading the SPY ETF

$SPY continues to produce light volume moves higher. Looks like the bulls are running out of steam.

(click the chart for a full view)

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Technical Analysis | Charts of Interest

$UA on

5 Reasons Under Armour Could Blow Q1 Expectations Away

Here are some reasons Under Armour sales have likely surged, and why year-over-year numbers will likely look exceptional.

Under Armour (NYSE:UA) is slated to post Q1 earnings in mid- to late April and the numbers could blow sales and earnings expectations out of the water. Average analyst expectations for Q1 sales and EPS are $1.04 billion and $0.05, respectively, according to Yahoo! Finance. Here are five reasons Under Armour should easily beat those estimates.

1. An Under Armour tech release got major media attention
Under Armour made headlines across a lot of different major media outlets in early January when it released its full line of Connected Fitness gear. This media list includes financial and business outlets such as Forbes, The Wall Street Journal, and The Motley Fool, as well as sports and fitness publications such as Runner’s World and Outside Magazine. All of this media attention is likely to have helped put the brand at the top of mind for millions of followers, which could help to spur sales across all categories, not just the specific tech gear.

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$UA quadruple top as the stock price claws its way back the earnings season gap. Look for UA to finally break through to the first profit target of $92.71

(click the chart for a full view)


UA 3-31-16 Click to Enlarge

Stocks to Trade 3-31-16

Short-Term Trading Momentum:

Positive the last 20 and 5 trading days | closed 2% higher from the open: LULU, NCL, RCL, CCL, MET, ETP, YELP, DLTR

Negative last 20 and 5 trading days | closed 2% lower from the open: vrtx, incy, endp, mnk, akrx, vrx

Quarterly Order Flow:


Bearish Stocks to Trade: vrx, akrx, mnk, endp, celg, incy, vrtx, lly, cf,

2x Normal Volume: POM, MET, CPGX, ACAD, RH, LULU, JAH, HIMX, SNY, SQ

Inside days: nem, holx, cfg, rai, do, azn, aem, hcn, wm, usg, anf

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