Stock Market Softens Buyers Beware 4-5-16

Many stock traders have a hard time believing you don’t need to know what’s going to happen next to make money.

If this is you, it’s, because you expect each trade to be profitable. Even worse, you need every trade to be profitable. Trading is a never-ending frustration if you can’t allow your edge to play out over time, over many trades. Profitable trading requires flawless execution trade-by-trade, but you must judge results over time.

If you’re struggling, let go of the need to be “right.” To move beyond break-even, accept the fact that you need to know what’s probably going to happen next, and definitely know what you’re going to do next.

Trading is not complicated, but it’s not easy because our biggest enemy is within. Don’t try to predict. Discover your edge and trade it like hell.

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Trading Podcast Downloads

Pete’s  Day Trading Notes:

  • A time to be patient and picky.
  • Breakout trades need confirmation, a buy-stop entry at these levels not a good choice.

Gold climbs more than 1% as stocks slump worldwide

Gold futures jumped Tuesday, as investors rushed toward safety plays as stock markets worldwide sold off.

June gold GCM6, +1.24% traded higher by $14.20, or 1.2%, at $1,233.50 an ounce, and May silver SIM6, +1.09% gained 19 cents, or 1.3%, to $15.14 an ounce.

Gold is getting a lift “from significantly higher risk aversion among market participants this morning,” said Commerzbank analysts in a note.

U.S. stock futures ESM6, -0.73% were sharply lower, as European equities SXXP, -1.75% and most Asian markets lost ground. Analysts blamed the slide by riskier assets on oil prices falling, markets getting ahead of themselves with last month’s gains and worries about negative interest rates in places like Japan.

Gold is “moving higher today on the back of the risk-off trade,” said Naeem Aslam, AvaTrade’s chief market analyst, in a note. “Traders seek clarity, and it is not something they can find today, and hence they want to hedge their bets.”

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Stock Market Today: Map of the S&P 500

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Stock Market Softens Buyers Beware 4-5-16

Stocks Close Lower; Alaska Air Buys Virgin America 

Stocks drifted to moderate losses at the close Monday with small-cap stocks taking the biggest hit.

The Nasdaq finished 0.5% lower; the S&P 500 and the Dow Jones industrial average dropped 0.3%. The small-cap Russell 2000 fell 0.8%. Volume tracked lower on both exchanges, according to preliminary data.

West Texas intermediate for May delivery tumbled $1.07 a barrel to $35.72, a 2.9% decline, on further skepticism over the probability of OPEC production cuts.

Virgin America (VA) soared 41% on news it has entered into an agreement to be acquired by Alaska Air (ALK). Alaska descended 4%.

Gunmakers Smith & Wesson (SWHC) and Sturm Ruger (RGR) were taken out and shot after analyst downgrades on reports that gun sales were slowing. Analysts at Cowen said the National Instant Criminal Background Check System showed sequential declines in March data of 13.2% for handguns and 8% for long guns were the biggest in a decade.

Smith & Wesson recoiled 18% in heavy volume, plunging below a 26.64 cup buy point and its 50-day moving average. Sturm Ruger misfired with a 9% decline, also falling below its 50-day line.

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Chart Reading the SPY ETF

$SPY buyers took a day off. Inside day on extremely light volume gives us no clues. Don’t read too much into a negative net change until it happens on over 100 million shares traded.

(click the chart for a full view)

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Technical Analysis | Charts of Interest

$NKE on

One Reason Why Nike (NKE) Stock Closed Down Today

NEW YORK (TheStreet) — Nike (NKE – Get Report) stock closed down 2.63% to $59.97 on Monday after a Wall Street Journal report said the company’s women athletic apparel business faces competition from smaller brands.

Athletic apparel giants such as Nike and Under Armour (UA) are increasingly focused on women’s clothing, the Journal reports. However, women tend to prefer more stylish athletic apparel brands such as Lululemon (LULU) or Michi.

In response, athletic apparel retailers such as Foot Locker (FL) are introducing smaller brands into stores, according to the Journal.

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Additionally, retail and consumer stocks dropped today amid sinking oil prices, Marketwatch reports.

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$NKE 4-5-16

$NKE 4-5-16 | Click to Enlarge

Stocks to Trade 4-5-16

Short-Term Trading Momentum:

Positive the last 20 and 5 trading days | closed 2% higher from the open: EW, NOW, MBLY, ABBV, IONS, SCTY, DATA

Negative last 20 and 5 trading days | closed 2% lower from the open: paa, nke, expe, cf, hal, bhp, mos, csiq, skx, vrx, ati

Quarterly Order Flow:


Bearish Stocks to Trade: vrx, bhi, car, cf, expe, esrx, endp, de,

2x Normal Volume: CAM, SWHC, TSLA, EW, ACAD, BHI

Inside days: csco, jom, ms, jnj, slb, jd, pypl, aig, wba, lvs, dow, ma, tsm, nem, cvs, jci, nov, mdvn, fl, scty, gs, etn, hon, dg, acn, dfs, hca, yum, str, pru, cof

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