Stock Market Volatility Continues | August 26

This is not a trading environment for the faint of heart…

Stock market volatility continues as bullish traders got trounced the last hour of trading yesterday. Many of the daily charts are broken, it’s hard to find clean set ups. I will continue to use the open price indicator and the current hourly trend as my main indicators.

There are quite a few inside days today, this will help to give us solid reference points to trade around.

Stock Market Today: Map of the S&P 500

(click the map for a full view)

Day Trading Game Plan: The SPY ETF Chart

The SPY is bouncing back from the devastating close. Same price action as yesterday morning. There is a lot of indecision. Good chance the indices consolidate today but there are still plenty of trades in stocks.

(click the chart for a full view)

Stocks to Trade | Wednesday August 26, 2015

Pete’s Notes:

• End of day selling caught a lot of traders by surprise. The strength of the selling. Not the fact that it happened.
• Futures up again this morning.
• A few charts coming back into focus but you need to tweak the scans to get any stocks to fit the criteria.
• Still day trading mode.

Charts in Focus

Best Buy Co. Inc. BBY

Best Buy profits were better than expected for the quarter. Gap higher and close above the 50sma makes it one of the few interesting buys today. $35 is the first profit target.

(click the chart for a full view)

Earnings in play today > 1M avg shares: ANF, AVGO, CHIS, EXPR, FRO, GES, RY, VNET

Bullish Ideas ATR/Volume/Price:RAI, TJX, HFC, HD, UA,

Bearish Ideas ATR/Volume/Price: yelp, viab, bidu, twtr, gmcr, juno, dvn, sndk, wynn, cvx, kss, rrc, twx, mpc, dis, m, hal, cbs, clr, vtr, cop, all, lvs, ir, baba, mjn, oke, aapl, pg, wmb, c, dow, hes, de, qcom, myl, unp, sina, apa, xom, abbv, pnc, nsc, mon, pxd, aer, slb, nbl, wmt, txn, utx, lng, apc, cof, etp, mmm, eog, cat, oxy

Weak Stock Weak Close: 262 stocks meet this criteria

Strong Stock Weak Close: BXLT, CDW, CCE, SYY, SKX, MAS, RCL, TJX, STZ, SRPT, AAP

Weak Stock Strong Close:

Strong Stock Strong Close:

20 day Breakdown: emc, txn, bp, slb, cog, kss, wy, dvn, duk, pld, aep, fe, amt, eix, adi

20 Day Breakout:

2x Normal Volume: 74 stocks meet this criteria

Watch List Longs: TJX, HD, VLO, SBUX, ALTR

Watch List Short: cvx, kss, ms, hal, cop, all, xom, wmt, adm, sndk, wynn, m, lvs, hpq, dow, qcom, emc, dd, txn, klac, intc, orcl, lltc, ntap

Inside days: msft, intc, t, pfe, csco, nflx, vz, hpq, qcom, cvx, cmcsa, nvda, schw, wmt, abt, hal, aal, mcd, dd, cbs, dal, unh, twx, tgt, fast, bam crm, nke, rrc, ntap, de, pot, lvs, stx, coh, mos, amzn, sndk, mmm, tjx, aep, rost, scty, all, tmus, tsla, stt, len, dhr,  amtd, cof, wynn, hig, tso, yelp, wdc, dg, cien, nsc,

Stock Market Volatility Continues | August 26

U.S. stocks stage dramatic reversal, erasing rally and raising new fears

U.S. stocks plunged in the last hour of trading Tuesday to wipe out a day-long rally, adding fresh uncertainty to markets that had seemed to be on the rebound.

The wild swing highlighted investors’ anxieties about an expansive Chinese slowdown and hinted at fault lines in a U.S. economy otherwise considered strong.

The surprising setback dropped the Dow Jones industrial average more than 650 points from its midday peak, its biggest reversal since 2008, and pushed the index of 30 blue-chip stocks down 204 points, or about 1 percent, to 15,666.44.

Investors had spent most of the day climbing back from a dismal Monday and from several days of carnage in Chinese stock markets. China’s central bank on Tuesday cut interest rates in a bid to stimulate the country’s economy, and for a while, that appeared to reassure European and U.S. markets.

But by late afternoon, Wall Street went back into selling mode, as lingering fears about a slowdown in the global economy undercut the brief surge of confidence.

Continue reading on the washington post

More stock market craziness: 442-point Dow rally vanishes

Fear continues to rock the U.S. stock market.

A 442-point surge for the Dow vanished at the end of the trading session Tuesday, the latest sign of how anxious markets have become about the health of the global economy.

At the end of yet another wild day of trading, the Dow actually ended with a loss of 205 points as fears continued to mount over China’s slowing economy and its contagion effect on the rest of the world. Just in the last six trading days, the Dow has lost a total of nearly 1,900 points, or 11%.

Volatility remains elevated, signaling that more turbulence may lie ahead. Just look at CNNMoney’s Fear & Greed Index, which is currently flashing “extreme fear.”

“There’s still fear around the edges. You need some signs that the market is stabilizing to reassure people it’s not going to roll off the edge of a cliff and go tumbling down further,” said Bruce McCain, chief investment strategist for Key Private Bank.

Continue reading on money.cnn.com