The stock market gave day traders a gift on Friday…
A solid down trend with few bounces to scare you out of a good position. In the mentor room we are having plenty of discussions bout small losses versus holding the winners.
Last week’s trading was a case study in patience. If you did not over trade a choppy market earlier in the week, you got paid on Friday.
Pete’s Day Trading Notes:
- Selling was relentless in the stock market on Friday, yet not over sold.
- WMT, KORS and LULU if you’re looking for long ideas to trade.
Stock Market Today: Map of the S&P 500
(click the map for a full view)
–> Top 25 Proprietary Trading Secrets
Stock Market Volatility Offers Day Traders Opportunity
Once again, the bears have the ball, 1st and goal from the 1 yard line. And, yes, we’ve seen this quite a bit in recent months with market bulls making many goal line stands.
The bears have tried too many trick plays in this position, and it’s time to take it right up the gut of the bulls defense and end this thing.
The S&P 500 is hanging on by a thread here, sitting right on trend line and price support between 1,870 and 1,880. The uptrend off the recent 1,812 low is in big time danger of breaking. That would open the door for a full retest of the recent stock market lows at the very least, and probably, something much worse.
SPY broke the $187 support, and out of the box we are tracking. This price will be a solid spot to look for a short-sale if we get an oversold rally out of the gate.
(click the chart for a full view)
Stocks to Trade 2-8-16
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: NEM, XON, RRC, AEM, ALL, CMCSA, CMI, BHI
Negative last 20 and 5 trading days | closed 2% lower from the open: lnkd, splk, crm, now, lng, nfx, adbe, nflx, pmc, nxpi, tsla, mplx, cop, nbl, adsk, wdc, vlo, sbux, dvn, abbv, expe, amzn, swks, avgo, vrtx, ea, rcl, ccl, ilmn, ctrp, bidu, ctxs, dal, dlph, tso, hfc, ma, ua, celg, mbly, hd, acn, amgn, v
Quarterly Order Flow:
Bullish Stocks to Trade: TSN, WMT, PM, XOM>80.25, KORS, NEE, MMM, FAST, LULU, FB
Bearish Stocks to Trade: lnkd, splk, crm, hes, lng, nfx, adbe, tmus, nflx, mpc, tsla, cop, nbl, adsk, wdc, vlo, sbux, dvn, expe, amzn, swks, vrtx, ea, rcl, ccl, ilmn, nke, luv, ctrp, bidu, dal, tso, hfc, ma, mbly, aal, amgn, akam, wba, len, pru, c, cf, gild, pnc, tif, ba, axp, lnc,
20 Day Breakdown: lnkd, splk, hbi, crm, now, lng, adbe, tmus, mpc, tsla, mplx, cop, sbux, expe, amzn, nvda, cbg, ea, rcl, ccl, dhi, atvi, tmo, amgn, pru, met, mdlz
20 Day Breakout: TSN, NEM, AEM, ALL, CMCSA, MMC, XOM
2x Normal Volume: fb, cop, lnkd, hes, sbux, crm, tsn, mpc, splk, cam, adbe, tsla, khc, lng, now, lvlt, expe, googl, mplx, grub, abc, mjn, vrtx, incy, tmo
Inside days: pfe, mrk, yhoo, gm, stx, cat, rrc, csx, ip, lly, vrx, unp, adm, tyc, dd, utx, grub, fast, mbly, etn, ntap, mar, lnc, car, jah, skx, mchp, mmm, jci, stt, tif, cah, hog, cb, cyh, bbby, wynn, cpb, fdx