If you’re a stock trader, there is plenty of opportunity…
The biggest problem I am hearing during coaching calls, is missed entries. Day traders need a tight list for the open, or a system of filtering stocks.
The key to the open is sorting your list into longs and shorts. After the open bell rings, the you sort it again by change from the open.
This gives you a top-down system of order flow-momentum and today’s price action.
Give it a try, it will reduce 90% of your missed trades.
Pete’s Day Trading Notes:
- Financial stocks continue to have the most bearish charts on my board.
- SPY moving averages in the correct order to declare a bear market, but… we need to see it trade away from this recent trading range of $187-194.
Stock Market Today: Map of the S&P 500
(click the map for a full view)
–> Top 25 Proprietary Trading Secrets
Stock Traders Await Janet Yellen Testimony 2-10-16
Wall Street was set for a firmly higher open on Wednesday, with investors waiting for Federal Reserve chief Janet Yellen’s testimony for clues to the central bank’s next moves.
Futures for the Dow Jones Industrial Average YMH6, +0.73% rose 110 points, or 0.7%, to 16,069, while those for the S&P 500 index ESH6, +0.92% climbed 16.80 points, or 0.9%, to 1,865. Futures for the Nasdaq 100 index NQH6, +1.34% rallied 50.50 points, or 1.3%, to 3,994.75.
Janet Yellen is expected to attempt to balance raising interest rates against the risks of a weaker global economy.
The best-laid plans of central banks all seem to be going awry.
When Fed Chairwoman Janet Yellen speaks to House lawmakers Wednesday, she’ll assess a mixed economic landscape that has made officials more cautious about raising interest rates again next month.
The Japanese Yen may reverse lower after hitting a 15-month high overnight as risk appetite recovers amid pre-positioning for testimony from Fed Chair Janet Yellen.
The USD weakened considerably over last week, as traders played down the possibility of another rate hike this year. On Wednesday February 3, the US PMI Services Index came in weaker than expected at 53.2, versus the 53.7 consensus. Friday Non-farm payrolls data for January was also somewhat disappointing as it missed the consensus of 188,000, coming in at only 151,000.
Janet Yellen, breaking an eight-week silence on Wednesday, will likely seek to keep the Fed's option open https://t.co/y6DvnXheWx
— Ben Leubsdorf (@BenLeubsdorf) February 9, 2016
Chart Reading the SPY ETF
SPY almost produced the inside day we forecast. Yellen testimony today should make for a good day of volatility. Trading back into the box above $187 is not the best case scenario but we should get a solid trend day today.
(click the chart for a full view)
Technical Analysis | Charts of Interest
$RTN continues to test the $128 breakout level. Stock market set for a positive open, keep it on your radar, has room to go.
(click the chart for a full view)
Stocks to Trade 2-10-16
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: SAVE, FSLR, CPB, UNP, DE, HON, TSN, WM, KORS
Negative last 20 and 5 trading days | closed 2% lower from the open: viab, hcp, oke, paa, do, lnkd, hcn, apc, vtr, nfx, twx, scty, sfm, apa, wdc, hal, akam, nov
Quarterly Order Flow:
Bullish Stocks to Trade: FSLR, ROST, HON, TSN, CRUS, NEE, MMM, RTN, PM, KORS, JNJ, DUK, XOM, FAST
Bearish Stocks to Trade: viab, hcp, lnkd, hcn, wdc, uri, cbs, akam, wnr, ctsh, nov, ibm, swks, vrtx, acn, nbl, adbe, ctxs, amzn, cern, c, lrcx, gs, lly, stt, tel, tmus, aig, len, met, nwl, amgn, tsla, atvi, pru, axp, pnc, hfc, tso, low, cvs, lnc, expe, ma, aal,, mpc, aet, nflx, lng, ea, crm
20 Day Breakdown: viab, hcp, lnkd, hcn, twx, scty, disca, wdc, akam, ctsh, vrtx, acn
20 Day Breakout: UPS
2x Normal Volume: fb, crm, mpc, viab, etp, hcp, cvs, lnkd, oke, tsla, hcn, lng, acn, adbe, akam, vtr, fis, now, wwav, lnc
Inside days: csco, cop, xom, orcl, yhoo, cvx, kr, qcom, jnj, abbv, hd, gsk, adbe, vlo, low, ua, oxy, jnpr, jwn, psx, ba, all, kim, bbby, dltr, sbh, stj