Did you begin day trading before 2010?
If you did, you are going through some rough adjustments the last 18 months. Gone are the nostalgic stock trading days of loading up on a good position with your first entry. Taking on size at support is a recipe for getting stopped out and being angry.
It’s time we face the music and admit those trading days are over, we need to learn how to work a position and get better at entering the same trade twice. Whether its algorithmic trading, global chaos or simply the new stock trading norm, if you don’t make changes to how you work an order you will be dusting off your resume.
Figure it out sooner than later, after all- who the hell wants to get a real job…
Pete’s Day Trading Notes:
- Agricultural stocks showing signs of accumulation and breaking long-term down trend.
- Traders trading less are complaining less these days.
- Basic materials quietly having a good quarter
Stock Market Today: Map of the S&P 500
(click the map for a full view)
Stock Traders Seek SPY 194 Support 2-29-16
$SPY looks to hold key $194 level for bullish traders to hold the bid pic.twitter.com/UF0GwtqzD4
— Pete Renzulli (@PeteRenzulli) February 29, 2016
Chart Reading the SPY ETF
$SPY price action broke above the $194 level with authority last Thursday but is quickly testing it as support this morning. If the support holds this will be a win for the bulls and a reason to begin shifting to the long side. $200 being the obvious first upside target.
If the $SPY does not hold, then we are back into the preceding 5 week trading range and expectation for follow through is lower.
(click the chart for a full view)
Technical Analysis | Charts of Interest
$LLY on finviz.com
Eli LIlly bear flag with almost $2.00 room to go for a profit target. Solid sell-short day trade for Monday.
Eli Lilly (LLY) Stock Price Target Lowered at Jefferies
NEW YORK (TheStreet) — Eli Lilly & Co.’s (LLY – Get Report) price target was lowered by analysts at Jefferies earlier this morning to $110 from $125.
This change reflects lower peer group and relative market valuations, according to the analyst note.
However, the firm maintained its “buy” rating on the stock.
“Eli Lilly continues to be undervalued by market on key growth drivers and pipeline opportunities in our view,” analyst said, adding that it’s one of the cheapest growth stories in the Large Cap Pharma universe.
Key drivers for the stock this year include BACE inhibitor (AZD3293) safety update and transition to Phase III in Alzheimer’s and Ixekizumab approval and launch in moderate to severe psoriasis.
(click the chart for a full view)
Stocks to Trade 2-29-16
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: CLR, MDVN, RAX, SCHW, GRUB, MOS, CF, TRGP, HZNP, USP, CIT, HDS, PYPL, PFG
Negative last 20 and 5 trading days | closed 2% lower from the open: nbl, etp, fl, vrx
Quarterly Order Flow:
Bullish Stocks to Trade: KHC, WYNN, DD, LVS, DHR, SNDK, TJX, NKE, KORS, UNH, ITW, TGT, DG, UTX, MMM, HD, MDT, UAL, JNJ, CB, PM, GPN, KMB, TSN, DAL, FSLR,
Bearish Stocks to Trade: vrx, fl, viab, nbl, lly, teva, ions, cern, lnkd, gpor, rrc, cop, dvn, car,
2x Normal Volume: NFX, DV, UTX, SABR, ADSK, EOG, KHC, BIDU, FL, PANW, SPLK, TRGP, MDVN
Inside days: t, crm, yum, viab, etp, ar, azn, coh, twx, tsn, gsk, spor, lvlt, vod, urbn, skx, lulu, dltr, vrtx, jbl, incy
