Stock Trading Patience Continues Rewarding Buyers

Day traders need to start thinking about putting in a full day of work…

I know, I know, that’s not why you became a trader. You wanted the 2 hour work day. Done for the day at 11:30, go to the gym and then see what the day holds as you count your millions.

That fantasy vanished. And that is a good thing. Day trading is back to being a career, not a fantasy. That’s a good thing.

Back in the day, there were “day trading” clocks in every office. Red triangles that said “trade between these hours,” do nothing these hours,” the market will turn around at 10:10am…” Those days are gone, and that’s a good thing. It’s the best thing that could have happened for you if this is your career.

Today you need to be patient. Today you need to be at your desk from 8am-4:00pm, then back at it after dinner.

Today trading is a real business. And that’s a good thing.

If you need some help leave a comment below…

Pete

Trading Podcast Downloads

Pete’s  Day Trading Notes:

  • $AAPL impressive bullish engulfing candlestick.
  • Financials still in a funk, not worth allocating time or capital.
  • $FB closed above the $116 level. Eight weeks of buying, I would let it pause above the breakout level before buying.

Wall Street set to build on gains after Yellen releases more doves

Stock futures pointed to a stronger open for Wall Street on Wednesday, with equities set to benefit for a second day from a cautious stance on interest rate increases from Federal Reserve Chairwoman Janet Yellen.

Dow Jones Industrial Average futures YMM6, +0.65% rose 93 points, or 0.5%, to 17,631, while S&P 500 futures ESM6, +0.66% added 10.5 points, or 0.5%, to 2,058. Nasdaq-100 futures NQM6, +0.80% rose 25.25 points, or 0.6%, to 4,483.75.

Wall Street stocks closed at 2016 highs on Tuesday, sparked by Yellen who told the Economic Club of New York that the Fed was justified in moving cautiously on interest rate rises, owing to global risks. She said it was too soon to tell if the recent pickup in inflation would last.

Continue reading on marketwatch.com

Stock Market Today: Map of the S&P 500

(click the map for a full view)

spy heatmap 3-30-16

spy heatmap 3-30-16

Stock Trading Patience Continues Rewarding Buyers 3-30-16

Stocks Get Fed Boost; Apple, Microsoft Lead Dow

The stock market shook off a weak start to score big gains Tuesday, after dovish remarks by Federal Reserve chief Janet Yellen.

The Nasdaq composite surged 1.7%, while the S&P 500 rose 0.9%, and the Dow Jones industrial average added 0.6%. Small caps also fared well, with the Russell 2000 up 2.7%. Volume was sharply higher across the board vs. Monday, according to preliminary figures.

Winners topped losers by a nearly 4-to-1 margin on the NYSE and by more than 3-to-1 on the Nasdaq. Gold miners, software makers and chip stocks were among the top gainers in the stock market today. Consumer electronics and oil stocks lagged. West Texas Intermediate crude oil futures fell more than 2% to $38.43 a barrel, extending their slide for a fifth straight session.

After the close, Sonic (SONC) was trading 3% higher on a fiscal Q2 earnings and sales beat. The burger chain also boosted its full-year earnings and same-store sales outlook. Shares had edged slightly lower during the regular session and were just shy of a 33.04 cup-with-handle buy point.

Dave & Buster’s (PLAY) was down slightly in extended trading after reporting Q4 results that topped views. The stock rose 2% during the regular session and is building the right side of a base.

Apple (AAPL) led the Dow with a 2.4% advance, its biggest one-day gain in nearly a month. The stock, up 16% from its Jan. 28 low, is still nearly 20% off its high. The FBI on Monday withdrew its order for Apple to hack into the iPhone used by Syed Farook, one of the two perpetrators of the December mass shooting in San Bernardino, Calif. Apple had been fighting the order since mid-February.

Microsoft (MSFT) was the second-biggest gainer on the blue chip index, climbing 2.2% as the stock nears a 55.19 buy point of a double-bottom base. The software giant is reportedly among companies interested in bidding for troubled Internet firm Yahoo (YHOO), shares of which rose 3.1% Tuesday.

Continue reading on investors.com

Chart Reading the SPY ETF

$SPY bullish bias was in place the entire day, was just a matter of being patient. Comfortably trading above the 200 sma.

(click the chart for a full view)

spy 30

Technical Analysis | Charts of Interest

$BIDU on finviz.com

Baidu Looks to Make a Dent in Autonomous Cars (BIDU, GOOGL)

Investors who are looking for a potential rebound in the Chinese stock market should now consider Baidu, Inc. (BIDU), which is looking to drive growth by entering the autonomous car market.

Although Baidu is broadly known as China’s leading search engine or the country’s version of Google, there are now more similarities between Baidu and Google parent Alphabet Inc. (GOOGL). And that’s all the more reason for investors to become interested.
Baidu’s Driving; Time to Call Shotgun?

But understand, the company, which currently has Baidu CarLife, a telematics solution for connected cars, is not new to the car market. It now wants to get in the driver’s seat and, according to Baidu’s chief scientist Andrew Ng, who was lured away from Google in 2014, Baidu wants to produce a commercially viable model vehicle by 2018. And if that date seems ambitious, it is. (See also: Baidu Unveils Its Driverless Car Plans.)

Consider the competition the company will face, not only from the aforementioned Google, but also from Apple, Inc. (AAPL) and Tesla Motors, Inc. (TSLA). And according to The Wall Street Journal, not only is the company gathering resources at its Silicon Valley tech center to push the car project forward, Baidu has already begun to lobby the U.S. government to coordinate its efforts and ensure there are no missteps for when it’s ready to deliver.

Continue reading…

$BIDU breakout has roughly $10 to the next minor resistance levels of $200 and $201.37. Very clean higher-highs and higher-lows.

(click the chart for a full view)

BIDU 3-30-16 Click to Enlarge

BIDU 3-30-16 Click to Enlarge

Stocks to Trade 3-30-16

Short-Term Trading Momentum:

Positive the last 20 and 5 trading days | closed 2% higher from the open: SPLK, RRC, LRCX, NFLX, BIDU, AMZN, AAPL, DLPH, FB, EA, ADSK, EQT

Negative last 20 and 5 trading days | closed 2% lower from the open: 

Quarterly Order Flow:

Bullish Stocks to Trade: AEM, LRCX, CTRP, XRAY, BIDU, CHTR, AMZN, FB, BABA, ADSK, EQT, PXD, COST, AMT, MJN, HCA, WYNN, CMI, UTX, NEE, HD, YUM, ACN, CAT, ADBE, UNH, CVX, MCD, IBM, CVS, KMB, HON, CB, DG, MMM

Bearish Stocks to Trade: bhi, agn, cf, vrx, vrtx, lnkd, celg, akrx, incy, endp, mnk

2x Normal Volume: CNC, POM, ACAD, MDVN, CIT, LEN

Inside days: cnc, ge, mar, twx, tsla, adt, hig, nfx, m, kss, kors,

About the Author

Leave a Reply 2 comments

bob Reply

Yes–Day trading as a business is very serious business —–if you make a commitment –then you have to put time and effort in–PLAN YOUR WORK-WORK YOUR PLAN –ANONYMOUS

    Pete Renzulli Reply

    Thanks Bob,
    Love to see you on the blog.
    Have a great weekend pal.
    Pete

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