Stock Trading Slows Ahead of Janet Yellen Speech

Most stock traders I mentor need help, but not the kind they think…

Most traders falsely believe they need to know “more.” It’s true that you need a solid foundation, the first goal is to learn what to look at. You need to learn high-probability trading ideas. You need to learn to avoid bad trades so you are in the business long enough to gain experience.

If every trade looks the same you don’t have an edge, you have an entry signal. You need to learn what the perfect trade looks like, so you can eliminate everything else.

The prefect trade is unique for all of us, you need to find yours.

This is where many traders mess up. The endless loop of “I need to learn more” takes over.

You need to learn how to use what you know. You need to learn what to apply and what doesn’t work for you. You need to do this while trading a live account and managing risk while you learn how to trade.

Reading charts and trading to make money is not the same thing. Strive to go deep in your trading mastery, not wide. Trade your strategy over-and-over and let everything else go.

Ask questions about how to narrow your focus. That’s where you want to be.

If you need some help leave a comment below…


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Pete’s  Day Trading Notes:

  • $MMM appears to be a solid breakout but resistance lowers the risk/reward. A lot of stocks in similar set up.
  • Stock Market volume very light, tough to read the tape without institutional activity.
  • $FB closing in on all-time highs again. Needs to close above $116 before you buy the breakout.

U.S. stock futures in holding pattern ahead of Yellen speech

U.S. stock futures inched higher Tuesday, as investors appeared to avoid major bets before a key speech by Federal Reserve Chairwoman Janet Yellen.

Before that speech, readings on home prices and consumer confidence are due.

S&P 500 futures ESM6, -0.14%  edged up by 2.75 points, or 0.1%, to 2,030.75, while Dow Jones Industrial Average futures YMM6, -0.19% inched higher by 5 points, or less than 0.1%, to 17,453. Nasdaq 100 futures NQM6, -0.10%  gained 7.50 points, or 0.2%, to 4,397.

Markets “will stay very much in limbo” ahead of Yellen’s speech, and “all bets will be based on her tone,” said AvaTrade’s chief market analyst, Naeem Aslam, in a note.

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Stock Market Today: Map of the S&P 500

(click the map for a full view)

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Stock Trading Slows Ahead of Janet Yellen Speech 3-29-16

Nasdaq 100 Stumbles At 200-Day Moving Average, But Tesla Hurdles Over It

For the second time in two weeks, the Nasdaq 100 failed to join the S&P 500 in reclaiming the critical 200-day moving average on Monday. But Tesla Motors, one of the most significant new big-cap names on the Nasdaq, did.

While the Nasdaq 100, which contains the 100 largest nonfinancial companies on the electronic exchange, edged just 0.2% lower, it erased early modest gains following the long Easter holiday weekend and failed to climb above the key long-term support line, which currently stands near 4418. Other key indexes also made modest moves in the stock market today, with the Nasdaq composite also down 0.1% while the S&P 500 inched less than 0.1% up.

The Dow Jones industrials rose 0.1%. But some sector indexes saw larger moves, including a nearly 0.9% loss for the Dow transports and a 0.4% decline in the Dow utilities. Volume dried up on both exchanges, according to preliminary data.

Tesla (TSLA), which on Thursday is set to unveil details about its mass market Model 3, fought its way back over the 200-day moving average with a 1% gain in quiet turnover to 230.26. That lifted the leader in next-generation all-electric vehicles to 19.7% below a 52-week high. In early February, the Elon Musk-led venture was down 51% below a 52-week peak of 286.65. Such recent action is meaningful as the stock is now coming within the typical price zone in which a breakout to new highs could potentially materialize.

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Chart Reading the SPY ETF

$SPY has closed below the open two of the last 3 days. Cracks are starting to show in the 6 week rally. The 20 ema and the 200 sma support are merging.

(click the chart for a full view)

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Technical Analysis | Charts of Interest

$LNKD on

LinkedIn in danger of losing its connection

Share price fall and downbeat analyst forecasts put networking site under pressure…

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$LNKD short-sellers awaken with a profit target of $98.49. Five consecutive closes below the open in a strong market.

(click the chart for a full view)


LNKD 3-29-16 Click to Enlarge

Stocks to Trade 3-29-16

Short-Term Trading Momentum:

Positive the last 20 and 5 trading days | closed 2% higher from the open: DDD, DG, NFLX,

Negative last 20 and 5 trading days | closed 2% lower from the open: vrtx, lng, lnkd, wpz, paa, endp, unp, wmb, nbl

Quarterly Order Flow:


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

2x Normal Volume: POM, ACAD, HOT, GME, CNC

Inside days: aapl, wfc, dvn, nke, aal, pypl, mrk, dal, ebay, clr, jnpr, bbt, wdc, stx, myl, ual, mur, celg, scty, mdvn, bbby, cern, hon, rost, cost, unh, yum, adi, chtr, tif

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