Today’s Trading Lesson…
Lessons in Tape Reading | Reminiscences of a Stock Operator | Ch.1 Pg. 11
Tape reading is not as popular as it was in the old days. Computers have taken care of that.
Savvy traders have adapted and are skillfully implementing tape reading in a much different way today. Chart reading is one method. Another technique is interpreting news and volume traded off the news.
When I say the old days, I am referring to 2007. This is when the NYSE expanded to allow increased amounts of electronic trading. (More on this at the end of the article)
On the Tape Today...
UAL | United Cont. Hldgs continues to flirt with a $76 breakout. Giving the trade some room to avoid another false start but I still like the long. Planning a $75.50 buy-stop and a swing trade target to sell of $82.50. Stop loss a close back below the $76 level.
BMY | Bristol Meyers Squibb broke $49 support and the sector is weak. looking for a new short and a $46.25 sell-stop. A close above $47 takes me out of the trade. Planning a $41.50 target.
Stock Market Today: Heatmap of the S&P 500
Stock Market Today 1-27-17 | Friday Edition
Starbucks curbs 2017 revenue forecast after U.S. store visits drop
Starbucks Corp (SBUX.O) on Thursday trimmed its full-year revenue forecast and reported a smaller-than-expected rise in quarterly sales at established restaurants in the Americas, sending its shares down 3.8 percent in after-hours trade.
Alphabet Q4 EPS Misses Expectations, Stock Falls Late
Google-parent Alphabet (GOOGL) late Thursday reported fourth-quarter EPS that missed views as revenue growth slowed but still beat expectations, sending the internet search leader’s stock down in after-hours trading.
Insurers warn: We’re outta here with no Obamacare replacement
Health insurers want to see how Congress intends to replace Obamacare before they commit to offering policies for 2018, a new survey has found.
German Newspaper Editor: Assassination Easiest Way To End “Trump Catastrophe”
Josef Joffe, the editor-publisher of German weekly Die Zeit, suggests the easiest way to end the “Trump catastrophe” is to murder the president in the White House.
As The Daily Caller’s Jacob Bojesson reports Joffe joined panel show ARD-Presseclub to answer questions from the public. A viewer called in to ask if it was possible to impeach President Donald Trump and end the “catastrophe.”
PayPal outlook muted on mobile competition, currency trends
PayPal Holdings Inc (PYPL.O) offered a subdued outlook on Thursday, as it faced unpredictable currency fluctuations and an increasingly competitive digital payments market.
The payments processor predicted its first-quarter revenue would be roughly in line with analyst expectations, with flat to slightly better operating margins for the full year. PayPal gave the guidance in reporting a 17 percent rise in fourth-quarter revenue that mirrored Wall Street expectations.
Steve Bannon: Media should ‘keep its mouth shut’
President Donald Trump’s chief strategist has escalated the administration’s war with the media, labeling it “the opposition party” and suggesting that it “keep its mouth shut.”
Microsoft Beats Q2 Targets On Cloud Computing Strength
Software leader Microsoft (MSFT) late Thursday beat Wall Street’s targets for the December quarter on continued strength in its cloud computing businesses.
Microsoft stock was up a fraction in after-hours trading on the stock market today. During the regular session, Microsoft shares rose 0.9% to 64.27.
Google’s moonshots lost $1 billion last quarter
Alphabet (GOOGL, Tech30), Google’s parent company, lost nearly $1.1 billion from its “other bets” division in the fourth quarter of 2016, according to earnings results on Thursday. That brings the total loss for this division to about $3.6 billion in 2016, slightly more than the year before.
Trump adviser Gary Cohn’s $285 million Goldman Sachs exit raises eyebrows
Goldman’s willingness to give Cohn a chunk of that fortune ahead of schedule is causing unease among ethics experts, who say the huge payout will make him beholden to the Wall Street firm he worked at for 25 years. They say that Cohn should have to recuse himself from Trump administration matters linked to his former firm.
Tape Reading the SPY ETF
$SPY light volume price action after solid momentum gives us healthy price action to expect follow through.
With a putrid 58 million shares, on the surface not much to get excited about but it’s important you play the long game. Don’t get suckered into over trading.
Best case scenario today we see a lower open and and find a spot to bid. Looking for a day like Tuesday today.
NASDAQ continues to remain strong.
CVX Stock: How to Trade Chevron Corporation Q4 Earnings
Energy giant and Dow Jones Industrial Average constituent Chevron Corporation (NYSE:CVX) reports earnings Friday morning.
In the days leading up to the event, traders and investors alike are both asking themselves whether Chevron will trump fourth-quarter earnings expectations, or whether the corporate confessional will cause a spill in CVX stock.
Chevron earnings: Here’s what to expect
Chevron Corp. is scheduled to report fourth-quarter earnings before the bell Friday.
Chevron CVX, -0.59% and other energy companies started to see some rays of hope late last year as oil futures prices stabilized and recovered somewhat from precipitous falls in the last couple of years. That bodes well for quarterly profits.
Chevron (CVX) Likely to Beat on Q4 Earnings: Stock to Gain?
U.S. energy giant Chevron Corp. ((CVX – Free Report) ) is set to release fourth-quarter 2016 results before the opening bell on Jan 27.
Stocks to Trade 1-27-17 | Friday Edition
Short-Term Trading Momentum:
Bullish Momentum: RCL, LUV, CLVS, LNG, TMUS, AAL, CRC, STX, CMCSA, CF
Bearish Momentum: mat, lvs, dish, bmy, trow, qcom, xlnx, ions, celg
Quarterly Order Flow:
Bullish Stocks to Trade: RCL, CLVS, BA, FB, AVGO, PNC, TRGP, AMZN, IBM, UNP, NFLX, NSC, SWKS, LYB, ADBE, WDC
Bearish Stocks to Trade: bmy, kss, qcom, tgt, mnk, jwn, lyb, xom, oxy, eqr,
2x Normal Volume: BMY, QCOM, MAT, CMCSA, LVS, LUV, DISH, STX, TMUS, WDC, STLD, TROW, RCL, MCK, XLNX, LNG, ATI, CLVS, RTN
Inside days: pfe, stx, glw, wy, gild, bk, pten, cop, utx, lly, mdt, pm, axp, dfs, nue, ibm, hd, pe, aet, dhr, mnk, bbby