Today’s Trading Education…
Accelerating your trading success happens in two places:
With a trading mentor you respect, and your trading journal.
Committed traders keep track of progress and there is no better way to do this than a trading journal. On the surface a journal helps evaluate performance but applied properly it should go much deeper than the results.
Today’s video discusses how to journal during market hours, to watch the complete series, click here — >>
On the Tape Today...
$WMB change of trend triggers. $29 sell-stop with a swing trade target to cover @ $26.55 (see chart)
$CTSH $31.50 buy-stop, targets to sell- day trade @ $33, swing trade @ $35.25
$NKE $52 sell-stop with a target to cover @ $49, minor support in the $50 area.
$GPS $27 buy-stop with a swing trade target to sell @ $30. Minor gap-fill resistance @ $ 27.60
$WMB 10-14-16 (Click to Enlarge)
U.S. stocks on track for gains with bank earnings, Yellen on deck
Wells Fargo, Citi, J.P. Morgan to report; retail sales due…
U.S. stocks on Friday were on track to rise at the open, but still held the potential to end lower for the week.
Earnings for big U.S. banks are due to hit ahead of the bell, along with a reading on retail sales. A midday speech by Federal Reserve chief Janet Yellen also will get attention.
Economic news: A September report on retail sales is slated to hit at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting growth of 0.7%.
At that same time, a reading on producer prices is due to arrive, and economists expect a gain of 0.2% for last month.
At 10 a.m., investors will digest a report on consumer sentiment, with an October reading of 91.7 expected. Figures for August business inventories are also due at 10 a.m.
Corporate news: Three giant U.S. banks are on the earnings docket ahead of the open — Citigroup Inc. C, -0.47% , J.P. Morgan Chase & Co. JPM, +0.37% and scandal-plagued Wells Fargo & Co. WFC, -1.26%
Continue reading on marketwatch.com
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 10-14-16 | $WFC Earnings
Stocks Fight Back After Early Weakness; Utilities, Airlines Lead
The stock market recovered Thursday after an early downdraft, but it was still a defensive session as growth stocks continued to face selling pressure and utilities outperformed.
Stocks fell sharply early as Wall Street turned its attention from the Fed to China. Growth concerns resurfaced after the world’s second largest economy reported a 10% drop in exports in September, the most since February.
Delta Air Lines (DAL) reversed higher as Wall Street weighed its Q3 earnings report. Shares rose nearly 2%. Revenue missed forecasts, but earnings and a key metric exceeded expectations. Top gainers in the group included American Airlines (AAL), Gol Intelligent (GOL) and Alaska Air (ALK) with gains of 4%-5%.
Read More and Watch Video on investors.com
What to Watch Friday: Wells Fargo Earnings
On Friday, October 14, Wells Fargo (WFC) releases third quarter results. The San Francisco-based bank is expected to post earnings of $1.01 a share on revenue of $22.2 billion.
During the same quarter a year ago, the bank posted profit of $1.05 a share on sales of $21.88 billion. Investors await commentary on the bank’s future, especially with the retiring of CEO John Stumpf, who faced scrutiny over the company’s fake bank account scandal.
Watch Video on thestreet.com — >>
Tape Reading the SPY ETF
$SPY price action traded below the $212 level but the bears ran out of gas. You didn’t think it would be that easy did you ? 🙂
A respectable 99 million shares traded for the day and a close near the high appears bullish, but wait there’s more. Scroll up and take a look at the heat map of the S&P 500, most of the stocks show red for the day.
The size of the box represents market cap. The larger the box, the bigger the market cap. $WMT and $JNJ closed positive, a lonely position yesterday.
Classic technical analysis says the market leaders fall before the indices. The small cap stocks lag, then the entire market changes direction.
The tape is tight, but the clues are there.
Stocks in Play: $WFC research on finviz.com
$WFC Earnings NEWS: Wells Fargo earnings: Here’s what to expect as embattled lender’s CEO steps down
Wells Fargo & Co. is scheduled to report third-quarter results on Friday before the start of trading, and investors will expect earnings to be weaker than the year-earlier period as the embattled lender fights to restore its reputation after a bruising scandal erupted over its sales practices, costing its CEO his job.
Early last month, the giant San Francisco-based lender was slapped with a $185 million fine for “widespread illegal” sales tactics, in which its employees opened millions of credit-card and deposit accounts without customers’ knowledge.
Read More on marketwatch.com — >>
Citigroup, Wells Fargo, JPMorgan Fall Ahead Of Earnings, Testing Buy Points
Read More on investors.com
Stocks to Trade 10-14-16 | Friday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: AAL, DAL, DISH, GPOR, HCA, LUV, PLD, REN, RRC, TSO
Negative last 20 and 5 trading days | closed 2% lower from the open: twlo
Quarterly Order Flow:
Bullish Stocks to Trade: REN, LUV, DISH, UNP, BHI, TAP, APC, HAL, CLR, PE, AAPL, JPM, AMZN, CAT, EOG, NXPI, PRU, LRCX, APA, LVS, SWKS
Bearish Stocks to Trade: twlo, acad, mbly, aet, dis, abc, kmx, vfc, gild, teva, bmy, celg, cvs, lulu, pbf, wmt
2x Normal Volume: DAL, HCA
Inside days: kr, lrcx, pe, low, rost, sbh, wfm, srpt