Stock Trading Today 10-18-16 | $GS Earnings

Today’s Trading Education

Tape reading goes back over 90 years, but most traders have no idea what it means.

The most complete description I know is to compare it to driving. You use everything to make a good decision. And that keeps you safe and helps you reach your goal.

Chart reading for most traders is incomplete. Most only read price action. They take it a step further and look for entries.

This type of action is like driving with your main focus on only the steering wheel and gas pedal.

Today’s video is a short snippet from our core training Active Traders Masters Program. Leave your comments and questions below.
Have a great day.


On the Tape Today...

$AXP $59.75 sell-stop triggers a short sale with a target to cover @ $57.25 (see chart)

$NFLX earnings play this morning. Wait for the opening range to form and trade the breakout. DO NO buy the first push higher off the open. You need a spot to manage risk. Let the dust settle then find an entry.

$AIG inside day breakout. Looking for minor resistance at $61 with a target to sell @ $62.80.

$NKE consolidation breakdown triggers a short sale with a target to cover @ $49.50

$AXP 10-18-16 (Click to Enlarge)



Wall Street stock futures point higher as Goldman results, inflation data loom 

Stock futures rose Tuesday, as investors readied for inflation data and earnings from several corporate heavyweights such as Goldman Sachs Group Inc.

Shares of Netflix Inc. were expected to fly in premarket after results busted past Wall Street expectations. Also helping sentiment, oil prices moved back above $50 a barrel.

Warnings from prominent investors such as Jeffrey Gundlach that future moves by policy makers could bring about inflation and drive stock prices lower, along with weak oil prices, drove losses for Wall Street on Monday.

“We’re certainly seeing support for precious metals as investors hunt out those assets that could work as inflationary hedges although anything that suggests the Fed might need to crank rates up that bit faster could well end up weighing on stocks,” he said.

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Stock Market Today: Heatmap of the S&P 500

$SPY Heatmap-10-18-16

$SPY Heatmap-10-18-16

Stock Trading Today 10-18-16 | $GS Earnings

Stocks Dip But Bank Of America, Hasbro Rise; Netflix Soars After Hours 

Stocks closed Monday with modest losses as earnings season kicked into full gear, with Bank of America (BAC) and Hasbro (HAS) among notable companies reporting.

After the regular session close, Netflix (NFLX) topped quarterly views on both the top and bottom line, as well as its U.S. and international subscriber forecasts. Shares leapt 19% in extended trading.

Department store, oil and generic drugmakers led the downside in the stock market today, as West Texas intermediate crude prices slid nearly 1% to $50.30 a barrel. Toy makers, gold miners and steel stocks were among top gainers.

Economic data on tap for Tuesday include the September Consumer Price Index and the National Association of Home Builders’ housing market index for October.

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Tape Reading the SPY ETF

$SPY daily chart “well-offered” and ready to crack the $212 support with a vengeance…

Not so fast. Less than 55 million shares traded, this shows institutions were not active. We need institutional activity to get follow through. We need institutional activity to have conviction.

Tape reading goes deeper than charting. You need all the pieces to get a complete picture.

Complete means actionable. The trading range still lives! 🙁

Day trading mode which means “change from the open” rules the day and the bias for now.



Stocks in Play: $GS research on

$GS Earnings NEWS: Goldman Sachs earnings: Expect a big improvement in trading revenue

Greater volatility in markets and improved deal flow expected to boost third-quarter earnings

Goldman Sachs & Co. is scheduled to report third-quarter earnings before the bell on Tuesday, and the investment bank is expected to report higher profit and revenue as the trading environment improved and deal flow picked up.

Like rivals, Goldman GS, +0.95% is expected to have benefited from greater volatility in markets, including in currency trading after the U.K. vote to leave the European Union, known as Brexit. Fixed-income trading is expected to have been boosted by changing bets on interest-rate moves, while equity markets continued to hit new highs.


Can Goldman Sachs Match Peers on Trading Revenue?

Goldman Sachs reports third-quarter results today as U.S. banks raise the bar on fixed income trading revenue this quarter. Blomberg Gadfly’s Lionel Laurent previews Goldman’s results on “Bloomberg Surveillance.” (Laurent is a Bloomberg Gadfly columnist.

The opinions expressed are his own.) (Source: Bloomberg)

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Stocks to Trade 10-18-16 | Tuesday Edition

Short-Term Trading Momentum:

Positive the last 20 and 5 trading days | closed 2% higher from the open: REN

Negative last 20 and 5 trading days | closed 2% lower from the open: twlo, vrx, wdc, endp, trgp, yum, teva, rice, cvs

Quarterly Order Flow:


Bearish Stocks to Trade: twlo, lulu teva, cvs, low, agn, mcd, aet, rh, hon, bmy, vfc, dis, ctsh, ions, axp, wmt, kmx, gild, abc, mbly, duk, celg, acad, pbf

2x Normal Volume: NFLX

Inside days: wfc, c, baba, orcl, crm, glw, symc, luv, aig, cf, cvx, exc, xel, slw, txn, mas, mbly, hca, cag, duk, tmus, chtr

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