Today’s Trading Lesson…
Day traders tend to take the credit and give blame for success or failure.
I should know. I mastered this skill early in my trading career. When I earn money it was because of my hard work and my brilliance. When I lost money it was because of a bad fill, a slow computer, an unexpected news story, bad quotes or a slow market.
If you want trading to be your career, your business, you need the truth.
Your success or failure is 100% your responsibility. You landlord or bank doesn’t care when it comes time to pay the rent or the mortgage. “It was a slow month won’t get sympathy.”
Trading will always have ups and downs, slow days, busy days and computer issues and Brexit and Greece and elections. If we want the financial freedom, we are paid to deal with it. Paid to plan for it.
We didn’t become traders to punch a clock 9-5. But that’s a good thing because we’re different.
Understand right here, right now ALL TRADERS go through a learning curve, all traders have ups and downs. It’s not just you.
I’m here to tell you- you can do this, but you need to be honest and you need to deal with adversity. Be honest about your resources and skills. Then create a trading plan that gives you a chance to win.
Deal with adversity like a professional. Read Think and Grow Rich. Trust me it will help.
Have a great day.
On the Tape Today...
$QCOM solid bullish day on sets up a $68.20 buy-stop. Minor resistance at $70. (see chart)
$PNC inside day breakout four days ago provided a solid 3 days of momentum to new highs. A higher open today is for profit taking. Limit order to buy @ $91. Keep it on your radar for Monday,
$YUM $86 sell-stop with a swing trade target to cover @ $82.
$DG sell short below yesterday's low with a target to cover @ $66.25
$QCOM 10-21-16 (Click to Enlarge)
U.S. stocks set for down day with GE, McDonald’s earnings ahead res in holding pattern with a day to go before Brexit vote
U.S. stock futures pointed to a lower open Friday, setting the main benchmarks on track for another down day as investors braced for key earnings reports, two Federal Reserve speakers and the latest oil-rig count.
“The past week has been all about picking winners and losers as investors mulled over a myriad of data points that seem to tell different stories. From Brexit to global growth, it’s been a case of glass half full or half empty,” said Dave Jeal, head of investment products at Interactive Investor, in a note.
Movers: The tech-heavy Nasdaq was likely to be buoyed by a jump in Microsoft Corp. shares MSFT, +5.47% , which rose 5.3% premarket after a well-received earnings report late Thursday.
The software giant’s stock was trading above $60, representing an all-time high and topping its price during its heyday in 1999.
Continue Reading on marketwatch.com
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 10-21-16 | $MCD Earnings
Stocks Close Lower; AmEx Leads Dow; Microsoft Jumps After Hours
The major averages gave up their intraday gains to close back in the red Thursday, as sliding oil prices, weak economic data and mixed earnings reports weighed.
Tool makers, drugstores and steel stocks led the upside in the stock market today. Snap-On (SNA) gapped up and surged 7%, retaking its 50-day and 200-day lines in heavy trade. The hand and power tools maker reported mixed Q3 results as earnings topped but sales missed estimates.
Walgreens Boots Alliance (WBA) leapt 5% in healthy volume, regaining its 200-day line but stopping just short of its 50-day line. The drugstore operator’s fiscal Q4 profit beat views, but revenue missed.
It also extended its merger deadline with Rite Aid (RAD) as it seeks regulatory approval for the deal. Walgreens announced plans last year to acquire Rite Aid for $17.2 billion. Rite-Aid vaulted 7% Thursday.
Earnings reports are due from General Electric (GE), Honeywell (HON), McDonald’s (MCD) and SunTrust Banks (STI).
Continue Reading on investors.com
Tape Reading the SPY ETF
$SPY doji candlestick – in the middle of the trading range- leaves us few clues. I refuse to write some fancy wisdom about the $SPY and the general market because it simply isn’t there.
No order flow, no momentum, sporadic volume in the $SPY.
The trading game plan remains the same, don’t get caught napping. Earnings season provides fantastic opportunity, get stock specific for now. Do not blame the $SPY apathy for not making a living. Get in there and scan more stocks and find something that matches your trading plan.
If you’re not comfortable trading a news catalyst, write that in your journal, put it in your trading plan, and step aside.
I don’t trade FOMC days, and trade very lightly on options expiration. Choose fights you can win and avoid situations you’re not comfortable taking risk.
That’s how the pros make their living.
Stocks in Play: $MCD research on finviz.com
$MCD NEWS: McDonald’s third-quarter earnings: What to expect
McDonald’s Corp. is expected to report third-quarter earnings on Friday before the market opens.
McDonald’s MCD, -0.62% got a boost from the introduction of all-day breakfast back in October 2015, but there are questions now whether it can sustain results over the long term. Other issues, including Brexit, could also stifle earnings.
$MCD shares have an average overweight rating with a stock price target of $129.04, 16% higher than the Tuesday closing price.
Read More on marketwatch.com
5 Key Themes to Follow When McDonald’s Reports Earnings
The quick-service restaurant giant reports earnings on Friday. Can it still demonstrate momentum on several critical fronts?
When McDonald’s Corporation (NYSE:MCD) reports third-quarter 2016 results on Oct. 21, shareholders will seek out clues that the company’s turnaround plan, which began last fall, still has legs.
The following five themes may prove useful for those who are interested in cutting through the noise of the report to gauge the burger behemoth’s progress year to date.
Continue Reading on fool.com
Stocks to Trade 10-21-16 | Friday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: AXP, X, WBA, TWX, DHR, NXPI, WNR, ENDP, DISH, QCOM, UAL, PNC
Negative last 20 and 5 trading days | closed 2% lower from the open: twlo, unp
Quarterly Order Flow:
Bullish Stocks to Trade: TWX, NXPI, DISH, QCOM, UAL, NVDA, PNC, COF ($76 RESISTANCE), SWKS, GS, EXPE, AAPL, JPM, AAL, MA, APC, CLR, SLB, HAL, PRU
Bearish Stocks to Trade: twlo, kmx, lulu, rh, dlph, tjx<$72.50, lmt, hon, low, bmy, gild, acad, mbly
2x Normal Volume: X, AXP, UNP, TWX, WBA, UAL, LRCX, DHR, NUE
Inside days: AAPL, KO, ABT, HAL, USB, AA, WMB, JNJ, COP, LOW, JCI, NEM, UNH, STX, CAT, MO, ABBV, OXY, HON, VLO, LVS, FSLR, BHI, BA, MUR, HES, ROST, TOL