Today’s Trading Education…
Most of the emails I receive are about stock picking.
Master this skill and you give yourself a great chance to succeed. Without it, you have no chance, you are simply waiting around to be lucky.
I produced this short video about a month ago and it’s spurring the most questions, and requests for more info.
The video is short, but gives you a definite foundation for finding new trading ideas. Leave any comments below.
On the Tape Today...
$SBUX continues to hover near long-term support. A break below $53 sets up a short-sale with a cover to buy at $48 (see chart)
$MO bearish fuel candlestick $61.50 sell-stop. Cover in the $59.50 area.
$STT $71.50 buy-stop with a target to sell @ $73.75. A couple of false breakouts here, wait at least a half hour if a day trade.
$EA continues to trade near highs without a decline. Seems like an obvious buy but the longer term charts showing a bearish wedge.
$SBUX 10-5-16 (Click to Enlarge)
U.S. stock futures penned in by job-market uncertainty
U.S. stock futures on Wednesday showed little changed, as traders avoided big bets ahead of an employment reading that could offer clues about a more closely watched jobs report due Friday.
Investors are waiting for ADP’s monthly private-sector jobs report, which is expected at 8:15 a.m. Eastern Time. It comes two days before the government’s September data on nonfarm payrolls, and each release could spark bets on whether the Federal Open Market Committee will raise interest rates soon.
“Wednesday’s ADP payrolls and Friday’s nonfarm payrolls may drive more FOMC speculation trading,” said Colin Cieszynski, chief market strategist at CMC Markets, in a note. Individual movers: Shares in Twitter Inc. TWTR, +4.08% rose in premarket action amid expectations the social media company could field takeover bids this week.
Continue reading on marketwatch.com
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 10-5-16 | $CRM NEWS
Stocks Down, Gold Miners Plunge; Why One Retailer And One Airline Rallied Big
Stocks rebounded in the final minutes yet still dropped across the board Tuesday, led by a summary sell-off in the mining sector.
A sharp fall in both gold and silver prices shook investors and likely stemmed from continued strength in the U.S. dollar and growing expectation of a rise in U.S. short-term interest rates after the November presidential election.
The British pound notched new multiyear lows as it appears Britain is making progress toward an exit of the EU early next year.
The S&P 500 likely now has eight distribution days, or bouts of severe institutional selling, but one of those is suspect as the large-cap index’s 0.4% decline on Sept. 16 came on quadruple witching day in which options and single stock futures expired.
JPMorgan Chase (JPM) rose slightly to 66.65, just pennies above a 66.58 buy point within a long, choppy cup with handle. The lending and investment banking titan has been hugging its 50-day moving average, a sign of buying support among fund managers.
Continue Reading and Watch Video on investors.com
Tape Reading the SPY ETF
$SPY price action smack in the middle of the trading range with a mostly bearish day. The volume picked up, while the NASDAQ and the DJIA traded in sync. All signs the stock market should open lower today.
Traders are desperate for volatility. The general market trades near all-time highs, but conviction isn’t there. I can’t stress enough, patience is a strategy during a trading range.
Improve your stock picking skills and take a day trading mindset with your analysis of the current $SPY volatility.
If you heed this advice, when the market does finally pick a direction, you will be in a good place to be net profitable.
Stocks in Play: $CRM research on finviz.com
$CRM NEWS: Salesforce must be dying to buy Twitter — here’s why
Given what we know about how hard Salesforce CEO Marc Benioff tried to buy LinkedIn, we wouldn’t be surprised to learn that he was doing the same in pursuit of Twitter. The Wall Street Journal just reported that Salesforce is currently the top bidder for Twitter.
Benioff wanted LinkedIn for the same reason Microsoft wanted it: the data.
And the only second choice that’s even close to that kind of thing is Twitter. Twitter’s data is different, of course.
Salesforce.com (CRM) Is Nervous About What Microsoft Could Become with LinkedIn
NEW YORK (TheStreet) — Salesforce.com (CRM) is trying to block Microsoft’s (MSFT) $26.2 billion acquisition of professional networking site LinkedIn (LNKD), because it’s scared of the boost the teach giant will get from the deal, Bloomberg Intelligence’s Anurag Rana said in a Bloomberg Radio interview aired on “Bloomberg Markets” Tuesday afternoon.
Salseforce.com also tried to acquire LinkedIn but was outbid by Microsoft. The company is now telling European regulators to not let Microsoft go through with the deal, set to close by the end of the year, due to anti-competitive concerns.
Stocks to Trade 10-5-16 | Wednesday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: WNR
Negative last 20 and 5 trading days | closed 2% lower from the open: slw, nem, pld, vrx, cci, etp, pcg, aep, duk
Quarterly Order Flow:
Bullish Stocks to Trade: SRPT, CLVS, WDC, APA, REN, STX, APC, LVS, NVDA, YELP, AMZN, DISH, CAT, EOG,BABA, TWLO, QCOM, ADBE, PRU, TAP, MA, CLR, EA, UNP,
Bearish Stocks to Trade: dltr, dg, aep, duk, kmx, lulu, nke, cvs, mcd, teva, ctsh, myl, abc, bmy
2x Normal Volume: MOMO, CRM
Inside days: baba, vsm, ctsh, aig, nxpi, cag, tsla, gps, rrc, mas, lvlt, kss, hca