Today’s Trading Lesson…
Day trade the market or day trade your stock and ignore the market?
What is your game plan if the stock market finally runs out of buyers?
Most day traders like to be “long.” We like to be buyers.
It’s easier to understand than short-selling and technically has defined risk (you know where zero is). If this is you, it’s time to get prepared. Great day traders look for new ideas regardless of positions. You should do the same.
Only plan day trades that match your strategy. It’s very tough to be profitable with spur of the moment ideas.
Always be assessing probabilities for your next move. Always be building if/then scenarios. Day trading is hard work. The stock market has been kind to investors the last 2 years.
We aren’t investors.
On the Tape Today...
BMY | Bristol Meyers Squibb triggers a new swing trade long on a bearish day in the stock market. A head and shoulders bottom and neckline breakout, set up a buy with a stop loss on a daily close below $58. Minor resistance at $60 with the ultimate target @ $63.75. [see chart]
AEM | Agnico Eagle Mines continues to show bearish order flow. The short-sale trade triggers on a $37.50 sell-stop, minor support at $36 for a day trade target. The swing trade target @ $33.
Stock Market TodayOil prices steady as investors adjust to U.S. rate hike, OPEC output increase marketwatch.com == >> Is Janet Yellen Concerned About “A Bubble In Stock Prices”? This Is Her Answer zerohedge.com == >> Rate Hike Spotlight: Interest on National Debt; What Can Possibly Go Wrong? mishtalk.com == >> The Tech At The Heart of The Future of Finance dailyreckoning.com == >> Trump Has Bond Investors Rethinking What’s Normal bloomberg.com == >>
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Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 12-15-16
Fed Rate Hike, Oil Slide Hits Stocks; Hospitals Hit By Senate Scrutiny
Stocks booked broad losses Wednesday after the Federal Reserve finally pulled the trigger on its second rate hike in a decade, and guided expectations to three more increases in the coming year.
That sent ExxonMobil (XOM) down 1.9%, the worst loss among Dow stocks. Energy issues took four of the five worst losses among S&P 500 listings.
But at the bottom of the S&P 500 heap was Universal Health Services (UHS). The hospital operator dived 8% in huge trade after Raymond James downgraded the stock to market perform, from outperform
Nvidia (NVDA) easily topped the Nasdaq 100, ending up 6% after an upgrade to buy, from hold, by Evercore ISI Group.
Watch Video and Continue Reading on investors.com == >>
Tape Reading the SPY ETF
$SPY broke hourly support after the FOMC announcement after a temporary bounce.
Today’s scenario gives traders tough choices.
- Do I short-sell stocks trading lower today?
- Do I wait for entry signals to be long in a bullish tape?
The answer is yes.
Great traders understand and plan for relative strength and relative weakness. On days where the bias is clear, you should be looking to one side. But today we have the potential for strong stocks to be trading lower.
The correct game plan for today:
- Pay attention to the hourly charts and the change from the open. If both of these indicators are positive, you can bid with conviction.
- If both are negative, look to short your list of weak stocks, with a longer holding time than you did the previous five weeks.
The $SPY 50 retracement level comes in at $224.50. I am looking for that level to be support.
Stocks in Play: $ADBE research on finviz.com
Adobe (ADBE) News: What to Expect When Adobe Reports Fiscal Fourth-Quarter Earnings
Buying expensive shares in a company with a stellar reputation isn’t always a losing proposition.
After all, shares of creative software maker Adobe Systems (ADBE) , which are up more than 280% over the past five years, proved naysayers wrong with its secular bullish price movement.
Revenue at Adobe Systems has grown, while the company has maintained free cash flow, gross margins and profitability.
On Thursday, Adobe Systems will release fiscal fourth-quarter earnings. Will the company maintain its momentum and surpass expectations?
It is difficult to buy a stock that trades at nearly 50 times the trailing price-earnings ratio. Yet, Adobe Systems is part of a select group of companies that have consistently satisfied investors.
Continue Reading on thestreet.com
Adobe Systems Looks To Continue Growth Story With Q4 Earnings Report
Digital media and marketing software firm Adobe Systems (ADBE) is expected to post its sixth straight quarter of sales growth of 20% or higher when it reports fiscal Q4 results after the close Thursday.
Analysts expect the San Jose, Calif.-based company to earn 86 cents a share excluding items, up 39% year over year, on sales of $1.59 billion, up 22%.
For the current quarter, Wall Street is modeling Adobe to earn 85 cents a share ex items, up 29%, on sales of $1.65 billion, up 19%.
Investment bank Cowen recently labeled Adobe stock one of its “top ideas for 2017.” It said the company is at the forefront of all things digital, from content creation to online marketing and measurement.
Continue Reading on investors.com
Stocks to Trade 12-15-16 | Thursday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: STI, DISH, BMY, NVDA
Negative last 20 and 5 trading days | closed 2% lower from the open: htz, nem, srpt, rice, car, aem, wmb, mbly, esrx, fslr, momo, bhp, expa, uaa, vfc, cat, jwn
Quarterly Order Flow:
Bullish Stocks to Trade: NVDA, DISH, X, GS, UAL, KSS, RCL, IBM, JPM, UNH, PNC, MAR, COF, NUE, CMA, ADNT, PRU, KMX, DFS, VLO, WDC, SLB, UNP, URI, CVX, ACN, BA, PCAR, COP, BHI,
Bearish Stocks to Trade: htz, aem, trip, mdt, twlo, ntnx, alxn
2x Normal Volume: NVDA, ESRX, STI, HZNP, PBF, ALXN
Inside days: jblu, hd, hes, tgt, amzn, abbv, crm, mos, stx, jnpr, ibm, dhr, tjx, amgn, dg, wdc