Today’s Trading Lesson…
So many stocks to day trade, so many choices, so many opportunities…
For the amateur trader, that is the comment most often repeated when they read the end of day news, and see the spectacular price action a particular set of stocks traveled that day or week.
Feelings of “missing out” because there are so many opportunities become stories of missed fortunes and “what if.”
Professional see things differently. A true professional admits resources of time, capital, experience and skill are limited. A sound trading plan is built around your resources, not your dreams. Having big aspirations is good.
Having unrealistic goals to match your resources is a path to deleting your account.
So what do you do?
On the Tape Today...
$SLCA declined into a perfect order flow support level. Bullish traders stepped back in and closed the stock price on the highs. A $52 buy-stop triggers a swing trade long with a target to sell $55.75. If the trade entry triggers, game plan to exit for a small loss on a close below $51.50. (see chart)
$HTZ bearish order flow remains intact but continues to hover at the $22 support level. Wednesday's inside day breakdown should be the trigger we needed to initiate a new short-sale. Not looking to hold until the bottom tail low from 11-8-16, planning an exit to cover in the $18 area.
Stock Market Today
Oil prices slip as Libya restarts operations at key fields
Oil prices were steady Friday, under pressure from potential production increases in Libya where operations have restarted at two key oil fields.
JPMorgan Draws IRS Whistle-Blower Complaint Over Pension Funds
JPMorgan Chase & Co. paid more than $300 million a year ago to resolve regulators’ claims that the bank had failed to tell wealthy clients it was steering them into its own funds. Now it may have unfinished business with the Internal Revenue Service.
The Power of Self Awareness in Trading
Bertrand Russell had a point. A good part of wisdom is knowing what you don’t know and being self-aware with respect to your flaws.
Here is an interesting observation. Some traders I work with choose to share their journals with me daily.
More Russian Hacking
They got access via phishing scams.
Dopes are no match for nerds. And guns are no match for computers.
That’s right, 1’s and 0’s, computer networks revolutionized the music business and the wankers are still screaming… As for the politicians, they had no idea what happened to them.
Financial Leverage is Cool Again…and The Donald Trump Snub, Pump and Dump
Financial Leverage is back. So is berating people, snubbing and inside information. Bank of America is the new Facebook.
United Airlines is the new Google.The Coal ETF is the new Tesla.
British Petroleum is….well at least that stock still sucks.
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 12-16-16
Stocks Positive For Week; Adobe Beats, Oracle Falls On Mixed Results
The major indexes posted moderate gains Thursday but closed off their highs, as the Dow continues its attempts to hit 20,000.
Positive manufacturing data fueled the indexes to early gains as the stock market continued to digest the Federal Reserve’s interest-rate hike announced Wednesday.
Homebuilder confidence also offered support, with the National Association of Home Builders’ Housing Market Index spiked to its highest level since 2005.
Goldman Sachs (GS) led the Dow with a 1.6% gain. Nike (NKE) lagged with a 1.2% drop.
Hospitals, medical software makers and shipping fleets posted some of the best gains on the stock market today, while gold miners, toy makers and apparel companies suffered some of the worst hits.
Watch the Video and Continue Reading on investors.com
Tape Reading the SPY ETF
$SPY price action remains firmly in the middle of the post-FOMC volatility. Hourly up trend from December 7 went parabolic, and now we begin seeing topping tails on the daily chart.
Hearing a lot of traders hesitating to get long up here. If you’re swing trading it’s the right game plan if we are talking about the indices, but there are still plenty of stocks with room to go on the long side.
Scroll down and see the list of stocks with bullish order flow, they only make the list if there is “room to go.” Until the $SPY breaks out of this range yesterday’s game plan remains in place.
Monitor the change from the open and the current hour to be in sync.
Stocks in Play: $RAD research on finviz.com
Rite Aid (RAD) Earnings News: Rite Aid (RAD) Q3 Earnings: What’s in Store for the Stock?
Rite Aid Corporation (RAD – Free Report) is slated to report third-quarter fiscal 2017 results on Dec 22.
Last quarter, the company’s earnings came in line with the Zacks Consensus Estimate, though it has outperformed the same by an average of 10.8% in the trailing four quarters. Let’s see how things are shaping up for this announcement.
Factors Influencing This Quarter
Following the last quarter, management remains encouraged by the performance of its Pharmacy Services segment as well as its front-end business. The company’s results continue to benefit from improvements in prescription drug costs.
Overall, Rite Aid’s constant focus on strengthening its portfolio of health and wellness services, coupled with its consistent endeavors to enhance pharmacy and clinical services bode well.
Continue Reading in zacks.com
Stocks to Trade 12-16-16 | Friday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: RSPP, HCA, LUV, PRU, IONS, XLNX
Negative last 20 and 5 trading days | closed 2% lower from the open: gpor, slw, momo, wb, htz, urbn, jwn, uaa, kors
Quarterly Order Flow:
Bullish Stocks to Trade: IONS, PRU, SLCA, ADSK, UAL, NVDA, KMX, URI, UNP, DFS, VLO, CMA, COF, JPM, GS, PNC, WDC, BHI, CVX, X, ACN, COP, UNH, MAR, NUE, IBM, HES, BA, PCAR
Bearish Stocks to Trade: htz, trip, twlo,
2x Normal Volume: VRX, MDLZ, GPOR, LLY, SLW, XLNX, ADBE
Inside days: c, csco, ms, ko, ebay, gild, jnj, low, mpc, myl, unh, cag, pep, gsk, ibm, tsla, kss
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