Stock Trading Today 6-28-16 | Dow Futures Rally 200 Points

Today’s Trading Lesson…

 

Day trading has the image of the ultimate risk takers, but when you think abut it, we have the least risk.

We control the game. We are not exposed to overnight surprises but we can trade those stocks in play the next day. 

The biggest risk for day traders is the day trader. The game of patience we need to play in our mind is a constant battle to get paid versus smart trading. Smart is when the market matches our strategy. Break-even trading is when we force the market to match our strategy.

I guarantee when you learn to be patient you will learn to make money. The problem for most traders is they can’t be patient. They don’t have a strategy or an edge, they only have a desire to make money.

The seven-figure traders I know only trade their edge. Everything else is outside their view. Learn to do the same and your focus will be rewarded.

You may be thinking if “I limit my ideas I will miss opportunities.” The reality is, you can’t open a Walmart with enough money and experience to operate a deli. 


On the Tape Today...

$KR breakout over $37 has $2.30 room to go. Target @ $39.30 (see chart)

$GILD broke $81 support. Next major level is $67.50. Day trade or swing trade in play.

$DG two days of buying and relative strength after the BREXIT news. 52 week highs as well.

$EA 50 sma support and yesterday's low provides a great level to bid for a new long. $74.37 target.

$KR Breakout 6-28-16 (Click to Enlarge)

$KR 6-28-16

$KR 6-28-16


Dow futures rally 200 points as U.S. stocks get set to rebound

U.S. stocks were poised for a rebound on Tuesday, with futures rallying as investors picked up assets beaten up heavily after the U.K.’s vote to leave the European Union.

The gains reflect wider optimism in the markets, as all risk assets were getting a boost, including oil, the pound and European equities.

“After two days of rather drastic selling pressure in the wake of Brexit, there are signs that markets may be settling for a bit of respite as risk appetite improves,” said Richard Perry, analyst at Hantec Markets, in a note.

“The concern would be that this is just a ‘dead cat bounce’ and traders simply see this as another chance to sell. However, for now the outlook is a little more positive,” he added.

Continue reading on marketwatch.com


Stock Market Today: Heatmap of the S&P 500

$SPY Heatmap 6-28-16

$SPY Heatmap 6-28-16


Stock Trading Today 6-28-16 | Dow Futures Rally (7 am)

Dow, S&P Breach Key Support; UK Credit Ratings Cut As Brexit Fallout Continues

Brexit fallout continued Monday as U.S. stocks again followed European bourses sharply lower, with steep declines by American Express (AXP) and JPMorgan  (JPM).

The major indexes closed off their intraday lows, but they still finished well in the bottom half of their session ranges. The Nasdaq sank 2.4%, the S&P 500 shed 1.8%, and the Dow Jones industrial average gave up 1.5%, with the latter two breaching their 200-day moving average lines for the first time since March.

Volume was slightly lower across the board vs. Friday, according to preliminary figures, but it was still intense overall. Banks and oil stocks were among the hardest hit in the stock market today. West Texas Intermediate crude slid 2% to $46.74 a barrel, while gold prices climbed 0.5% to $1,328.90 an ounce.

American Express led the Dow’s decline with a 4% drop, adding to its 5% plunge in heavy volume Friday. Shares are now near four-month lows and are 29% off their 52-week high. JPMorgan fell 3%, bringing its two-session loss to 10%

Continue reading on investors.com


Tape Reading the SPY ETF $SPY set to open higher this morning. The 200 sma is the first target for new longs at $202.15. The global news is forcing a lot of traders I know in NYC to be day trading, no over night risk. I think this is a smart play for now.
$SPY 6-28-16

$SPY 6-28-16


Stocks in Play: $AXP research on finviz.com

$AXP NEWS: American Express is getting into one of the hottest trends in tech

American Express has announced plans to start piloting a Facebook Messenger chat bot for U.S. cardholders.

The bot, which has the straightforward name Amex Bot, will let users opt into notifications about balances, benefits, and services tied to recent purchases made inside the Messenger app, reports Engadget.

The financial company plans to launch the company in the next few months.

In Amex’s demo, the bot told a user it had spent a certain amount of money on an airline and then gave the user the option to receive information about the airport lounge for Amex customers or to use Amex’s concierge service to browse restaurant reviews in the destination city.

Amex has been pouring energy and resources into digital innovation, so the move into bots is unsurprising. Chat bots let users perform tasks within messenger apps that would otherwise be done in a separate app.

Continue Reading…

$AXP hit with five weeks of selling. The next short sale with solid risk/reward is $59 — >> $50. The highest acceptable short covering is up to $60.

$AXP 6-28-26

$AXP 6-28-26


Stocks to Trade 6-28-16 | Tuesday Edition

Short-Term Trading Momentum:

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

Negative last 20 and 5 trading days | closed 2% lower from the open: fb, lbtya, baba, dvn, nflx, ual, gild, wdc, cof, apc, rcl, mon, pcar, ba, wynn, pnc, swks, bhi, tif, lnc, pru, apa, clr, mur, ea, expe, hca, acad

Quarterly Order Flow:

Bullish Stocks to Trade: DG, NEM, AEM, DLTR, MBLY

Bearish Stocks to Trade: wdc, ual, rh, lnc, bhi, lbtya, nxpi, rcl, swks, pru, tif, ctrp, mar, pnc, agn, prgo, nflx, lb, expe, ba, gild, ma, alk, bidu

2x Normal Volume: JPM, LBTYA, MCD, NXPI, UAL, COF, LYB, MA, GS, RCL, PCAR, PNC, STT, TIF, DLPH

Inside days: wmt, mo, nem, lly, cvs, se, hcp, gis, rost, unh, dre, hcn

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