Today’s Trading Lesson…
Day trading advice isn’t hard to find.
And that’s the problem. That’s what is holding you back.
If you are struggling to find your groove as a day trader, you don’t need another trading e-book or another Google search. You need structure. You need rules and criteria.
And then you need to make a commitment.
You aren’t alone. Most traders go through this vicious circle of wanting more information. Wanting the day trading nugget that will turn you into a stock trading money-machine.
I feel your pain. I was there for a long time. Too long actually. I felt “close” for a few years. You don’t want to go there. It sucks.
On the Tape Today...
$DIS sell-short remains in play. Profit target to cover is in the $87.25 area. (see chart)
$EA buy-stop $84.25 Initial target to sell @ $85.75. Work the entry on the breakout.
$MON breakdown "fuel candle" without order flow. First stage of increased volume with room to go. $103.75 sell-stop. Initial target on a short-sale is $100.
$SWKS strong momentum and "exhaustion" candle yesterday, into resistance. A higher open is for profit taking, not a new long
$DIS 9-16-16 (Click to Enlarge)
U.S. stocks set for losses with key inflation data ahead
Apple slips premarket after 4-day rally
Wall Street was facing a downbeat end to the week on Friday, with investors staying on the sidelines ahead of inflation data, seen as a factor in the Federal Reserve’s interest rate deliberations.
“As markets increasingly consolidate, it appears as though traders are now just preparing for the FOMC and BOJ meetings next week,” said Richard Perry, market analyst at Hantec Markets, in a note.
The U.S. Federal Open Market Committee and the Bank of Japan both wrap up their policy meetings on Wednesday next week. The BOJ is seen as easing policy slightly, while the Fed is widely expected to keep rates on hold. The CME FedWatch tool is currently showing a 12% probability of a rate hike at the Sept. 20-21 meeting.
Continue reading on marketwatch.com
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 9-16-16 | $BIDU Self-Driving Cars
Bulls Take Control As Indexes End With Big Gains; Oracle Falls Late
The bulls regained control from the bears Thursday as major averages ended with strong gains in mixed volume.
Apple (AAPL) and Intel (INTC) were top performers in the Dow, with gains of around 3%. Skyworks (SWKS), Nvidia (NVDA) and Analog Devices (ADI) led the Nasdaq 100.
Oracle (ORCL) rallied 1.5% ahead of its earnings report after the close but gave back 1% early after-hours trading. Oracle reported adjusted earnings per share of 55 cents, or 3 cents below views. Sales of $8.6 billion also was below estimates.
In the stock market today, Dow component McDonald’s (MCD) added 0.8% after Reuters reported the company has received final offers from three bidders for its China and Hong Kong operations.
Meanwhile, leading growth stocks outperformed again. New Oriental Education (EDU), featured in Wednesday’s Stock Spotlight column, soared nearly 7%. It’s now slightly extended from a 45.47 entry.
Baidu gets approval to test self-driving cars in California
China-based internet company Baidu has received a permit to test its self-driving cars in California from the state’s Department of Motor Vehicles, as the race to introduce driverless automobiles accelerates.
Baidu, which unveiled its autonomous vehicle in China last December and has been steadily increasing its investments and partnerships in the sector, has already tested on Chinese roads and highways.
Tape Reading the SPY ETF
$SPY hourly chart telling the story to short-term traders.
Day trading mode, loud and clear. Long-term perspective continues to display signs of distribution. Heavy volume with churning price action. You can learn more about order flow in this article.
Distribution implies a change of trend, from uptrend to potential change of trend, to “mark down,” also known as a down trend.
Nobody can predict the future, but successful trading requires conviction in your ideas. The $SPY ETF is trading 100 millions additional shares per day, compared to August, and prices are churning.
I see a top. Does that imply I am shorting. Yes. I am shorting weak stocks, not those near all-time highs. If the general stock market confirms, I switch to aggressive decision making, trade bigger, and hold longer.
Until then, we are in a stock picking tape.
Stocks in Play: $BIDU research on finviz.com
$BIDU NEWS: Baidu Stock Advances, Testing Self-Driving Cars in California
NEW YORK (TheStreet) — Shares of Baidu (BIDU) were higher in late-afternoon trading on Thursday as the Chinese Internet search provider received a permit from California’s Department of Motor Vehicles to test its self-driving cars in the state, according to Reuters.
The company has already tested the vehicles on Chinese roads and highways. Baidu unveiled its autonomous car in China last December. Read More on thestreet.com
Stocks to Trade 9-16-16 | Friday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: REN, SWKS, CLVS, WNR, MPC, NVDA, TIF, EA, VLO, TMUS, ACAD, AVGO
Negative last 20 and 5 trading days | closed 2% lower from the open: mon
Quarterly Order Flow:
Bullish Stocks to Trade: CLVS, MOMO, REN, SRPT, APA>$60, BABA, WYNN, AAPL, FB, CHTR, NVDA>$63.50, REN, SE, LVS, PRU>$80.50,
Bearish Stocks to Trade: rcl, ctsh, dis, low, nclh, fslr, bmy,
2x Normal Volume: AAPL, MON, VFC, SWKS, SRPT
Inside days: kmi, symc, xom, nem, fitb, apc, oxy, apa, dvn, mos, esrx, nbl, cien, vmw, nov, twlo, mbly