Today’s Trading Education…
Trading simulators are fun, they help improve your edge if used properly.
But the benefit usually stops with your results. You feel good but do you actually improve?
A trading journal goes deeper, it improve your thoughts, which produce your results. Cause and effect type of stuff.
In my experience the fastest way to boost your trading results is your trading journal during market hours. Yes, when you’re trading.
If done properly, you are writing how you read the price action. what you notice, what that means. How to trade it.
Video #2 of our trading journal mastery series covers this topic in detail.
Enjoy and take good notes. (also watch the other two videos!)
On the Tape Today...
$XOM $87 buy-stop, target to sell is $89. Day trade only, evaluate a swing trade on a close above the target. (see chart)
$TSLA inside day sets up a trend day. Below $204 has room to go to $196. A move higher is a valid trade but less profit potential.
$MYL $42 sell-stop cover to buy in the $38,25 area. Use a limit order to get the fill into momentum.
$CAT "fuel candlestick" breakout looking for one more day of bullish action. Target to sell $89.
$XOM 9-29-16 (Click to Enlarge)
Wall Street stocks set to struggle as euphoria over OPEC deal fades
U.S. stock futures struggled to hold onto positive territory on Thursday, as the initial euphoria over a preliminary agreement on oil output faded and crude prices drifted south.
Away from commodities, investors will be watching out for weekly jobless claims and other data, as well as for a crowded lineup of Federal Reserve speakers, including Chairwoman Janet Yellen.
Stocks to watch: YMZ6, +0.05% PepsiCo Inc. PEP, -0.10% PEP, -0.10% and ConAgra Foods Inc. CAG, -0.25% are tapped to report ahead of the open, and Costco Wholesale Corp. $COST, -0.69% after the closing bell.
Continue reading on marketwatch.com
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 9-29-16 | $COST Earnings
Stocks Rally, Oil Surges As S&P 500 Retakes Key Support; Nike Falls 4%
Stocks carried modest gains into the close Wednesday, as oil prices rallied after OPEC reportedly struck a deal to cut production in November. Exxon Mobil (XOM) scored the biggest gain in the Dow with a 4% jump to retake its 200-day moving average in heavy volume.
Shares are now 1% below the 50-day line. Chevron (CVX) wasn’t far behind, rising 3% in busy trade and reclaiming its 50-day line. The stock is working on a flat base with a potential 107.68 entry.
But Nike (NKE), down 4% in rapid turnover, was the biggest mover on the blue chip index. Late Tuesday, the athletic shoe giant reported blowout fiscal Q1 results.
Continue reading on investors.com
Stocks Quiet On Eve Of GDP Report; Sonic Drops 7% Q2 GDP will be released before Thursday’s open. Analysts expect an upward revision to 1.3%. The first and second takes on economic growth came in at 1.2% and most recently 1.1%.
The range of estimates for the final number runs from 1.1% to 1.5%. Fast-food chain Sonic (SONC) gapped down 7% on weak guidance. Volume was about 500% above average.
Despite the ugly move, Sonic found support near the 25 price level. Read More — >>
Tape Reading the SPY ETF
$SPY price action changed in four days from well-offered gap lower with volume, to well-bid gap fill…
Post Labor Day stock trading gave us the Holy Grail this year, volatility. I didn’t say easy, I said volatile.
The $SPY traded on either side of the open price yesterday making it a day for patience. Buying below the open price is a sound strategy, but only if the order flow is obvious.
Order flow is not obvious.
Essentially the market gave us a bullish headwind the last two hours of the day. So what does this mean?
Traders who struggle at break-even or worse, trade actively when the edge is small. To earn a solid P&L the remainder of 2016 requires patience.
Be prepared and don’t over trade. Keep an eye on oil related stocks.
Stocks in Play: $COSTresearch on finviz.com
$COST Earnings NEWS: What to Expect When Costco Reports Sept. 29
Costco Wholesale (NASDAQ:COST) stands at a crossroads.
The company has seen slowing growth, and it’s possible that the warehouse club faces more than just an off quarter or two. It’s possible, maybe even likely, that the chain faces a challenge to its business model.
For Costco, and warehouse clubs in general, success is dictated by the ability to sell memberships. Of course the club must have members to sell anything at all, but those membership fees account for more than two-thirds of the chain’s profits.
The problem facing the warehouse club model is that its chief benefit — offering cheaper items through bulk purchases — may no longer be the draw it once was.
Amazon.com (NASDAQ:AMZN), and to a lesser extent online stores from other big retailers, has cheap prices. In addition, those digital sellers do not require people to buy in quantities they may not actually need.
What to Expect When Costco (COST) Reports Q4 Results
Costco ($COST) is projected to report a year-over-year increase in fourth-quarter revenue on Thursday.
Stocks to Trade 9-29-16 | Thursday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: EXPE, LYB, CVX, CBS, CAT, OKE, APC, EOG, APA, NOV
Negative last 20 and 5 trading days | closed 2% lower from the open: juno, nke, car, myl, teva
Quarterly Order Flow:
Bullish Stocks to Trade: APA, SRPT, APC, OKE, TRGP, CAT, TAP, AMZN, PG, PRU, TWLO, DISH, LVS, AAPL, BABA, CHTR, NVDA, FB, YELP, MA, ADBE, EA, STX, WDC, LN, CLVS
Bearish Stocks to Trade: nke, myl, vfc, teva, dg, cvs,abc, low, dis, len, crm
2x Normal Volume: PG, XOM, NKE, HOT, CBS, VIAB, RICE, CAT, SRPT, OXY, APA, CLR, TAP, VFC
Inside days: ge, csco, nflx, pypl, bsx, endp, ma, scty, yum, tsla, yelp, chtr