Today’s Trading Education…
40 Tips From My Trading Journal [2000-2016]
Trading advice is easy to get. Everyone has an opinion.
The key to moving forward as a successful trader is implementing trading advice that matters to your unique experience.
This is why the best advice you will ever receive, is from yourself. The quickest path to success begins with a brutal assessment of your progress.
Keep a trading journal religiously. Your trading notes will end up as the most important trading book you ever read.
My goal is not so much to give you specific ideas, but to give you a direction for what to expect and how to succeed.
On the Tape Today...
$QCOM fuel candlestick, $68 buy-stop, initial target to sell $71. (see chart)
$SBUX $53 sell-stop would push through a triple bottom support. $48.30 buy to cover.
$NKE $52 sell-stop, $49.50 buy to cover.
$MCD $114 sell-stop for a swing trade, initial target of $110, Gap fill buy to cover $105
$QCOM 9-30-16 (Click to Enlarge)
Oil prices continue to fall as doubts over OPEC agreement build
Crude-oil futures eased in early Asia trade Friday as investors cashed in their recent gains amid skepticism that the Organization of the Petroleum Exporting Countries would carry out a production cut deal it tentatively agreed to on Wednesday.
Oil prices have risen more than 7% over the past two sessions after OPEC caught the market off guard by agreeing to a preliminary pact to slash the group’s output between 32.5 million barrels a day and 33 million barrels a day, down from the levels of 33.2 million barrels a day in August.
A more definitive policy, including production cap for individual members, will be discussed and possibly ratified at OPEC’s next meeting on Nov. 30 in Vienna.
Continue reading on marketwatch.com
Trump’s ‘ugly’ claim about stocks is backed by Morgan Stanley economist
“We are in a big fat ugly bubble, and we better be careful,” declared Republican presidential nominee Donald Trump at the first of three debates with Democratic rival Hillary Clinton on Monday.
The statement was one of many zingers Trump lobbed as he attempted to cast the economy and the U.S. market as standing on a precarious footing. It is a charge that, in part, he hopes will serve as a rebuke to President Barack Obama’s presidency and indirectly to Clinton who served as U.S. Secretary of State.
At least one Wall Street economist agrees with Trump.
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 9-29-16 | $NFLX
U.S. Stocks Sell Off On Deutsche Bank Worries, But Oil Plays Surge
Stocks closed sharply lower Thursday as concerns about Deutsche Bank’s (DB) health sparked a sell-off in financials, then spread wider.
Deutsche Bank sank nearly 7% amid concerns that hedge funds have trimmed exposure in their assets managed by the prime brokerage division of the German-based institution, according to Bloomberg, and a suggestion by the U.S. Justice Department that it pay a $14 billion fine over mortgage securities issues.
On the Dow, Goldman Sachs (GS) was the biggest loser with a near 3% drop. JPMorgan Chase (JPM) weighed in with a 1.6% loss. Both banks fell in volume about 50% higher than normal.
Other lagging groups in the stock market today included biotechs and other drugmakers. But oil, dairy products and chipmakers outperformed.
Continue Reading and Watch Video on investors.com
Tape Reading the SPY ETF
$SPY trading range continues. $212 support gives us the level to monitor.
Day trading mode for those focusing on the indices. Quite a few traders in ES futures are in cash or significantly reducing their activity.
Thankfully we can spread our game plan over a bigger list. I don’t want to produce a big smart sounding analysis on the $SPY this morning because, quite frankly, there isn’t much to analyze here.
But that provides a trading lesson. To trade at higher levels, you must know when to push, and when to trade for cash flow.
Otherwise everything looks the same.
Stocks in Play: $NFLX research on finviz.com
$NFLX NEWS: Netflix is pouring money into some of TV’s most expensive shows
The streaming giant’s latest series ‘The Crown’ cost a reported $130 million in production costs.
The streaming giant’s next original program “The Crown”—produced by Sony Pictures’ UK-based production company, Left Bank Pictures—is set to debut Nov. 4 and racked up a reported $130 million in production costs.
“The Crown” is a 10-episode series about the British royal family and its parliament in the second half of the 20th century.
At $13 million per episode, on average, “The Crown” is right up there with the most expensive TV show ever, which, according to Statista data, was “ER,” which also cost $13 million an episode.
3 Terrible Reasons to Sell Netflix, Inc.
I get it: Amazon.com (NASDAQ:AMZN) is getting some traction under its Amazon Prime Video subscription service. Studio-owned Hulu relaunched with a more user-friendly video-viewing experience.
Netflix is running into local rivals in many of its overseas territories. Simply put, the company has never before faced as many head-to-head competitors as it does right now.
But neither Amazon nor Hulu will kill Netflix. In fact, you could easily argue that all of these internet-based video specialists are working together to build a whole new market. As this new generation of video services cuts deeper into the traditional cable TV market, there’s plenty of room for several healthy rivals to establish their own special niches.
Stocks to Trade 9-30-16 | Friday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: NXPI, SM, QCOM, CLR, MUR, COP,. HAL ,APC, EXPE, REN
Negative last 20 and 5 trading days | closed 2% lower from the open: mpc, vlo, teva, pbf, myl, dks, juno, car, agn, celg, kors, gs, tsla, dltr, amgn, psx, bmy, abbv
Quarterly Order Flow:
Bullish Stocks to Trade: SM, QCOM ,CLR, ACN, APC, NOV, REN, NVDA, APA, AMZN, TWLO, OKE, LN, EA, MA, STX, ADBE, CHTR, YELP, BABA, CLVS
Bearish Stocks to Trade: teva, myl, agn, celg, kors, lvlt, abc, len, bmy, nke, crm, vfc, dis
2x Normal Volume: NXPI, HES, CLR, APA, ACN, EXPE, RH, TSO, COST
Inside days: twtr, xom ,cvx, mcd, ccl, rrc, nem, mat, m, slw, twlo, cl, ar, vfc, rcl