Traders Await FOMC Minutes | Stocks to Trade 10-8-15

The SPY traded on either side of the opening price yesterday but closed in the upper third of the days trading range.

Stock traders would love to be excited about a breakout today, but the fact is 2015 is one giant trading range. If you discount the week of the China meltdown, order flow is week-to-week at best.

The top proprietary traders I know are focusing on stock specific ideas, sector specific if you’re lucky.

I think this is good advice.

Traders Await FOMC Minutes | Stocks to Trade 10-8-15

Stock Market Today: Map of the S&P 500

(click the map for a full view)

Traders Await FOMC Minutes | Stocks to Trade 10-8-15

Day Trading Game Plan: The SPY ETF Outlook

SPY 50sma and $200 close to the same number. Two significant reference points held as short-term resistance yesterday.

The longer we consolidate near this level the more I believe we are going to break out. Feels like the bears are trapped from the previous selling. I would be mildly surprised if we have a large volume downtrend day.

(click the chart for a full view)

Traders Await FOMC Minutes | Stocks to Trade 10-8-15

Pete’s Notes:

  • FOMC minutes this afternoon.
  • FB off my list. Can’t clear recent levels.

Charts in Focus

Twitter Inc. TWTR

TWTR double normal volume and a nice breakout. Not quite ready to proclaim a long but keep in your tracking journal.

(click the chart for a full view)

Traders Await FOMC Minutes | Stocks to Trade 10-8-15


Traders Await FOMC Minutes | Stocks to Trade 10-8-15


Traders Await FOMC Minutes | Stocks to Trade 10-8-15

Earnings in play today > 1M avg shares: AA

Relative weakness to yesterday’s SPY positive change from the open: yum, mro, gpro, jd, dg, dltr, esv, pten, nov, mjn, hznp, aem, cag, atw, fit, ctrp, ar

> 20sma, positive week and closed 2% higher from the open: TWTR, JOY, BABA, WMB, ETE, WYNN, MON, CELG, AMGN, LNG, ETP, TERP, CF, TRN, BWA, TOL, XPO, MAR, CSIQ, MBLY, LEN, CAR, LB, GRUB, ZG

<20sma, negative last 5 days and closed 2% lower from the open: yum, gpro, dg, dltr, hznp, fit

Bullish Ideas ATR/Volume/Price: LYB, NKE, NFX, TSO, EL, PEP, VLO, CRM, ACN, MCD, GOOGL, PSX, V, HD, LB, CAM

Bearish Ideas ATR/Volume/Price: mnk, gpro, qrvo, yum, amba, wpz, myl, agn, ual, mdvn<40, dltr, lrcx, abbv, abc, teva, cah, antm, mjn, aapl, fit

Weak Stock Weak Close: dg, dltr, fit, gpro, gps, mjn, yum

Strong Stock Weak Close: KN, MTDR, CTRP, SCCO

Weak Stock Strong Close: AAL, ADSK, GILD, MDVN, MNK, MOS, POT, RAX, SWKS, TEVA, ZTS

Strong Stock Strong Close: JUNO, ZG, SINA, Z, DRE, CCP, SBGI, AGO, LB

20 day Breakdown: dg, dltr, gpro, hrb, tsla, yum

20 Day Breakout: CVE, PWR, ALTR, DDR, CNQ, JNPR, HST, RIG, DOW,  TWTR, GE

2x Normal Volume: DOW, YUM, JOY, BP, WLL, ADBE, WYNN, DG, DLTR, MON, RIO, ENDP, TOT, MJN, RAX

Watch List Longs: GE, KO, SBUX>59, VLO, MO, MCD, PM, COST, HD, JNPR, INTC, DOW, CSCO,

Watch List Short: kss, abt, mrk, m, ual, vz

Inside days: mas, mrk, nflx, abt, bmy, bax, brcm, dhi, mo, phm, agn, lly, cvs, gis, duk, tjx, mnk, avgo, kr, tgt, bby, jci, etfc, vrtx, pgr, len

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