We have had the up move we called for at the beginning of the week.
Traded SSO from 72.90 to 74.40, timed the exit perfectly in hind sight.
Benefitted in AMR and DUG on the move down from oil.
The tone of the market is changing, we did not get the post oil close up market moves of the past few days. Things are going to get very interesting tomorrow or Monday :)
Good things I did today: took profits, did not get greedy. Stayed strong on STV and exited with a slightly up trade. Stayed strong on outlook for the markets and used direction and tone to create a profitable trading day.
Despite headline news, the inventories were actually fine and rising as the energy department reported issues offloading from the Gulf ships. Could energy and the market finally start moving in lockstep?
Byron Wein: Margin squeeze, Consumer hurting, new down leg coming.
Excellent post from tradinggoddess blog on stocks with 40% moves:
6. Stocks of companies that beat the analysts’ consensus estimate (if there is one) by a wide margin. Such companies report triple digit quarterly EPS growth and significant rise in sales. Boosted guidance for future earnings also help. Market tends to respond enthusiastically to such news, sending the price of a stock in the sky on monstrous volume.
7. Stocks, belonging to currently hot sectors. For example if several coal producers report significant earnings growth on favorable market conditions, it is very likely that Wall Street will bid up stocks of other members of the same sector, even when the fundamentals of those other members are far from impressing. Investors’ expectation for future earnings is a key here.
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It's a wonderful feeling when the market moves the way you expect it to.
Took profits on MXC, nice scalp
Did not get greedy, took profits on IMB
Was Strong on trades, had to wait till the last half hour for QLD to come to my sell point
Was in control of my emotions all day long
Will post thoughts on tomorrow later
Took profits on MXC, nice scalp
Did not get greedy, took profits on IMB
Was Strong on trades, had to wait till the last half hour for QLD to come to my sell point
Was in control of my emotions all day long
Will post thoughts on tomorrow later
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Net trend is breaking higher over the next couple days.
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The consumer conference board confidence number at 57.5 was worse than expected, but the market was oversold and rallied on bad news.
CNBC tried to spin the uptick in home sales but it was a seasonal uptick from Mar to Apr, same as in prior years. We see no sign of a pickup in the home sales data today.
As we expected, we got the bounce in the market today. The Nasdaq which we stated was looking strong bounced up 1.8% today, a strong move up albeit on low volume.
Further, as we mentioned in our post yesterday, we expected Energy to be weak today and the XLE was down 0.48%.
Discretionary and Financials also got a well deserved bounce with the XLF up 0.37%. We'll be looking to establish short positions in the coming days and will give a heads up.
Stocks
Merrill Lynch MER +1.48%
Home Depot $27.28 +1.91%
We were looking for a bounce and will be looking for an entry on the short side in the coming days.
CNBC tried to spin the uptick in home sales but it was a seasonal uptick from Mar to Apr, same as in prior years. We see no sign of a pickup in the home sales data today.
As we expected, we got the bounce in the market today. The Nasdaq which we stated was looking strong bounced up 1.8% today, a strong move up albeit on low volume.
Further, as we mentioned in our post yesterday, we expected Energy to be weak today and the XLE was down 0.48%.
Discretionary and Financials also got a well deserved bounce with the XLF up 0.37%. We'll be looking to establish short positions in the coming days and will give a heads up.
Stocks
Merrill Lynch MER +1.48%
Home Depot $27.28 +1.91%
We were looking for a bounce and will be looking for an entry on the short side in the coming days.
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