Good Morning, it’s hump day and we have a busy market day ahead so I hope everyone is well rested and ready to rumble.
As we had hoped AAPL turned in a very good earnings report giving the bulls something more to think about than politics. Futures are suggesting a nice pop up at the open so far and all the major indexes are showing positive signs of holding price support at least for now.
We have a bunch of economic reports on the table today and some of them do have the potential of moving the market. The biggest and most important will be a 2 PM EDT when we hear from the FOMC. No one is expecting a change in the statement but if during her press conference Yellen begins to sound hawkish then the bears will have something to chew on so be careful.
After the morning rush don’t be surprised if the market goes very quiet as it waits for the FOMC. Also keep in mind we have over 130 companies reporting today we much remain on our toes when it comes to picking new trades.
I wish you all great day of trading.
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Last Updated: January 31, 2017
Star light, star bright, first star I see tonight . . . . Unfortunately, this hopeful nursery rhyme doesn’t apply in the world of swing trading, where an Evening Star candlestick pattern indicates that very bad things are on the horizon. When traders spot this pattern, which is a top reversal signal, they know that lower stock prices may soon be on the way. However, the Evening Star candlestick pattern is a tricky pattern to identify, so investors must proceed with caution when they think they’ve sighted it. Scroll down to learn a little more about this hard-to-spot signal.
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HRC Member’s – Go to the members’ area for today’s stock picks Members Link
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
GTN Long
Conditions: Inverted H&S |J-Hook | PBO Bullish Engulf
From a bull’s eye:
The SPY was able to close off its lows yesterday after the sellers had taken what they wanted. The overall chart pattern still suggests the buyers outnumber the sellers, but as I mentioned last week, I am seeing a few cracks in the ice so let’s walk carefully. Keep looking for the good chart setups and profit into strength. $226.60 is a line the bulls need to defend.
Leading Industries the past 10 days
Aluminum, Semiconductor Memory, Data Storage, Rental & Leasing Services, Copper
The ETF – GLD watching for a close over the T-Line, On our buy list.
Double Digit Gainers
We have 5-15 double-digit trade ideas every month. A $4000 investment in CSX would have put $1,080 in your pocket.
Member’s Stock Picks Below
Members Daily Trade Ideas. Be aware of sudden market changes!
Today’s stock picks are reserved for subscribed members
Continue Reading
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
GTN Long
Conditions: Inverted H&S |J-Hook | PBO Bullish Engulf
From a bull’s eye:
The SPY was able to close off its lows yesterday after the sellers had taken what they wanted. The overall chart pattern still suggests the buyers outnumber the sellers, but as I mentioned last week, I am seeing a few cracks in the ice so let’s walk carefully. Keep looking for the good chart setups and profit into strength. $226.60 is a line the bulls need to defend.
Leading Industries the past 10 days
Aluminum, Semiconductor Memory, Data Storage, Rental & Leasing Services, Copper
The ETF – GLD watching for a close over the T-Line, On our buy list.
Double Digit Gainers
We have 5-15 double-digit trade ideas every month. A $4000 investment in CSX would have put $1,080 in your pocket.
Member’s Stock Picks Below
Members Daily Trade Ideas. Be aware of sudden market changes!
Today’s stock picks are reserved for subscribed members
Continue Reading
Good Morning traders!
Monday was a bit of a roller-coaster ride and it was easy to become a little overemotional about the price action. Please watch the video because I explain a little on how to avoid making those emotionally based decisions.
Today we have several economic reports that have the potential to move the market but I think it is unlikely that they will. We also have the FOMC meeting beginning today so keep in mind that normally the market can become very quiet while it waits for their decision on Wednesday afternoon. Personally, I think the market driver will be the 130 plus earnings reports happening today with the granddaddy of them all AAPL reporting after the market close. I may be wrong but I think AAPL has had enough time to make some course corrections and I expect we will see a very good report today.
Although at this time I don’t think there is a need to panic about a major correction I do think it’s very important that you are managing the positions that you are in. Remember you can always buy a stock back and for the cost of a commission, there is just no need to hold a stock that is not performing as you had expected and breaking down. Raise your caution level on buying new positions slightly until we have a few more clues on the direction of the overall market.
Have a profitable and productive day!
Trade Wisely,
Doug
Click Here to Watch the Morning Video
HRC Member’s – Go to the members’ area for today’s stock picks Members Link
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
ASM Long
Conditions: RBB pattern | Inverted H&S |J-Hook |
From a bull’s eye:
This is a new week with all kinds of political news this past weekend and I am sure there will be more this week. A big week for earnings (BE careful and informed) Friday the SPY closed above support ($227.30) and the T-Line with an evening star pattern, suggest a little profit taking.
Leading Industries the past 10 days
Aluminum, Data Storage, Metal Fabrication, Copper, Rental & Leasing Services
The ETF – GLD Doji Bullish Engulf, On our buy list.
Double Digit Gainers
We have 5-15 double-digit trade ideas every month. A $4000 investment in CLVS would be putting $1,600 in your pocket.
Member’s Stock Picks Below
Members Daily Trade Ideas. Be aware of sudden market changes!
Today’s stock picks are reserved for subscribed members
Continue Reading
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
ASM Long
Conditions: RBB pattern | Inverted H&S |J-Hook |
From a bull’s eye:
This is a new week with all kinds of political news this past weekend and I am sure there will be more this week. A big week for earnings (BE careful and informed) Friday the SPY closed above support ($227.30) and the T-Line with an evening star pattern, suggest a little profit taking.
Leading Industries the past 10 days
Aluminum, Data Storage, Metal Fabrication, Copper, Rental & Leasing Services
The ETF – GLD Doji Bullish Engulf, On our buy list.
Double Digit Gainers
We have 5-15 double-digit trade ideas every month. A $4000 investment in CLVS would be putting $1,600 in your pocket.
Member’s Stock Picks Below
Members Daily Trade Ideas. Be aware of sudden market changes!
Today’s stock picks are reserved for subscribed members
Continue Reading
Good Morning friends and Happy Monday!
I hope this note finds you all happy, healthy, rested and ready to kick off another week of trading. We have a lot going on this week with earnings really ramping up and some the heavy hitters such as AAPL and AMZN reporting this week. We also have FOMC minutes and the big employment report to deal with this week which truly makes anything possible.
Futures this morning are looking lower seeming to show disappointment in the president’s travel ban. Weekends always seem to have an element of danger to them because you just never know what might happen while the market is closed. This is a good example as to why I don’t like loading up on stocks on a Friday and favor taking profits and cleaning up the portfolio ahead of a weekend.
We have a couple report on the economic calendar this morning but personally, I doubt very much that they will really move the market very much unless they are a big surprise. There are 68 companies reporting today so be mindful of that making sure you check reporting dates before making a purchase adding new risk.
Have an awesome day!
Trade Wisely,
Doug
Click Here to Watch the Morning Video
