Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
ITCI Long Inverted Head & Shoulder | Doji Continuation pattern |
Double click the trade plan to enlarge.
This not a recommendation to buy. I am simply sharing a trade I am considering.
Good Morning, Profit Traders,
**We have added a few new longs, we have set up the trade plan for Double-Digit gains
From a bull’s eye: The SPY has found support a1 $219.15 reversed and is now positioned to form a J-Hook continuation pattern (a breakout and follow-though is still needed). $222.20 followed by $224.00 would be good directional targets for the swing trader. $220.40 is now the new minor support line while $219.15is the major support line.
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Good Morning Friends!
Yesterday was sure a nice surprise with the market pushing higher as the QQQ, IWM and SPY recovered slightly from last week’s slight bearishness.
Today the futures are basically flat across the board. We have International Trade, productivity, and costs as well as factory orders in the economic new this morning however unless we see have a big surprise number I doubt they will have much of an effect. We have now entered the quiet period ahead of the FOMC next week. That means no more Fed speak until Yellen’s press conference next Tuesday.
I think there is a good chance we will see the indexes get quiet and choppy until next Tuesday as well, however, that does not mean there will not be some nice trading in individual stocks as long as we remain positive and avoid dipping ahead of the FOMC meeting.
Have a great day my friends.
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
WAC Long Cup & Handle | Belt-hold | 3-Day Morning Star |
Double click the trade plan to enlarge.
This not a recommendation to buy. I am simply sharing a trade I am considering.
Good Morning, Profit Traders,
From a bull’s eye: Italy voters say NO and the morning futures are higher, but will the bulls win by the end of the week or will the bears?
Follow the chart. (SPY short term) A close above $220.90 would put the bulls in a good position to test last week’s high while weakness below $219.15 would suggest the sellers have the upper hand.
The SPY and IWM charts still suggest the bull is in control with minor profit taking.
Members Daily Trade Ideas. Be aware of sudden market changes!
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
WAC Long Cup & Handle | Belt-hold | 3-Day Morning Star |
Double click the trade plan to enlarge.
This not a recommendation to buy. I am simply sharing a trade I am considering.
Good Morning, Profit Traders,
From a bull’s eye: Italy voters say NO and the morning futures are higher, but will the bulls win by the end of the week or will the bears?
Follow the chart. (SPY short term) A close above $220.90 would put the bulls in a good position to test last week’s high while weakness below $219.15 would suggest the sellers have the upper hand.
The SPY and IWM charts still suggest the bull is in control with minor profit taking.
Members Daily Trade Ideas. Be aware of sudden market changes!
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We had an informal session on Saturday that was a lot of fun due to the great questions that everyone brought to the table. I have to admit I truly enjoy the interaction of these informal sessions. Thank you, RWO members!
Click Here to Watch the E-Learning Video
Good Morning Friends and Happy Monday!
Well, I have to say you could have knocked me over with the feather this morning when I rolled out of the bed and saw that the Dow futures were up 90 points. After the Italian election and Trumps comments that offended China the market looked as if it was going to finally give up the presidential rally. Clearly, that is not the case. We are now seeing some of the Perma-Bulls calling Dow 20K as the new target. Now I know the Dow likes those big round numbers but that’s still more than 800 points away and I have a tough time thinking we will go straight there without a pullback.
There’s not much in the way of market moving economic news this morning however we have 3 Fed members feeling the need to pontificate so keep that in mind as the morning progress.
Have a fantastic day.
Trade Wisely,
Doug
Click Here to View the Morning Video
Good Morning Friends and Happy Friday!
This has been an interesting week in the market with several contradictions. First, we have had Dow continuing to surge higher while the QQQ decided to embrace a bearish stance. The SPY and the IWM have been displaying weakness at the highs but the selling has been tentative. Oil which had started to show signs of bearishness suddenly flipped bullish on the news that OPEC will finally cut production. Economic numbers have been very positive however that has made the market nervous that the Fed will have to increase interest rates while at the same time fueling many financial companies to reach out for all time highs. What a complex mess we have made of the simple act of company valuation!
This morning we get the Employment Situation number at 8:30 eastern time. The market which would normally want to see job increases is now worried that the number may come in strong forcing the hand of the Fed to act. If the number comes in weaker than expected we may actually see the market respond higher, but if it comes in above 200k as the ADP suggests, the market will likely respond negatively.
One thing to be sure of is that the market will keep us on your toes trying to decipher its OCD issues. I suggest managing the positions your in and avoiding new risk for at least 30 minutes of trading today to allow time for the reaction to the news to subside.
I want to wish you all a fantastic weekend and remind everyone to keep our good friend Olivia in your thoughts and prayers as she deals with her severe health challenges.
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Rick’s Featured Trade Ideas
No trade Ideas today –
Please join us in the trading room today password 1222
Good Morning, Profit Traders,
From a bear’s eye: The Market overall is seeing a profit taking pullback, very clear bearish candles have been drawn this week in the SPY, IWM and the QQQ’s. All three are now trading below the T-Line™. We will be watching if support will hold or give way at important levels.
Not a Bad Week for Hit and Run Candlesticks:
12/1/16 Closed 1/2 SGY +44%
Earlier in the week we closed:
OCN +24.5%
CGNY 10.36%
RT 5.57%
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Good afternoon everyone, it’s time to do a little trade management. The MGM position was stopped out this morning. If you did not have a stop loss set on the trade and have not closed the position as of now I suggest doing so as soon as possible.
The JD trade has pulled back but is still holding in its trend, however, I want to tighten up the stop loss just slightly to $35.72
The CSX trade has produced some really nice gains triggering above target 1 on the gap up yesterday and target 2 did the same thing today. I am adjusting the stop loss to $35.72. I plan to hold for the 3rd target but there would be nothing wrong with taking the current gains finishing the trade today.
Below is the link to the video. All the trade sheet updates will be posted to the website.
Have a wonderful afternoon everyone.
Doug
Click Here to View the MGM Trade Sheet
Click Here to View the JD Trade Sheet
Click Here to View the CSX Trade Sheet
Click Here to Watch the Trade Update Video
Good Morning Friends.
The big move in oil yesterday inspired the bulls yesterday to reach out for new record highs in Dow but that early enthusiasm seemed to fade as the day progressed. The SPY, IWM, and QQQ all turned in bearish signals and a concern that the bull run could be running out of energy. Clearly, we are short-term overbought but the question is will the indexes actually pull back strongly or could it be just a choppy resting consolidation? I don’t have an answer to that because my crystal ball is on the fritz but do think that the bulls have been very hungry for a long, long time and don’t think they will give up easily.
Once again we have Fed members out today in what has become a nonstop conversation about interest rates. Will they, won’t they blah, blah, blah. Here’s a thought, shut up and make a decision! Of course, we have the normal jobless claims this morning as well as ADP, ISM, PMI and pending home sales numbers out this morning that could move the market this morning. However, my guess is we will see a choppy low volume market most of the day as we wait for the big Employment Situation number on Friday morning.
The long and short of all this is to be a little cautious this morning and avoid chasing into positions. Good things come to those who maintain their discipline and resist emotional decisions. Have a fantastic day!
Trade Wisely,
Doug
Click Here to Watch the Morning Video
