After the Close Review of Tuesday’s market action…strong
uptrend not an accident, it is an effect of a positive macro-economic
environment and a basic choice between cash returns, bond returns and stock
returns SPY…IWM, DIA, CSCO, NKE, V, WMT, MCD, BA, HD, SPY, MU and more setups and great technical
analysis insights…9:29 pm PST
Nine sectors were higher on Tuesday, led by financials XLF +2.60% and
industrials XLI
+1.52%.
SPY up 2.64 at 262.87 on 98.9 million shares, 56% above average volume. Up
on higher volume.
VIX up .16 at 10.03
Oil down .10 to 57.75
TLT up .17 to
at 126.79…on 5.9 million shares, 12%
below average volume. Up on lower volume.
JPM +3.50%, and VZ +2.43%, led
the DJIA, 27 advancers.
AYI +5.12%, M
+4.53%, and
IPG +4.36%, led the SPX.
ORLY +5.61%, ULTA
+5.02%, TSCO +4.68%,
WBA +4.11%, and FAST +2.96%, led the NDX.
Intermediate
and long term up trend intact. 3-day short term trend is up.
Up:
IWM, DIA, SPY, QQQ
Down:
Breadth strengthened
on Tuesday as advancers led 1,996 to 953 on the NYSE and led 1,898 to 1,005 on the NASDAQ.
The SPY MFC green
line in the
upper zone at 95 bullish.
Uptrend
sectors: XLY,
XLK, XLF, XLU, XLB, XLI, XLRE, XLE,
Neutral
sectors: XLP, XLV,
Down
trend sectors:
Intermediate-term trending stocks: ADBE, PYPL, ALGN, BA, V, MCD, CAT, MU, TRU,
FB, A, ISRG, CBOE, LYV, TTWO, AABA, BABA, CDNS, ANET, WYNN, RNG, WUBA, SHOP,
ATVI, WB, LRCX, NVDA, SQ, CC, FCAU, RACE, TAL, CCL, RCL, EDU, AA,
66 of 100 NDX stocks closed
higher on Tuesday.
63
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 7
AAL, BIIB, CSX, CTAS,
JBHT, KLAC, NFLX,
Moving Below 30 DMA = 1
XLNX,
The
intermediate and long-term trends are still up.
6-month Intermediate Term
Market Trend: Up
3-day Short Term Market
Trend: Up
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3 comments:
Thanks for the great video!
50% Stops - Dave, I heard you mention that you may be normally using a stop loss = get out when the option price is cut in half. Today (Wed) was a good example of how that might have helped me. My rule set uses the ATA parameters of 1% below the low day on bull flags, and 3% below the breakout on #2 entries, but they got pretty well hammered today. Can you confirm if I heard you right about the <50%> option price stoploss? It would have a lot of advantages (K.I.S.S., often lose less by exiting earlier etc) If a trade isn't working, it seems better to take the loss and look for a fresh set-up, even though sometimes it will turn around and go back to profit. Thanks as always for your crisp, entertaining and insightful blogs and videos! John
Fav...you're welcome...Dave
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