BMO – ES -4.00 and NQ -5.50 futures are down 70 minutes before the open in pre-market trading and point to a lower open…volume is light for pre-market with a more stocks quoting down than up…Financial stocks, XLF is down 2 cents no volume in pre-market at this time…FAS is down $1.12…
TLT is up 37 cents and the Euro is down 65 pips pips overnight…
NDX leaders GOOG and QCOM are higher…AAPL, AMZN and BIDU are lower…
Dave’s Insight for Wednesday: lower Euro…higher bonds… Financials down…setting up a lower open …the Euro is lower overnight and is back down near its 1.27 support area …Follow YOUR rules for entry, exits and stops...TRADE THE TREND…
After a strong up day in which the SPX broke out of a pennant and made its highest close since July 28, 2011 at 1,292.08, it would be typical to see a pause day…
Chart Signals will be watching the Euro to see if support holds and the VIX to see if it stays below 25...XLF and TNX today as key factors in the SPX bounce…
SPX
Resistance: 1,292, 1,300, 1,315
Support: 1,277, 1,260, 1,249, 1,230
Quoting Down – CMG, FAS, V, IBM, UCO, TSL, LNKD, CAT, MCP, HAL, , FCX, SNDK, UNP, GS, DE, COH, AAPL, GOLD, NFLX, AMZN, BIDU, MSFT, VMED, WYNN, TEVA, GMCR, VOD, SBUX
Quoting Up – DECK, HUM, CROX, CRM, TLT, FAZ, HLF, FFIV, TSLA, DTV, PNRA, EBAY, FFIV
4 comments:
Dave,
Thank you for your friendship, tireless time and effort in helping me be a better trader. The 35 years was well worth the time. Congratulations.
Dave,
Congrats on your 35 years. I have been a student of yours for 5 years. You are my technical guru. Thank you for all you do: the classes, the webcasts, this post. I would have been out of trading long ago if it were not for you, and there is no doubt that you have made me a better trader.
Jan Denoo
Wow, 35 years, that's amazing, congrats! Looks like DOW is up about 11.5 times since then! I think now we are in the middle of a secular bear market working off some of that froth, so its definitely a traders market. The time will come though when PEs are well below 10 and stocks are hated that it will be a buying opp'ty of a lifetime, just like in 1982!
Dave,
Congratulations on the 35 years! I'm glad to have known you (or about you since Nov 2006) When Thursday nights were usually 4 plus hours (standard). Thanks so much for everything.
Gratefully,
Robert Lloyd
CANI_212
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