Dave will be on tastytrade this morning at 10 am EDT...
BMO – ES +3.50 and NQ +6.25 futures are higher 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate for pre-market with a more stocks quoting up than down…
Friday is triple witching expiration of March options and futures
XLF is up 5cents on 103,400 shares in pre-market at this time…
FAS is up 75 cents …
TLT is down 93 cents…
the Euro is up 47 pips overnight trading …
NDX leaders BIDU, GOOG, NFLX and QCOM are higher…AAPL, AMZN and PCLN are lower.
Dave’s Insight for Friday: higher Euro…lower bonds… Financials up…setting up a slightly higher open…Follow YOUR rules for entry, exits and stops...TRADE THE TREND…Many stocks have broken horizontal resistance and should be traded for Fib or S&R price targets as long as their trends continue…adjust stops as appropriate and according to your rules…
Often expiration Friday results in a trading range type day…
The intermediate term trend is still up…
Chart Signals will be watching the Euro, XLF and the VIX...the VIX continues to indicate stable trend…
SPX
Resistance: 1,401, 1,416, 1,427
Support: 1,388, 1,375, 1,370
Quoting Down – SINA, TLT, VECO, JNPR, TIF, GS, AMZN, CHKP, AAPL, MCHP, PCLN
Quoting Up – FAS, POT, CF, LNKD, URE, SLB, WLT, CREE, FCX, DE, MCP, TBT, CHL, CERN, GOOG, AVGO, FSLR, BIDU, ALXN, BRCM, STX, VRSN, NFLX, RIMM
3 comments:
Good Morning,
Why did SPY open lower this morning while SPX opened higher? Was an adjustment needed for SPY in order to stay on track with SPX? How does that affect trades with SPY when the tradable instrument is adjusted lower (not with a dividend?) just to stay on track with the index? (That doesn't seem 'fair').
Steven
Dave, When looking for a bull flag breakout are you concerned with volume?
Hi Dave,
I just listened to the market wrap. Tom and you were talking about where money might flow to when bonds fall further. If I understood correctly, you agreed that retail traders that failed to take their profit on bonds might not re-invest in equities. I'm curious what you think the big $ investors will do. I'm thinking they'll re-invest in other asset classes like equities because they are the ones who took profits and move bonds lower and are the same ones who'll take the market higher. Please give your thoughts. Am I being too simple minded? Thank you, Mary B
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