Monday, April 30, 2018
04-30-2018 Trade of the Day
Bulls Get April Win
MARKET SUMMARY
U.S. markets opened in positive territory following another round of solid earnings reports and a wave of M&A news. However, the gains started to fade into the second-half of action as traders turned their focus towards the FOMC decision from the Fed on Wednesday and the monthly jobs report on Friday. The major indexes closed on their lows but showed gains for April although the technical outlook has turned slightly bearish.
The Russell 2000 sank 0.9% after closing in the red for the 7th-time in 8 sessions while bottoming at 1,541. The close below its 50-day moving average was a slightly bearish development despite the index gaining 0.8% in April.
The Nasdaq gave back 0.8% after failing its 50-day moving average for a second-straight session while testing a low of 7,065 into the close. The index added 3 points, or 0.1%, for the month.
The S&P 500 fell 0.8% after settling at 2,648 to snap a 3-session win streak. A move towards 2,600 and the 200-day moving average is in play on continued weakness.
The Dow declined 0.6% following the backtest to 24,163 and session low. The index held 24,000 for the 4th-straight session with a close below this level getting the 200-day moving average back in play.
For the month, the S&P 500 and Dow gained 0.3%.
TRADE O F THE DAY
THE ZEN OF TRADING
ANALYST UPGRADES / DOWNGRADES
Altria Group (MO) upgraded to Outperform from Sector Perform at RBC Capital
Cirrus Logic (CRUS) upgraded to Buy from Hold at Craig-Hallum
New York Times (NYT) upgraded to Overweight from Neutral at JPMorgan
Colgate-Palmolive (CL) downgraded to Equal Weight from Overweight at Morgan Stanley
JetBlue (JBLU) downgraded to Neutral from Overweight at JPMorgan
Wayfair (W) downgraded to Neutral from Outperform at Wedbush
EARNINGS
Tuesday’s earnings:
Before the open: Aetna (AET), Brinker International (EAT), Cummins (CMI), Eaton (ETN), Fortis (FTS), GrubHub (GRUB), HanesBrands (HBI), Imax (IMAX), Johnson Controls (JCI), Lumber Liquidators (LL), Merck (MRK), Noble Energy (NBL), Pfizer (PFE), Seagate Technology (STX), Tapestry (TPR), Under Armour (UA), Vista Outdoor (VSTO)
After the close: Allstate (ALL), Brooks Automation (BRKS), Cray (CRAY), Denny’s (DENN), Energous (WATT), Five9 (FIVN), Gilead Sciences (GILD), Howard Hughes (HHC), Juniper Networks (JNPR), Kforce (KFRC), Mondelez International (MDLZ), NCR (NCR), Plantronics (PLT), Red Rock Resorts (RRR), Shutterfly (SFLY), Snap (SNAP), Unisys (UIS), Voya Financial (VOYA), Western Union (WU)
UPCOMING ECONOMIC NEWS
Tuesday's economic reports (EST):
Redbook - 8:55am
PMI Manufacturing Index - 9:45am
ISM Manufacturing Index - 10:00am
Construction Spending - 10:00am
METALS / OIL
Gold closed at $1,319.20 an ounce, down $4.20
Silver settled at $16.40 an ounce, down $0.10
Copper finished at $3.04 a pound, down $0.05
Crude Oil closed at $68.44 a barrel, up $0.47
Bitcoin Investment Trust (GBTC) settled at $15.85 up $0.35
How do you know if your system is in a drawdown or is broken? [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
04-30-2018 Trade of the Day
Bulls Get April Win
MARKET SUMMARY
U.S. markets opened in positive territory following another round of solid earnings reports and a wave of M&A news. However, the gains started to fade into the second-half of action as traders turned their focus towards the FOMC decision from the Fed on Wednesday and the monthly jobs report on Friday. The major indexes closed on their lows but showed gains for April although the technical outlook has turned slightly bearish.
The Russell 2000 sank 0.9% after closing in the red for the 7th-time in 8 sessions while bottoming at 1,541. The close below its 50-day moving average was a slightly bearish development despite the index gaining 0.8% in April.
The Nasdaq gave back 0.8% after failing its 50-day moving average for a second-straight session while testing a low of 7,065 into the close. The index added 3 points, or 0.1%, for the month.
The S&P 500 fell 0.8% after settling at 2,648 to snap a 3-session win streak. A move towards 2,600 and the 200-day moving average is in play on continued weakness.
The Dow declined 0.6% following the backtest to 24,163 and session low. The index held 24,000 for the 4th-straight session with a close below this level getting the 200-day moving average back in play.
For the month, the S&P 500 and Dow gained 0.3%.
TRADE O F THE DAY
THE ZEN OF TRADING
ANALYST UPGRADES / DOWNGRADES
Altria Group (MO) upgraded to Outperform from Sector Perform at RBC Capital
Cirrus Logic (CRUS) upgraded to Buy from Hold at Craig-Hallum
New York Times (NYT) upgraded to Overweight from Neutral at JPMorgan
Colgate-Palmolive (CL) downgraded to Equal Weight from Overweight at Morgan Stanley
JetBlue (JBLU) downgraded to Neutral from Overweight at JPMorgan
Wayfair (W) downgraded to Neutral from Outperform at Wedbush
EARNINGS
Tuesday’s earnings:
Before the open: Aetna (AET), Brinker International (EAT), Cummins (CMI), Eaton (ETN), Fortis (FTS), GrubHub (GRUB), HanesBrands (HBI), Imax (IMAX), Johnson Controls (JCI), Lumber Liquidators (LL), Merck (MRK), Noble Energy (NBL), Pfizer (PFE), Seagate Technology (STX), Tapestry (TPR), Under Armour (UA), Vista Outdoor (VSTO)
After the close: Allstate (ALL), Brooks Automation (BRKS), Cray (CRAY), Denny’s (DENN), Energous (WATT), Five9 (FIVN), Gilead Sciences (GILD), Howard Hughes (HHC), Juniper Networks (JNPR), Kforce (KFRC), Mondelez International (MDLZ), NCR (NCR), Plantronics (PLT), Red Rock Resorts (RRR), Shutterfly (SFLY), Snap (SNAP), Unisys (UIS), Voya Financial (VOYA), Western Union (WU)
UPCOMING ECONOMIC NEWS
Tuesday's economic reports (EST):
Redbook - 8:55am
PMI Manufacturing Index - 9:45am
ISM Manufacturing Index - 10:00am
Construction Spending - 10:00am
METALS / OIL
Gold closed at $1,319.20 an ounce, down $4.20
Silver settled at $16.40 an ounce, down $0.10
Copper finished at $3.04 a pound, down $0.05
Crude Oil closed at $68.44 a barrel, up $0.47
Bitcoin Investment Trust (GBTC) settled at $15.85 up $0.35
How do you know if your system is in a drawdown or is broken? [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
Is Kanye the Ezra Pound of rap? For both, politics can exist at odds with the output.
To the extent West’s music continues to give expression to feelings of black pride and self-empowerment, it will do so in defiance of Kanye’s newfound Trumpism, just as Pound’s poetry often went against the grain of his fascism.
↩︎ The New Republic
Stocks Positive For Month Despite Weakness
Hello traders everywhere. Although the stock market has slipped into the negative territory on the day all three indexes are looking to post a monthly gain for April. This will mark the first positive monthly gain in two months as volatility has taken a toll on the market over the last three months. The S&P […]
The post Stocks Positive For Month Despite Weakness appeared first on INO.com Traders Blog.
How to Use Trendlines for Trading – Dispelling the Myths
Trendlines are a useful tool for visually highlighting a trend, and potentially being part of a trading strategy. There are a lot of myths and inaccurate information about trendlines though. Learning how to use trendlines effectively–if you are going to use them–is crucial so you don’t fall into several common traps.
Trendlines are a technical analysis tool used to define and project price trends in major markets such as stocks, forex, and futures. Trendlines have…
The post How to Use Trendlines for Trading – Dispelling the Myths appeared first on Vantage Point Trading.
Barings hires Smart for research role
Hadingham promoted at Nomura
Michelle Wolf didn’t bully Sarah Huckabee Sanders at the Correspondents’ Dinner—because punching up isn’t bullying.
The bully is bigger and stronger and safer, and wields those advantages over someone smaller and weaker and more vulnerable. Wolf got off some zingers an event filled by people whose livelihoods Sanders holds in her hands.
↩︎ The Concourse
triReduce enhances compression
HKEx appoints Laura Cha as chairman of board
Market Will Be Choppy - Lots of News - Focus On Post Earnings Day Trades
Market Will Be Choppy - Lots of News - Focus On Post Earnings Day Trades
Sunday, April 29, 2018
04-29-2018 Trade of the Day
Bears Get Weekly Win
MARKET SUMMARY
U.S. markets opened in positive territory on Friday but traded in a narrow range afterwards to finish mixed while snapping a two-week win streak. Earnings continue to come in better-then-expected from some of the market’s biggest and most influential companies. With 1Q earnings season halfway over, some of the euphoria seems to be wearing off. However, volatility closed below a key level of support and is suggesting higher highs heading into May.
The Russell 2000 declined for the sixth-time in seven sessions after slipping 0.1% while bottoming at 1,549 intraday. The index held its 50-day moving average for the 4th-straight session. The Dow dipped 11 points, or 0.05% after trading to a low of 24,194 while holding the 24,000 level for the third-straight session. For the week, both indexes gave back 0.6%.
The S&P 500 was up 0.1% after trading to an intraday high of 2,677 and remains less than 1% away from clearing its 50-day moving average. For the week, the index was down a quarter-point, or 0.01%.
The Nasdaq rose a point, or 0.02%, to close higher for a second-straight session after reaching a morning peak of 7,197. The index just missed clearing its 50-day moving average and was down 0.4% for the week.
CHASING TRADES
ANALYST UPGRADES / DOWNGRADES
Facebook (FB) upgraded to Buy from Hold at Stifel
Microsoft (MSFT) upgraded to Overweight from Neutral at JPMorgan
Bristol-Myers (BMY) upgraded to Market Perform from Underperform at BMO Capital
Chipotle (CMG) downgraded to Hold from Buy at Maxim
Symantec (SYMC) downgraded to Market Perform from Outperform at JMP Securities
Sunoco (SUN) downgraded to Underperform from Hold at Jefferies
EARNINGS
Monday’s earnings:
Before the open: Allergan (AGN), Cooper Tire & Rubber (CTB), DSP Group (DSPG), First Data (FDC), Insperity (NSP), Loews (L), McDonalds (MCD), RumbleOn (RMBL), US Concrete (USCR)
After the close:
Akamai Technologies (AKAM), Blackbaud (BLKB), Cognex (CGNX), HealthStream (HSTM), Inogen (INGN), J&J Snack Foods (JJSF), Mastec (MTZ), NutriSystem (NTRI), One Gas (OGS), Rent-A-Center (RCII), Stifel Financial (SF), TrueBlue (TBI), Vornado Realty Trust (VNO)
UPCOMING ECONOMIC NEWS
Monday's economic reports (EST):
Personal Income and Outlays - 8:30am
Chicago PMI - 9:45am
Pending Home Sales Index - 10:00am
Dallas Fed Manufacturing Survey - 10:30am
METALS / OIL
Gold closed at $1,323.40 an ounce, up $5.50
Silver settled at $16.50 an ounce, up $0.01
Copper finished at $3.04 a pound, down $0.05
Crude Oil closed at $67.97 a barrel, down $0.22
Bitcoin Investment Trust (GBTC) settled at $15.50 up $0.15
An algorithmic trading system is the interaction between data and a fixed model (an algorithm) whereby the model needs the data to process its logic. [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
04-29-2018 Trade of the Day
Bears Get Weekly Win
MARKET SUMMARY
U.S. markets opened in positive territory on Friday but traded in a narrow range afterwards to finish mixed while snapping a two-week win streak. Earnings continue to come in better-then-expected from some of the market’s biggest and most influential companies. With 1Q earnings season halfway over, some of the euphoria seems to be wearing off. However, volatility closed below a key level of support and is suggesting higher highs heading into May.
The Russell 2000 declined for the sixth-time in seven sessions after slipping 0.1% while bottoming at 1,549 intraday. The index held its 50-day moving average for the 4th-straight session. The Dow dipped 11 points, or 0.05% after trading to a low of 24,194 while holding the 24,000 level for the third-straight session. For the week, both indexes gave back 0.6%.
The S&P 500 was up 0.1% after trading to an intraday high of 2,677 and remains less than 1% away from clearing its 50-day moving average. For the week, the index was down a quarter-point, or 0.01%.
The Nasdaq rose a point, or 0.02%, to close higher for a second-straight session after reaching a morning peak of 7,197. The index just missed clearing its 50-day moving average and was down 0.4% for the week.
CHASING TRADES
ANALYST UPGRADES / DOWNGRADES
Facebook (FB) upgraded to Buy from Hold at Stifel
Microsoft (MSFT) upgraded to Overweight from Neutral at JPMorgan
Bristol-Myers (BMY) upgraded to Market Perform from Underperform at BMO Capital
Chipotle (CMG) downgraded to Hold from Buy at Maxim
Symantec (SYMC) downgraded to Market Perform from Outperform at JMP Securities
Sunoco (SUN) downgraded to Underperform from Hold at Jefferies
EARNINGS
Monday’s earnings:
Before the open: Allergan (AGN), Cooper Tire & Rubber (CTB), DSP Group (DSPG), First Data (FDC), Insperity (NSP), Loews (L), McDonalds (MCD), RumbleOn (RMBL), US Concrete (USCR)
After the close:
Akamai Technologies (AKAM), Blackbaud (BLKB), Cognex (CGNX), HealthStream (HSTM), Inogen (INGN), J&J Snack Foods (JJSF), Mastec (MTZ), NutriSystem (NTRI), One Gas (OGS), Rent-A-Center (RCII), Stifel Financial (SF), TrueBlue (TBI), Vornado Realty Trust (VNO)
UPCOMING ECONOMIC NEWS
Monday's economic reports (EST):
Personal Income and Outlays - 8:30am
Chicago PMI - 9:45am
Pending Home Sales Index - 10:00am
Dallas Fed Manufacturing Survey - 10:30am
METALS / OIL
Gold closed at $1,323.40 an ounce, up $5.50
Silver settled at $16.50 an ounce, up $0.01
Copper finished at $3.04 a pound, down $0.05
Crude Oil closed at $67.97 a barrel, down $0.22
Bitcoin Investment Trust (GBTC) settled at $15.50 up $0.15
An algorithmic trading system is the interaction between data and a fixed model (an algorithm) whereby the model needs the data to process its logic. [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
Weekly Futures Recap With Mike Seery
We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets. Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN […]
The post Weekly Futures Recap With Mike Seery appeared first on INO.com Traders Blog.
Saturday, April 28, 2018
Blueprint for Forex Day Trading with $1,000 (or less)
Here’s how to start building a small forex account using day trading, including what type of account to open, what time frame to focus on, and expectations.
Forex day trading with $1,000 (or less) is possible and even profitable. Forex trading allows you to control your position size precisely, and utilize leverage, both which aid a small trading account. We will discuss both these concepts a bit later on.
For the US stock market you…
The post Blueprint for Forex Day Trading with $1,000 (or less) appeared first on Vantage Point Trading.
CVS: Amazon Capitulates - Too Cheap To Ignore?
Introduction CVS Health Corporation (NYSE:CVS) recently touched down to a 52-week low of ~$60 per share which is a drastic decline from its all-time high of $112 in 2015 translating into a nearly 50% slide in its shape price. Its P/E ratio is in sub-10 territory against an S&P 500 average of 24, suggesting CVS […]
The post CVS: Amazon Capitulates - Too Cheap To Ignore? appeared first on INO.com Traders Blog.
Friday, April 27, 2018
Stock Market Waivers As GDP Growth Slows
Hello traders everywhere. The U.S. economy posted a 2.3% annual growth rate in the first quarter of 2018 as consumer spending turned in the weakest performance in nearly five years. However, the January-March increase came in better than expected, supporting hopes for a solid rebound for the rest of the year where analysts are looking […]
The post Stock Market Waivers As GDP Growth Slows appeared first on INO.com Traders Blog.
Fifty things to consider when feeling down about the world.
Just 200 years ago, 85% of the world population lived in extreme poverty. 20 years ago it was 29%. Today only 9% live in extreme poverty while the majority of people (75%) around the globe live in middle-income countries.
↩︎ A Wealth of Common Sense
The role of social media in contemporary lynchings.
Even if they learn that the people they lynched are innocent, there is a sense of, “Too bad, but they were in the wrong place.” They still have a sense of righteousness. This is the morality of lynching, that it's not perceived as a crime, but as a form of justice.
↩︎ The New York Times
RBC fights £13 million whistleblower claim
2018 U.S. Gasoline Season Outlook
OPEC’s Monthly Oil Market Report (MOMR) for April featured an article on the summer petroleum products market. It observed that the U.S. is typically the key driver for products markets in the run-up to the summer driving season, and indicators are pointing to a positive and optimistic outlook. It cites year-over-year January combined gasoline and […]
The post 2018 U.S. Gasoline Season Outlook appeared first on INO.com Traders Blog.