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Weekend update. Here's what happened last week
Monday: Dow surges 580 points thanks to Boeing and record home sales Tuesday: Best quarter since 1987?!?! Wednesday: Stocks close slightly higher on vaccine hopes and better than expected economic data Thursday: Biggest Jobs Report ever: 4.8MM jobs added in Friday: Markets closed in observance of 4th July
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$XRT, $BBBY, $M (Macy's), $CAKE, $W (Wayfair) Retail was decimated by Coven-19. They have been active & action stocks both up and down. Mitch went with a little top down analysis, using the segment ETF for guidance with intermediate & higher Time Frame charts. The blue chart is the segment ETF, & there are a few symbols orbiting that "rhyme", i.e., have similar levels at similar points in time. The high-probability play is to wait for the ETF to reach its level and then either act on that or play another symbol that's moving similarly. The charts below are the setups we have waiting for entry.  Monday: Stocks start the week higher in spite of violent U.S. protests Tuesday: Protests and looting puts major cities on lockdown – so why do stocks rally? Wednesday: The BEST 50-day rally EVER… Thursday: “Operation Warp Speed” helps Nasdaq make new records, but… Friday: Great News: Stocks go crazy after FANTASTIC jobs report… $JETS -- Airlines, like other things, gapped up today. But they then gave back a fair amount of their gains, forming a pretty large red daily candle & closing in the bottom 20% of its range or so. The airlines, as tracked by the JETS etf, now sit on the 100D SMA, which coincides with a major round #, $20. If JETS doesn't hold there Monday there's no real demand until about 12% underneath. This will be something we'll be tracking next week & we'll be monitoring the major symbols for opportunities (($LUV, $AAL, $DAL, $UAL, $ALK, $JBLU, $HA, $SAVE).  Here's what happened this week:
Monday: Stocks have their best day in 4 weeks, and here’s why Tuesday: Shocking: Vaccine doesn’t work? – DOW drops 390 points Wednesday: Crazy: Fed sees “extraordinary amount of uncertainty” – and Nasdaq is only 5% away from all-time highs! Thursday: Stocks down, but Billionaires increased their net worth by $434 billion Friday: Today’s market action felt like deja vu from February The one thing about change is that it doesn't change.
It just keeps changing. The world does change... some things don't. But one thing's for sure. If what you did before doesn't work anymore (in trading or anything), it probably won't magically start working again. That's change. Sticking your head in the sand about it won't fix the problem. Hoping. Wishing. Whining. Weeping. Groaning. Ignoring. Denying. None of those will CHANGE things back to the way they were. That’s a definite going forward. Adapt to the change... or DIE (either a slow lingering death or a fast and ugly one). Pull your head out of the sand... adapt to change. Embrace it. Find your groove... and work the hell out of it until you're forced to change again. That's how the world works, and the Internet makes that change happen even faster. ... and that will probably NEVER change. ;-) Here's what happened LAST week:
Monday: Good news or bad news? – Stocks can’t figure it out and struggle to find direction Tuesday: Stocks don’t like Dr. Fauci’s “more suffering and death” comments… Wednesday: Stocks tank after Powell says THIS is “worse than any recession since World War II” Thursday: 2.9 million jobs lost last week…and stocks rally? – Here’s why: Friday: The craziness continues: Worst Retail Sales decline EVER – and stocks rally…
Here Are Today's Highlights:
This is the worst decline in GDP we’ve seen since 2008… We all know things are bad right now...like REAL bad! Everyday there’s a new terrible headline. And though I believe staying informed is important, I think it’s also important to take it in small doses right now. It’s sort of like trading in that, at the end of the day, I can’t control what the market will do...I have to go with what the market is giving me at that time. Let me tell you from experience...when you fight the markets, the markets will always win. It’s like I have printed on my mug “Trade What You SEE, Not What you THINK.” Because probably much like you, on multiple occasions, my response has been “OMG!” to a new report or headline...yet, as of this morning the Nasdaq (NDX) is less than 10% from its all time highs: After the bell TSLA and FB report Earnings. Lets see how the markets respond tomorrow. |
AuthorFull time traders and teachers.. Archives
June 2020
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