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A red close all around with Russell 2000s finally giving it up under the fast moving average, while NASDAQ, although under pressure, outperforming the rest of the indexes. I have been writing about the S&P 500 and its near term overdone internals, which hopefully gave you ample time to take profits on longs-some of which ... Read more
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S&P 500 has the longest winning streak since 2004; 1st close above 1500 since December 2007. These are the type of lofty headlines that make traders very happy (if their P & L is in line with the market), very worried (when will the party end?) and very baffled (why is AAPL not involved?) But, ... Read more
Day Trading Stocks List for 1/22
Longs: JBL COST EQT DEO FLO ESV TCK KORS NTGR MOS ARG QIHU BZH ACN SMH A AMZN PM USG CLH Shorts: Nvda gld esrx
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Good news is that despite the down day in the indexes, all held last Friday's lows. As I suspected the tone for the week would be set with today's action, will modify that statement to a degree. Indeed longs should be prepared for more correction considering the indexes although found support, could not move above ... Read more
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Let's talk phases! S&P 500 remains in a strong warning phase although it tested the 50 DMA. The Dow goes into an unconfirmed strong warning phase, making the 200 an important pivotal area at week's end. Russell 2000 goes to an unconfirmed bullish phase-first one of the 4 indexes! NASDAQ confirms the strong warning phase, ... Read more
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Today's Mish's Daily was prepared by Geoff Bysshe, co-founder of MarketGauge. The QQQ's weekly RSI is now at a level not seen since the dark days of the 2008 collapse. The biggest difference this time is that the market doesn't seem to care. Volume in all the indexes was above average but noteworthy. The price ... Read more
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And right on cue, a rally to resistance as none of the indexes were able to test or clear the fast moving averages. But certainly, in the face of some anemic economic numbers, they did indeed bounce off the lows-and, worked off oversold conditions. In the spirit of a trading range established, could see a ... Read more
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All I can say is don't fall asleep. Once this market wakes up, it will make a big move up or down from its current range. Considering the bull phase and the consolidation near the highs, right now-that points to sunny skies ahead. But, flexibility and having a plan is key. S&P 500 (SPY) Remains ... Read more
Compression For Day Trading & Swing Trading
After a stock consolidates it will very often have a nice breakout trade. This is just nature of markets. They go through phase of expansion and contraction. So identifying stocks that have consolidated, or are compressed in a range is a great way to identify breakout trades for day trading or swing trading. This is ... Read more
