Market action today looks like a pause in the selling. The DJIA was up 125 points and the SPX up 9 points. Biotechs got hurt today in some serious selling. In tonight’s video (below) I look at both the IBB and XBI ETFs.
I also review the trade ideas. NFLX trade idea opened today and there are 4 new trade ideas on IBM, KORS, SCTY and WFM. Continue reading
The new Trade Ideas Video is posted below. In this video I review the trade idea that was closed on LUV, two that were opened on FEYE, BABA and one that is open on CAT. Two new trade ideas on NFLX and SNDX are also discussed. Continue reading
On Thursday the DJIA and S&P 500 (SPX) put in reversal bars. We got the follow-thru on Friday with the DJIA down nearly 300 points and the SPX down 32 points…the biggest down day since Sept. 1st. Now we have a similar reversal bar for the week.
The market had reached an overbought extreme with the 3 week counter-trend move. Based on Elliott Wave count, Put/Call extremes and other momentum indicators there is still more selling to come.
I go into all of this in the detailed Weekend Market Analysis Video below. I also review the weekly charts of American Express (AXP), Bank of America (BAC) and Goldman Sachs (GS). Continue reading
The Federal Reserve didn’t raise interest rates today because of concern about the global economic situation. So the Fed Funds rate has been essentially flat at about .14% for almost 7 years now. By not raising rates today, the Fed spoke loud and clear. It says volumes about what is really going on.
The market’s reaction to China and other things has the Fed’s attention. But what Chairwoman Yellen also talked about was the lowering of the inflation curve out into the future. They are not seeing inflation coming back and there is a real concern about deflation getting a strong toehold globally.
The Fed meets again in October and December so there still is an opportunity to raise rates then. The DJIA was up 193 points at its intra-day high and closed down 65 points at 16,674.70. In the Weekday Market Wrap video below I look at the market action and CAT, WYNN, EXPE. Continue reading
In this free video I walk you through a trade idea on Solar City. Riding the wave for a nice profit in 3 days.
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