Traders wake up today on a RED ink everywhere, specially when Fed Rosengren Speech about interest rates and over heating the U.S economy situation.
$ES_F Momentum Positions:
Weekly Trend Bear and not yet Over Sold. The net trend should be sideways to down for at least another 2-3 weeks.
Daily Trend The $SPX made a Bear Reversal: A multi-day high should be near completion, if not complete on Sept. 7, 2016
We are still holding $ES_F short from yesterday at 2179…stops at 2176, $ES_F move down initial project to 2153/57 area ..there is strong confluence lower at 2111-2113.
Andrew Renneisen | Getty Images U.S. stock index futures indicated a lower open on Friday morning as traders eyed comments from a series of Fed speakers. U.S. Federal Reserve Governor Daniel Tarullo will be on CNBC at 10 a.m. Eastern.
$ES_F Intraday: 240m deep OS, 60m Deep OS, VV AD .36 Bear,
Couple stocks we are looking at for today that we will discuss in the Chat ROOM
$TGT Daily Chart
$TGT triggers ..buying OCT 70 PUTS
$AU Daily Chart
$AU triggers bought some Oct 18 Puts…see charts above for stop details
On the dear stock Apple ($AAPL) Chief Executive Tim Cook failed to knock the socks off investors Wednesday when he introduced the newest rounds of bells and whistles on the #iPhone, the latest dubbed the iPhone 7 and the iPhone 7 Plus, and the Apple Watch, according to analysts.
recap: We are still holding $ES_F and $SPY short from yesterday, we will revisit and take profits on targets, and moving stops
Marc Faber once again brings his dim view on the stock market and this time he takes on Tesla $TSLA.
He believes that due to fierce competition, the stock will stand no chance but to go back to ZERO. Is this another classic false titanic alarm?
“What they produce can be produced by Mercedes, BMW, Toyota, Nissan. Anybody in the world can make it eventually, at much lower cost and probably much more efficiently,” Faber said Monday on CNBC’s “Trading Nation.”
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Possible solution? The StockMarket!
2 key investment risks
Returns are not guaranteed – While stocks have historically performed well over the long term, there’s no guarantee you’ll make money on a stock at any given point in time. Although a number of things can help you assess a stock, no one can predict exactly how a stock will perform in the future. There’s no guarantee prices will go up or that the company will pay dividends. Or that a company will even stay in business.
You may lose money – Stock prices can change often and for many reasons. You have to be comfortable with the risk that you might lose all of your money when you buy and sell stocks, especially if you’re not planning to invest for the long term. If you use leverage to invest in stocks, like buying on margin or short selling, you could lose more than you invest.
Therefore, you will need to understand the risk of having your hard earned income put in the stock market. Having first hand experience from putting earned dollars into the stock market only to realize painful losses after losses, has to put the importance of understanding what is Risk.
At the beginning of 2013 analysts speculated that the era of Risk On, Risk Off might be coming to an end because there were signs that the US Federal Reserve might be leaning towards ending quantitative easing at some point during 2013.
The market sentiment seems to flip flop back and forth on a daily basis between a “Risk On” and a “Risk Off”. Reading Risk Sentiment is as simple as following the direction of the US Stock Market.
Each day, it seems a new rumor is produced and the stock markets shifts accordingly. The seesaw action can take a toll on a trader’s emotions
Previous: How a Stock Move Translates to a Currency Trade The market sentiment seems to flip flop back and forth on a daily basis between a “Risk On” and a “Risk Off”. Reading Risk Sentiment is as simple as following the direction of the US Stock Market.
RISK ON
In Conclusion, you have to ask yourself, is this RISK worth taking? A lot of people realize when they look back, it seems they were better off spending the hard earned money buying a car or fulfilling any small tangible dream.
We note here that Bonds are at a major inflection point and we have to wait to see a confirm decision of the next move, which seems to be only going higher, with that being said we need to look at our Weekly chat for the $SPX.
Note above in the above chart the similarities between the Nov 6 and June 16 high. Also on the Daily chart posted below the 6-7 day High – Low cycles are in play with a Daily 8 DT Osc OB and weekly DT 8 OSC being Bearish..Will we break the triple top and step on the gas or pull back we do not know . Stay tuned we will post updated in our Chat Room
Thanks
– IKE
Wish you all a Happy Canada Day (1st of July) and Happy Indepence Day for USA.
Looking at the 60 minutes $SPX chart, the bounce assumed to be a corrective move untill proven otherwise. The upper end of resistance cited for wave (iv) of c under the blue count at 2035 $SPX.
We have no indication on the micro to indicate yet of a local top in place, if that resistance holds and price starts to head back down impulsively tomorrow we can view it as the start of blue wave (v) of c with 1960 $SPX as a potential target.
The above 2035 $SPX would start to look too big as a 4th wave, and instead would argue for another b-wave. Here the resistance for red wave b is between 2055 – 2070 $SPX (the .500 and .618 retrace).
In any Case until we see a solid evidence of otherwise, we are not assuming wave 2 has completed yet and believe we still have one more low, this aligns with the weekly and daily momos still bearish gives me some confidence.
What are we doing?
Will the above scenario happens?? Who Knows? having said that we did take some July 8th, 200 SPY Puts for 1.20 as a hedge.
