Late Night Strategy for Thursday

FGTUqTD

Goldman Sachs has a pretty textbook bearish setup on the daily chart, below. Note the bearish engulfing candle at the 50-day moving average on Wednesday after a weak buy volume bounce over the past week.

If we are on the cusp of seeing the next leg down in a more standard correction, in lieu of the QE-era rallies to new highs off shallow dips, then I suspect Goldman will prove to be a quality short into the end of this week.

I like it as a short on any further weakness, which would likely pressure the financials as a whole.

Drop me your top tickers overnight.

____________________________________________________________

GS

Stock #Market Recap 10/22/14 {Video}

If you enjoy my blog posts and videos, then I would encourage you to please click on this 12631 hyperlink for more details about joining our great team of traders at a very reasonable price. 12631 is a trading service which @RaginCajun and I direct here at iBankCoin.

In addition, please see the top of this video for details about attending our iBC Investors Conference this November.

Enjoy tonight’s video, and enjoy your evening. 

Direct Vimeo Link Click Here

EleVader Down for Crude to the Dark Side

Fhk0IJy

The inability of crude oil to hold so much as an oversold bounce this week from badly beaten-down conditions surely cannot be a good sign for global growth. While I am aware of the geopolitical theories as to why this is happening, I am also not discounting the potential negative implications of bid-less crude.

Looking ahead, I am keying off of crude and the correlation to equities to see if stocks come under pressure if crude remains weak.

See you after the bell for my video market recap with more discussion.

____________________________________________________________

USO

Kicking Some Bear Game

1_634109195931187500333292_53_2AChanosJChanosTHouston_053010

I am testing out a short in the small caps as we speak, based on the 30-minute IWM support trendline breach, seen below.

Inside 12631, I am long TZA with a protective stop-loss below $15.70, though I may cut it sooner if proven incorrect.

Small caps still have major technical issues, from a long-term perspective. And the last few days of exuberant bouncing does not negate that damage.

Let’s see if bears can lean on dip-buyers here for a rollover.

_________________________________________________

IWM

Five Stocks Edgier Than You Think Today

RSgqRN1

Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

________________________________________________________________

2014-10-22_1222

Quote of the Morning

Here is a great quote applicable to trading. This comes via ChessQuote (@chess_chat) on Twitter, one my favorite follows:

“During a chess tournament a master must envisage himself as a cross between an ascetic monk and a beast of prey.” – Alexander Alekhine

To be sure, with the market grinding up like this, and a bit of chop, I am in ascetic monk mode more than beast of prey mode for now.

But that can change quickly…

Late Night Strategy for Thursday

FGTUqTD

Goldman Sachs has a pretty textbook bearish setup on the daily chart, below. Note the bearish engulfing candle at the 50-day moving average on Wednesday after a weak buy volume bounce over the past week.

If we are on the cusp of seeing the next leg down in a more standard correction, in lieu of the QE-era rallies to new highs off shallow dips, then I suspect Goldman will prove to be a quality short into the end of this week.

I like it as a short on any further weakness, which would likely pressure the financials as a whole.

Drop me your top tickers overnight.

____________________________________________________________

GS

Stock #Market Recap 10/22/14 {Video}

If you enjoy my blog posts and videos, then I would encourage you to please click on this 12631 hyperlink for more details about joining our great team of traders at a very reasonable price. 12631 is a trading service which @RaginCajun and I direct here at iBankCoin.

In addition, please see the top of this video for details about attending our iBC Investors Conference this November.

Enjoy tonight’s video, and enjoy your evening. 

Direct Vimeo Link Click Here

EleVader Down for Crude to the Dark Side

Fhk0IJy

The inability of crude oil to hold so much as an oversold bounce this week from badly beaten-down conditions surely cannot be a good sign for global growth. While I am aware of the geopolitical theories as to why this is happening, I am also not discounting the potential negative implications of bid-less crude.

Looking ahead, I am keying off of crude and the correlation to equities to see if stocks come under pressure if crude remains weak.

See you after the bell for my video market recap with more discussion.

____________________________________________________________

USO

Kicking Some Bear Game

1_634109195931187500333292_53_2AChanosJChanosTHouston_053010

I am testing out a short in the small caps as we speak, based on the 30-minute IWM support trendline breach, seen below.

Inside 12631, I am long TZA with a protective stop-loss below $15.70, though I may cut it sooner if proven incorrect.

Small caps still have major technical issues, from a long-term perspective. And the last few days of exuberant bouncing does not negate that damage.

Let’s see if bears can lean on dip-buyers here for a rollover.

_________________________________________________

IWM

Five Stocks Edgier Than You Think Today

RSgqRN1

Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

________________________________________________________________

2014-10-22_1222

Quote of the Morning

Here is a great quote applicable to trading. This comes via ChessQuote (@chess_chat) on Twitter, one my favorite follows:

“During a chess tournament a master must envisage himself as a cross between an ascetic monk and a beast of prey.” – Alexander Alekhine

To be sure, with the market grinding up like this, and a bit of chop, I am in ascetic monk mode more than beast of prey mode for now.

But that can change quickly…