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The above quote is apropos into the jobs report.
Facebook sets the stage with a familiar setup, which I will discuss after the bell in my video market recap.
See you there.
(Check out the long-term investment play K today).
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I am short Starbucks here, entered inside 12631 just now, playing for further downside from the corrective daily chart, below.
My cover-stop is a move over $75.50.
On longer-term timeframes, I believe there is room to drop down to $65.
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I normally would not be sidestepping or emphasizing a jobs report so much. But the truth of the matter is that it should seem fairly obvious the market’s many divergences are needing an excuse to resolve themselves.
Specifically, the troubling action in the Nasdaq versus the strong S&P.
On the intraday charts of both, spanning the past few days of trading, you can plainly see the Q’s threatening another breakdown after some recent damage, while the S&P is hovering near recent highs but may be facing some exhaustion of its own.
Either way, I am inclined to remain very light in front of the report and trade the reaction, even more than usual.
Drop me your top afternoon tickers.
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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.
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The financials are still shaping up to be a huge battle between and the weak and vulnerable Citi versus the resilient Wells Fargo. Whichever side wins out should dictate the next big move for the XLF, sector ETF. Given how extended Wells is, and the fact that Citi still appears to be on the cusp of a major bull-to-bear reversal with a move under $47, I am inclined to look at the bear case here.
Also note MS showing signs of breaking down from a bear flag this morning.
What are you trading out there?
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