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Enjoy tonight’s video, and enjoy your evening.
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After a soft open, the action was rather tame for most of the day.
The small cap ETF, 30-minute chart first below, gap-filled down to 03/04 before bouncing off it, in a rather photogenic way.
Meanwhile Sotheby’s, first chart below, remains quite weak and can be seen as prior market “tell.”
Will it hold true this time? Stay tuned for my video market recap after the bell…
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While copper is naturally gaining more attention given its recent weakness, COP is the major integrated Conoco which also bears watching.
I consider this chart a short setup, with weakness under $66 being an initial trigger. Note the recent consolidation not recapturing recent losses very well, and a declining 50-day moving average to boot.
On the long side, note the recent strength in under-the-radar restaurant plays like BLMN DFRG KONA.
ZU is also having a great day after a recent orderly pullback.
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Despite all of the drama, Herbalife has gone essentially nowhere since last August
On the daily chart below, note the significance of the $60 level.
As I write this, I see news is out from the FTC. It will be interesting to see if Ackman is eventually proven correct.
For now, an aggressive trader may see a short if price moves under $64 again.
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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General “Government” Motors tested major $34-$34.30 support this morning.
On the updated daily chart, below, note the potential major topping still in play dating back to last summer. Although the stock has been a tricky short, considering buyers have vigorously defended $34 in recent months, the chart remains vulnerable. If bears can finally crack $34 on a closing basis, I expect a move down into the $20’s.
Also keep an eye on BID breaking down today.
What are you trading this morning?
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