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SCOTUS to Reconsider Drugs


With the Supreme Court to hear the Obamacare subsides case, WLP UNH are getting hit hard today.

I view both as potential shorts here, especially given their prior run-ups.

In addition to the good news likely being baked in for now, the market must now wrestle with the indecision/known unknowns arising from the prospective SCOTUS ruling.

I view others in the space as shorts, too.

What are your top final hour trades?

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Banjo Boy’s Revenge

The coal miners, as well as the precious metals’ and global materials like CLF, are sustaining bounces for the first time in a good long while from extremely beaten-down conditions.

The Banjo Boys from down south, as well as Agent Starling’s one-generation-removed-from-po’-white-trash-in-West-Virginia, have been the butt of many a joke in recent years for failing to put in any type of good low.

But, into year-end, recent shorts may find that the joke is on them. Note that many of these miners are very heavily-shorted, which is great on the ride down but can also lead to vicious, snapback rallies.

I am starting out with some light positions in the coals and other miners. However, if the bounces hold into next week I will consider building positions.

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The Grass is Greener for These Five Stocks


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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Rules of the Road


The small cap chart, as well as that of the Nasdaq, is coming to a standstill overall as we head into the weekend. Whichever way they break should finally give us a nice directional bet, though I am still leaning lower. Let’s see who controls the rules of this road, though.

For now, the hourly chart of the small caps, below, shows the consolidation.

Also note the rally in the precious metals miners building some steam.

Elsewhere, SWKS is putting a sizable bearish engulfing candle today after its report, as semis as a whole look heavy here.



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In the Wake of LOCO


LOCO reversed lower from its earnings pop yesterday, while biotechs are under some more heat due to, in part, to SLXP.

I remain short biotechs via BIS, and may add today.

Check out the intraday chart, below. looking heavy.

What are you trading this morning?




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Stock #Market Recap 11/06/14 {Video}

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Direct Vimeo Link Click Here

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