Chew on This Breakfast Sushi Burrito

The Japanese Yen currency typically trades inversely to global risk assets, with the “carry trade” still perceived to be ubiquitous.

As you can see on the weekly chart for the Yen ETF, below, Abenomics has resulted in the persistently weak Yen for quite some time, not coincidentally with the S&P hitting one new all-time high after the next.

Still, the Yen is quite oversold on weekly and monthly timeframes. I am watching it for an upside reversal in the coming days, with the potential for a tradable rally. A move over $89.70 on this ETF would have my interest.

Elsewhere, the small caps weakness is out in full force this morning off what was an opening bounce.

What are you trading this morning?

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If you are looking for some (quick) support buys here, a good algorithm screen to have, courtesy of The PPT, is one I made called “12631 Quick Bounce Plays.”

In the screen, I am looking to isolate stocks with positive daily Hybrid PPT scores, but negative weekly ones.

Thus, they are ripe for a quick bounce as the momentum seems to be turning, if only for a bit. I also screen for PPT Relative Strength scores, as well as volume and % from 50 day moving average.

Members please click here to view and save the screen

Here are the readings as of Friday’s close. Remember, we are talking about short-term flips here, not high quality, multi-week swings. Keep those stop-losses in place.

(Click on image to enlarge)

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For you night owls out there, feel free to drop me any market/trading-related topics you would like me to cover in a weekend video.

In addition, anything else about the current market, feel free to drop below.

Speak your mind, night owls.

https://www.youtube.com/watch?v=Ur8rBhREsAU

Home Depot is back on my short radar, especially if it loses $91 tomorrow. The stock has seen a brilliant run but may be ripe to succumb to the recent broad market selling pressure.

On the daily chart for HD, below, not the potential double-top off recent highs.

And on the long side, speculative names like DGLY GPRO MBLY appear as ripe as any to benefit from renewed buying interest in the tape.

Drop me your top tickers overnight.

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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

This market is turning into quite the mind game, with “Death Cross” discussions being mocked, and the feeling that bulls are simply biding their time before another V-shaped rally to fresh highs materializes.

It is worth being rigorous now more than ever, hitting the library to study and taking a broad, objective view at the market to see if we have the makings of just that, or instead something more ominous, which we will do after the closing bell today on my video market recap.

Overall, I am encouraged by the action in my F GM shorts today.

Marquee leading issues were mixed, as the Nasdaq attempts to hold up while the small caps continue to get worked over.

See you after the bell.