Let’s See if it Has Legs

61be9590b6ab4580da8de582d1a383c9

Legs, not only meaning the bounce in stocks, but also the sell-off in bonds.

I still have a nice TBT position on, but elected to take off my TMV position just now inside 12631.

Stay tuned for my video market recap after the bell.

Here was my note to members:

Sold final piece of $TMV Long @ $46.48 from $43.86 core entry and $44.84 add to lock in the rest of the win in this triple bearish bond ETF. Still have $TBT position on which is a double bearish bond ETF before FOMC tomorrow.
3:05:08 pm EST on September 16th 2014

Patience on This Ship

funny-pirate-parrot-kid-egg-comic

I reduced some exposure in my portfolio this morning, but am still short bonds and have a blend of some equity shorts and a long on now.

I am stalking the small cap ETF chart, again, on the zoomed-out 30-minute timeframe. I have not directly shorted them in a while, but a failed bounce up to $115-$115.50 would pique my interest. The chart remains corrective and should give you perspective that today’s bounce is nothing too bullish, yet.

Also, I am stalking natural gas and crude for longs with today’s impressive action.

Drop me your top afternoon ideas.

_________________________________________________________

IWM

Five Stocks to Graze on Today

6zCJpUS

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.

________________________________________________________________

2014-09-16_1319

A Fortuitous Cover on My Cup of Mud

lol_20

Just before the market ramped over the last hour or so, I considerably lightened up my SBUX short (discussed on this blog several times) inside 12631.

I may very well add back to it, but with this ramp in front of the FOMC tomorrow I have to stay disciplined with all trades.

Here was my note to members:

Covered 1/2 of 3/4 $SBUX SHORT @ $74.93 from $77.29 core entry and $76.77 add to lock in some partial gains. 1/4 position left.

Knockout at the MGM

Ring_girl

Casinos remain under pressure, with MGM Resorts sporting a notable breakdown this morning.

On the zoomed-out daily timeframe, note well-defined support being broken today. Unless $23 is immediately recaptured by the end of this week I view this action as consistent with a major, multi-year top now confirmed for a premier casino operator. The sheer size of the pattern projects a move down to around $18.

Also note that LVS MPEL WYNN have already broken down.

Elsewhere, small caps remain under pressure amid some mixed action.

What are you trading this morning?

___________________________________________________________________

MGM

 

A Bit of Both Before the Fed

pictures_of_the_day_13

With a backloaded week, in terms of events, the market is drifting slightly higher this morning, with a few of the momentum names bouncing back from yesterday’s drubbing. There is of course an air of uncertainty about the precise language the Fed will use in their new statement and forecasts, let alone the Chair Yellen press conference, which is probably another reason why we may see more of this action into tomorrow.

Treasuries are buidling out a bear flag on the 30-minute timeframe thus far, something we talked about yesterday for the TLT  ETF.  Still, I am likely to wait until tomorrow’s reaction before adding back to my remaining shorts.

Casinos are sporting further breakdowns virtually across the board, namely MGM. I will come back with that chart in a bit.

The huge bounce lower and then squeeze higher this morning in Pandora (P) may be indicative of the type of pre-FOMC action we could see today and tomorrow into the meeting.

___________________________________________________________

P

Let’s See if it Has Legs

61be9590b6ab4580da8de582d1a383c9

Legs, not only meaning the bounce in stocks, but also the sell-off in bonds.

I still have a nice TBT position on, but elected to take off my TMV position just now inside 12631.

Stay tuned for my video market recap after the bell.

Here was my note to members:

Sold final piece of $TMV Long @ $46.48 from $43.86 core entry and $44.84 add to lock in the rest of the win in this triple bearish bond ETF. Still have $TBT position on which is a double bearish bond ETF before FOMC tomorrow.
3:05:08 pm EST on September 16th 2014

Patience on This Ship

funny-pirate-parrot-kid-egg-comic

I reduced some exposure in my portfolio this morning, but am still short bonds and have a blend of some equity shorts and a long on now.

I am stalking the small cap ETF chart, again, on the zoomed-out 30-minute timeframe. I have not directly shorted them in a while, but a failed bounce up to $115-$115.50 would pique my interest. The chart remains corrective and should give you perspective that today’s bounce is nothing too bullish, yet.

Also, I am stalking natural gas and crude for longs with today’s impressive action.

Drop me your top afternoon ideas.

_________________________________________________________

IWM

Five Stocks to Graze on Today

6zCJpUS

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.

________________________________________________________________

2014-09-16_1319

A Fortuitous Cover on My Cup of Mud

lol_20

Just before the market ramped over the last hour or so, I considerably lightened up my SBUX short (discussed on this blog several times) inside 12631.

I may very well add back to it, but with this ramp in front of the FOMC tomorrow I have to stay disciplined with all trades.

Here was my note to members:

Covered 1/2 of 3/4 $SBUX SHORT @ $74.93 from $77.29 core entry and $76.77 add to lock in some partial gains. 1/4 position left.

Knockout at the MGM

Ring_girl

Casinos remain under pressure, with MGM Resorts sporting a notable breakdown this morning.

On the zoomed-out daily timeframe, note well-defined support being broken today. Unless $23 is immediately recaptured by the end of this week I view this action as consistent with a major, multi-year top now confirmed for a premier casino operator. The sheer size of the pattern projects a move down to around $18.

Also note that LVS MPEL WYNN have already broken down.

Elsewhere, small caps remain under pressure amid some mixed action.

What are you trading this morning?

___________________________________________________________________

MGM

 

A Bit of Both Before the Fed

pictures_of_the_day_13

With a backloaded week, in terms of events, the market is drifting slightly higher this morning, with a few of the momentum names bouncing back from yesterday’s drubbing. There is of course an air of uncertainty about the precise language the Fed will use in their new statement and forecasts, let alone the Chair Yellen press conference, which is probably another reason why we may see more of this action into tomorrow.

Treasuries are buidling out a bear flag on the 30-minute timeframe thus far, something we talked about yesterday for the TLT  ETF.  Still, I am likely to wait until tomorrow’s reaction before adding back to my remaining shorts.

Casinos are sporting further breakdowns virtually across the board, namely MGM. I will come back with that chart in a bit.

The huge bounce lower and then squeeze higher this morning in Pandora (P) may be indicative of the type of pre-FOMC action we could see today and tomorrow into the meeting.

___________________________________________________________

P

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