Courtesy of @WallStJesus via stawealth.com, here we have an excellent perspective on stock market corrections going back several years.
I frequently reference this in my videos and blog posts. and thought it would be useful to post.
Note that we have not seen even a standard 10% correction on the S&P going back a few years now–The dips have simply become shallow and stayed that way.
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Enjoy this entertaining and educational Saturday morning documentary about one of the greatest all-around minds the world has ever seen–especially in the realm of finance, diplomacy, and entrepreneurship–Benjamin Franklin.
via YouTube:
From humble beginnings, Franklin quickly rises to prominence as a printer and publisher in Philadelphia. His discoveries in the new science of electricity help free the world from the harmful effects of lightning and propel Franklin onto the World stage.
Franklin moves to London and finds himself in the midst of a growing dispute between England and the colonies, a dispute that turns this loyal subject of the British empire into a revolutionary and causes a tragic break with his son.
http://www.youtube.com/watch?v=IjzNTHvfFb4
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While the Olympic Games in Russia are sure to be as shady and deceptive as Xenia Onatopp in the James Bond film GoldenEye (1995), we have our own games to consider here in the U.S..
In particular, the market whipsawed several times overnight and this morning (and indeed throughout the week) in the face of a light jobs number. Still, marquee stocks like FB NFLX TSLA stole the show today, even while the likes of GS LNKD notably lagged. Bulls will surely claim victory and that the recently pullback since late-January has run its course.
In determining whether that last statement is likely, there are several factors to consider, all of which I will discuss in detail this weekend.
Overall, we sidestepped the carnage this past Monday and are now open-minded to various scenarios going forward for equities, all the while remaining opportunistic for inter-market trades. Beyond that, continuing to avoid major losses and minimizing the risk of ruin is a critical part of our daily approach.
Indeed, we strive to do just that, stay disciplined, inside our 12631 Trading Service, which @RaginCajun and I direct. I can assure you that a membership to 12631 is well worth its price over the long run.
The way we see it, the big winners will eventually take care of itself–What we care about most is mitigating downside and not being stubborn with losers, and not taking on unnecessary risks. In addition, we strive to preserve a top shelf, quality atmosphere for traders of all backgrounds. We fuse together actionable idea flow with a constant emphasis on proper risk management techniques in our streaming, Twitter-like, state of the art chat room.
Also, be sure to catch my next Weekly Strategy Session.
Please click here for details about joining. Please also note that members of our 12631 Trading Service receive the Strategy Session each weekend at no additional cost.
See you there.
Have a great weekend!
http://www.youtube.com/watch?v=SLKiB7I3vb0
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A few years back, I created a custom screen inside The PPT called: “12631 TOP ENERGY PERFORMERS.”
Members of The PPT please click here to view and save the screen (you can save it on the top lefthand corner of the screen, once inside The PPT).
For everyone else, here are the top readings at the moment.
I am presenting them to you in the event the energy sector catches a rotation. If not, it is still a good screen to file away for future reference.
Please click on image to enlarge.
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The snapback rally since earlier this week is pushing higher yet this afternoon, which the S&P 500 Index now running directly into highs from two weeks ago.
On the 30-minute chart, you can see the potential for overhead supply, though I stress the word “potential,” since bulls have clearly wrestled back the short-term initiative in the tape.
Marquee names like FB NFLX TSLA continue to lead the way for bulls, putting shorts in a tough spot once again headed into the weekend.
Keep an eye on BAS TOL as long ideas into the bell.
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ARIA TWTR are two day-trading long ideas this afternoon (know your timeframe).
On the 15-minute charts, below, note Ariad bull-flagging its initial run, probably needing to get back over $8.18.
Twitter is basing under $54, though I think you can justify an afternoon long over $53.50.
Drop me your top afternoon tickers.
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