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From the Trading Desk
The Big Wave Trading Portfolio remains under a BUY signal and currently has zero issues weighing on it presently. On the short-term the market is very extended in price compared to trailing key moving averages. Logic dictates that a natural pullback to some form of support levels (fibonacci, price lows, or a moving average) should [...]
The morning did not get off to a great start with disappointing economic data hitting the market. Weak jobless claims and a Philadelphia Fed manufacturing index showed how disappointing the economy continues to be. By mid-day it appeared the market simply didn’t care too much about the weak economic data. Just as new highs were [...]
TSLA move this morning certainly gives longs a place to take profits off the table. The stock can continue to push higher, but this morning’s pop is a great place to book gains. Solid run.
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Despite Positive Economic Readings Stocks Take a Tumble
Europe and Asia struggled overnight and into the early morning hours pushing US Equity futures lower. Fears over Greece and other European nations grew, but now fears over China’s growth crept into the minds of traders. At the 10am EST hour the market was handed positive economic news out of the ISM Mfg. report as [...]