From the Trading Desk
Volume slides as stocks close just off the highs of the day Volume stumbles ahead of quadruple witching Friday, but stocks rebounded. Stocks began weak as a better than expected jobless claim figures failed to spark futures. POMO appeared to be the key driver for stock prices during the mid-morning hours. By noon time the [...]
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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AAPL Keeps the NASDAQ Afloat as the Market Aways Earnings Season
Coming off a holiday week stocks ended slightly in the red with volume coming in higher across the board. The Dow Jones industrial average along with the NYSE composite both notched distribution days, but the NASDAQ and S&P 500 skirted distribution. AAPL was certainly a star of the session despite volume coming in lower for [...]