IWM ($RUT) forming a pennant, just a reminder that small caps plunged first last fall.
The weakness in small caps makes it hard for me to get bullish on the market though futures look to be setting up for another pump and dump tonight.
This stock has been getting hammered like it's losing money. Expecting record revenues, but their margin will probably take a hit on labor costs.
Looks like a lot of shorts covered 3 weeks ago so I'm not sure what kind of bounce we get, but going for 1k shares here. Earnings Thu after market.
Also looks like a wedgie here.
SQ dropped on last earnings due to concerns about future growth, NFLX just tanked this week due to lower subscriber.
Can't imagine people will want to hold this going into earnings, headed down pre-earnings. (Not gonna play the actual earnings though.) Also coming off an overbought condition so plenty of room to head lower.
Probably should have posted this...
Made some money off WAL earnings, CADE financials and growth looks good. These regional banks have been getting hammered while the market pumps credit card companies.
At 3.7% dividend yield, and decent growth, this wouldn't be a bad company to hold long term as well.
Made another grand messing with this thing, too bad there's no options.
Earnings in Aug, huge revenue growth, but you figure it's overbought and probably going to form a bull flag here. Keeping an eye on this, been a good money maker for me. Risky, but the company makes money. If there's a company that can justify 50 P/E ratio, this one's it.
No position now....
Futures oversold on the 3 hr chart (which is what I always use for futures since they trade 24 hours).
There's a chance that it double dips here, before heading up. Will at least form a H&S if not a new ATH next week. Opened up a few long positions, left room to add tomorrow.
Not trading the index but it's always good to trade in the direction the market is going.
The wedge targets shown in green lines, but it looks like we'll get a bounce here because the market got oversold on the hourly. Plus tomorrow is Ponzi 401k and pension payday Friday, so you know it has to go up. Not to mention MSFT earnings AH, and they always beat.
Closed out almost all of my short positions this morning, long on a few stocks for a day.
Look at this BS, declining revenue and it still goes up.
In any case, I'm not shorting it here just because MSFT is reporting tonight. they always beat which means the Dow will gap up and take IBM with it. Don't really need to open a short position on a Friday, I think I'll reassess this on Monday.
Overbought with huge divergence.
POS filled the gap from the previous earnings, will more than likely suck again.
Not playing this one, do your own DD. Just wanted to remind followers of earnings report. Got a feeling NFLX and IBM will tank futures tomorrow after market close.
Decided to clean up the chart a bit so that you can see it bounced off the bottom line earlier...
Still some dip buyers in the market, but looks pretty bearish (short term) right now. You know how this works, they'll probably finish the day on the line so that they can decide direction with futures off hours.
I'm not shorting the index but wanted to signal my...
I suppose it only makes sense that this pennant takes the same amount of time to resolve as the last pennant, a week and a half.
Based on timing, it appears that gold should go on another run early next week, this time because of a stock market drop (vs just a rate cut). Timing coincides with my SPX expectations of a dip next week.
Well here we are at the 2 year double top. Expecting an exhaustion gap and reversal Monday, if we get it, I'm buying puts in the afternoon. I would not hold a short position into earnings July 25th because long term chart looks like an inverted head and shoulder (topped out in 2015).
RSI overbought with MFI divergence as well.
Financials look like crap but the...
So I noticed that my pennant breakout target from yesterday lines up with a resistance line that forms another wedgie. Target is 301, though the market has overshot targets a few times. The way the ASians are pumping futures, we might get that on the gap up tomorrow.
Still expecting a gap up and reversal pattern tomorrow, this just lines up with my expectation.
So Nas futures never closed that open gap, hard for me to get bullish until it does. Not sure what's going to force the market down, but we've got earnings and Fed meeting coming up.
Things seem to be pointing for another small gap up tomorrow and a possible reversal. Mostly cash right now.
Note: NQ1 is overbought, I don't see a divergence though.
Futures continuing the intraday pennant, I'm guessing this will break upwards then get dumped by day time traders again. Market going full pumptarded with Feds willing to cut rates at the top of the market which is the dumbest thing I have ever seen,
Powell must really love his buddies on Wall St because it will be the first time rates have ever been cut when...