S&P500 Key Levels & Gravestone Doji

Posted on January 16, 2019 by macromon

Today’s price action and candle look sound as closest like a bell ringing to sell the S&P as you are going to get.   Yes, we jumped the gate a bit early in our recent short and are very cognizant the market psychology has changed but this is a set-up we cannot pass on.

Today’s price action rejected the S&P very close to the 50-day and generated a gravestone Doji candlestick, which have signaled a short-term top.

The overnight futures are a bit underwater but we will be looking to get short on any pop.  We have a limit order to sell 5 contracts at 2618 with a stop 2645.  Note 2643 is the .50 retracement of the current bear market.  If we get stopped out and lose money on this trade, we will have to reassess our market view.

May have to sell lower, however.  Wish us luck.

sp_chart

 

sp

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QOTD: John Bogle, RIP

Posted on January 16, 2019 by macromon

Trees don’t grow to the sky, and I see clouds on the horizon. I don’t know if and when they’ll arrive. A little extra caution should be the watchword – John Bogle, Barron’s – December 28, 2018

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This Day In Financial History – Jan 16

Posted on January 16, 2019 by macromon

From the great Jason Zweig

January 16:

1991: The Persian Gulf war begins (at 7 p.m., Eastern Time) as the U.S. transforms Operation Desert Shield into Operation Desert Storm by launching its aerial bombardment of Baghdad and Kuwait.

http://www.defenselink.mil/news/Aug2000/n08082000_20008088.html;

http://www.desert-storm.com/War/chronology.html

 

1974: The New York Stock Exchange’s systems are so primitive that a single computer glitch at Merrill, Lynch & Co. delays the opening of the trading day by a full 15 minutes.

Today in NYSE History, at www.nyse.com/about/TodayInNYSE.html

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Perspective In The Permian

Posted on January 16, 2019 by macromon

For a bit of perspective, the entire state of California, which recently beat out the United Kingdom as the fifth biggest economy in the world, has around 10 active drilling rigs. The Permian Basin alone has nearly 500. Exxon Mobil and Chevron, the United States’ top energy moguls, have both made the Permian Basin their focus, prioritizing their investments in West Texas over all their other projects worldwide, while European supermajors including Royal Dutch Shell and BP are also working diligently on growing their presence in the Permian. – Oilprice.com

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Stopped Out Of Pound And S&P

Posted on January 15, 2019 by macromon

We are out of our S&P short at 2604.  Totally mistimed the positive China stimulus rhetoric overnight.  Can’t win them on.  Clearly, new market psychology for new.  Look to sell higher unless decisive break about 2650.   On to the next trade.

Nervous traders take down the Sterling over one percent before BREXIT vote today, which hit our stop on the March contract at 1.2830.  We still like cable but didn’t want to turn a big win into a loser.  Expecting some more volatility and will put in a limit buy order at 1.26 handle.

Enough of the trading posts.  Time to feed you some real meat.

alpha

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Investors Look to Earnings Amid Market Confusion

Posted on January 15, 2019 by macromon

Jan.14 — Bloomberg’s Lisa Abramowicz, Henry Peabody, portfolio manager at Eaton Vance Management, and Noah Weisberger, managing director at Sanford Bernstein, discuss market expectations for quarterly earnings. They speak with Bloomberg’s Jonatan Ferro on “Bloomberg Markets: The Open.” – Bloomberg Markets & Finance

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This Day In Financial History

Posted on January 15, 2019 by macromon

From the great Jason Zweig

January 15:

1987: The New York Stock Exchange racks up daily volume of over a quarter-of-a-billion shares for the first time, as a total of 253.1 million shares are traded.

http://www.nyse.com/marketinfo/

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The Best of CES 2019 – Engadget

Posted on January 15, 2019 by macromon

Oops, we made a mistake! Impossible Burgers are plant-based, not a lab-grown meat. Read more: https://www.engadget.com/2019/01/10/b…

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The 2020 Senate Map

Posted on January 14, 2019 by macromon

Break out the Lavender crayons.  Again.

senate map_2020

Hat Tip: @RedwoodGirl

 

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free rider_2

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British Pound Trade – OCO Order

Posted on January 14, 2019 by macromon

We have over $8k unrealized profit in our cable trade and expect some two-way volatility around the BREXIT vote today.

We are thus putting in an OCO (One-Cancels-The-Other) order on 5 contracts of B6H19 with a limit at 1.3050 and stop at 1.2830,  just below the 50-day.  If we get taken out, don’t mind buying higher.

Conversely, don’t want to turn a winner into a loser in the event traders get spooked.  Not sure the market would be comfortable contemplating a potential Jeremy Corbyn government over the next few weeks.

bp

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