Pre-Market Update: Fear swept through Wall Street on Wednesday as the bears made their most significant move of the year. The technical damage caused from yesterday’s pullback was severe, but the bounce off of the lows might be telling another story.
Mid-Market Update: Translated from Spanish, “loco” means crazy, or mad, and it also happens to be the ticker symbol for El Pollo Loco Holdings (LOCO, $17.72, down $0.21). The company announces earnings after Thursday’s close and, on a technical level, one would have to be crazy to buy the stock.
Pre-Market Update: The bulls ran into trouble on Tuesday following China’s decision to devalue its currency. The losses wiped out Monday’s gains as selling pressure picked up during the second half of trading. The technical damage was severe, and a “death cross” officially formed on the Dow Jones, with the 50-day moving average falling below the 200-day moving average.
Mid-Market Update: Futures were pointing towards a nasty open this morning following the news that China had devalued its currency, the yuan, by 2%. This sparked a rally in the dollar that hurt multinational companies and raised concerns over a new round of currency wars.
Pre-Market Update: The bulls snapped two streaks to start the week as they recovered the first layers of resistance. Monday’s market win not only snapped a seven-session losing streak for the Dow, but it also gave the blue-chips their first Monday win in three weeks.
The Stop Limit of $0.65 triggered on the KKD November 16 puts.
Buy to open the JPM September 70 calls (JPM150918C00070000, $0.80, up $0.08) at current levels.
Mid-Market Update: The bulls got a lift this morning after overseas markets trended higher on optimism that Greece may be moving closer to securing a deal for its third financial bailout. Talks with creditors were held over the weekend, and an agreement could be reached by tomorrow.
The VIX gave the best clue of all that there would be a flush lower in the market following Wednesday’s test to 10.88. I have said all summer that any closes below 11.50 would confirm strong bullish momentum, and that there could be a possible push to single digits coming into play.
Pre-Market Update: The bulls had trouble out the gate at the start of last week, as the Dow fell for the second-straight Monday. The VIX closed above 12.50, and Apple (AAPL, $115.52, up $0.39) dropped below $120 and its 200-day moving average for the first time in two years. All three of these were great clues that the rest of the week would be wild.
Mid-Market Update: Today’s nonfarm payrolls report showed that 215,000 jobs were added in July and that the unemployment rate held steady at 5.3%. This matched Wall Street’s expectations and set in motion more talk of an interest-rate hike in September.
Pre-Market Update: Wednesday’s action in the S&P 500 Volatility Index ($VIX, 13.96, up 1.45) gave me a funny, but good, feeling that we would be locking in profits on some of our current trades as we headed into Thursday’s session. Although the market showed some strength on the open, the bears took over and pushed the second layers of support shortly afterwards.
Buy to open the KKD November 16 puts (KKD151120P00016000, $0.60, up $0.15) at current levels.
Mid-Market Update: Shares of Keurig Green Mountain (GMCR, $53.10, down $21.88) are getting roasted today following a dismal earnings report. The company reported a profit of $0.73 a share on revenue of $969.5 million. Wall Street was looking for $0.79 a share on revenue of $1.04 billion.
The bulls nearly got a clean sweep on Wednesday, but the blue-chips struggled to join the parade. For the most part, the bulls ended their three-session skid, but deeper concerns remain, as a number of high-profile companies continue to miss revenue expectations.
Pre-Market Update: The bulls nearly got a clean sweep on Wednesday, but the blue-chips struggled to join the parade. For the most part, the bulls ended their three-session skid, but deeper concerns remain, as a number of high-profile companies continue to miss revenue expectations.
Mid-Market Update: Wall Street was giddy on Walt Disney (DIS, $111.05, down $10.64) ahead of its earnings announcement Tuesday afternoon, as most analysts were banking on a solid quarter and continued momentum. The headline numbers read as if Disney topped expectations, but the devils in the details were the revenue miss and concern over cord-cutting.
Pre-Market Update: The bears recorded their third-straight win on Tuesday following a tight and choppy session. The bulls showed a little life after testing resistance, but the late-day fade opened fresh wounds.
Mid-Market Update: Shares of SodaStream International (SODA, $17.31, down $0.03) could be setting up for an explosive move following Wednesday’s earnings announcement. Shares are near the 52-week low of $16.80 that was set in March, and they have been prone to huge price swings following earnings announcements in the past.
Pre-Market Update: The bulls were looking to get their third-straight win on a choppy Thursday and nearly got the hat trick before the blue-chips slipped into the close. The bulls are having a good July, as three of the four major indexes are higher as we go into the last trading session of the month. The small-caps are still struggling, however, and will likely finish the month lower.
Buy to open the SPY August 205 puts (SPY150821P00205000, $0.90, up $0.17) at current levels.
Mid-Market Update: Although the majority of the bigger, more well-known companies have already reported their quarterly earnings, there are a number of iconic brands that will be confessing their numbers to Wall Street this week. One such company is luxury apparel-maker Coach (COH, $30.08, down $1.12), which will announce its fourth-quarter results before Tuesday’s open.
The bulls turned in a solid month for July despite elevated volatility as most of the major indices finished higher. The small-caps were weak and remain a concern heading into August, which is historically a poor month for the market, as well.
Pre-Market Update: The market continued its late-July pullback last week, and the indices finished near multi-month lows. However, the five-session slide ended on Tuesday, as the bulls rebounded to push resistance and prior support.
Mid-Market Update: Shares of United States Steel (X, $19.64, down $0.45) cleared $20 this week following a drop to Monday’s 52-week low of $15.68. Naturally, after making a 338% return earlier this month using put options on the drop north of $22 to below $20, the stock has stayed on my Watch List.
Pre-Market Update: The bulls were looking to get their third-straight win on a choppy Thursday and nearly got the hat trick before the blue-chips slipped into the close. The bulls are having a good July, as three of the four major indexes are higher as we go into the last trading session of the month. The small-caps are still struggling, however, and will likely finish the month lower.
Mid-Market Update: The market was looking for a better-than-expected gross domestic product (GDP) number this morning ahead of the open. Although GDP came in at a 2.3% annual rate from April to June, growth was slightly below expectations.
The bulls posted their second-straight win on Wednesday and showed some follow-through from Tuesday’s takeoff. The bears tried to hold the second layers of resistance, but they failed for the most part, with the VIX closing right at the 12.50 level.
Pre-Market Update: The bulls posted their second-straight win on Wednesday and showed some follow-through from Tuesday’s takeoff. The bears tried to hold the second layers of resistance, but they failed for the most part, with the VIX closing right at the 12.50 level.
Mid-Market Update: Shares of Citrix Systems (CTXS, $75.77, up $6.14) are surging 9% today following the company’s better-than-expected earnings report and several other developments. The company reported a profit of $1.00 a share on revenue just shy of $797 million following Tuesday’s close. Wall Street was looking for $0.89 a share on revenue of $791 million.
Pre-Market Update: The market rebounded on Tuesday to snap a five-session slide, as momentum increased during the second half of trading. Also, while one day doesn’t make a trend, the VIX collapsed back below 15 yesterday. The bulls still face numerous headwinds this week, but another strong close today could lead to additional short covering.
Buy Rapid7 (RPD) common stock at current levels.
Buy OHR Pharmaceutical (OHRP) common stock at current levels.
Buy to open the GLD September 98 puts (GLD150918P00098000, $0.82, down $0.11) at current levels.
Mid-Market Update: After five days of being on the mat, the bulls came out swinging this morning. The opening pop saw the major indices trade higher to test the fresh resistance levels that had served as prior support, although momentum has been sluggish. However, there are still several hours of trading to go, and the close will be important to watch as well.
Pre-Market Update: The bears continued their attack on the lower levels of support on Monday, as the market slid for the fifth-straight session. Although the headlines blamed China, oil and the dollar for the decline, the technical picture had already given us the clues that more damage was coming.
Mid-Market Update: Futures got progressively worse going into this morning’s open following the 8% drubbing of China’s stock market overnight. The Shanghai Composite Index closed at 3,725 and had its worst daily percentage loss since February of 2007. This exerted pressure on other global markets and signaled a continued drop for markets in the United States.
$1.40 Limit Order triggered on the first half of the IBM July 24th $180 weekly calls.
I stayed aggressive on the run to fresh highs this month, but I have been warning that a trading range or possible pullback could develop afterwards. This doesn’t mean that higher highs aren’t in store this week or next month, but the technical indicators I follow are giving mixed-to-bearish signals at the moment.
Pre-Market Update: The bulls got off to a good start last week, as the market edged higher to push resistance and fresh all-time highs. However, the small-caps acted weak, and trading was tight ahead of a busy week for earnings.
Buy to open the QQQ August 7th $110 Weekly puts (QQQ150807P00110000, $0.72, up $0.22) at current levels.
Mid-Market Update: It has been a busy week for earnings, and next week promises to be just as exciting. It’s obvious that Wall Street has been rewarding companies that have done well with earnings beats and raised guidance. Companies that have missed expectations have seen their stock prices fall by double-digit percentage points.
Pre-Market Update: The bears did a little damage on Thursday, as they cracked the first layers of support following another round of mixed earnings results. The heavy flow of announcements continued after the closing bell, with Amazon.com (AMZN, $482.18, down $6.09) zooming 17% on better-than-expected numbers. This sets up the possibility of a continued trading range if the bulls rebound today.
The Stop Limit of $2.60 triggered on Chanticleer Holdings (HOTR).
Mid-Market Update: Futures were up after midnight and showing a higher open on Wall Street this morning. However, the pre-market action turned south after a number of blue-chip companies reported weak-to-mixed earnings.
The market finished mixed on Wednesday, with support and resistance holding on both sides. The possibility of a continued trading range with upside potential for the bulls is still high, but further weakness could tilt those odds in favor of the bears.
Pre-Market Update: The market finished mixed on Wednesday, with support and resistance holding on both sides. The possibility of a continued trading range with upside potential for the bulls is still high, but further weakness could tilt those odds in favor of the bears.
Mid-Market Update: Shares of Apple (AAPL, $124.15, down $6.60) have traded to a low of $121.99 today following the company’s earnings announcement after yesterday’s closing bell. The 200-day moving average is at $119.
Buy Chanticleer Holdings (HOTR) common stock at current levels.
The Stop Limit of $1.40 triggered on the second half of the WWWW September 25 calls.
The Stop Limit of $39.50 triggered on PayPal Holdings (PYPL).
Pre-Market Update: The market struggled at Tuesday’s open and got progressively worse throughout the session. Although a few Dow stocks accounted for the majority of the losses, Wall Street seemed nervous ahead of Apple’s (AAPL, $130.75, down $1.32) earnings report. They had reason to be, as shares were pushing $120 in after-hours trading.
The Stop Limit of $48.45 has triggered on Chicago Bridge & Iron Company (CBI).
Mid-Market Update: The bears made some noise at the open for the second-straight session, but today’s backtest to support has been much more serious than yesterday’s initial drop.
Raise the Stop Target on Chicago Bridge & Iron Company (CBI) from $44 to $48.45 (Stop Limit).
Raise the Stop Target on PayPal Holdings (PYPL) from $32 to $39.50 and make it a Stop Limit order.
Pre-Market Update: The market traded in a tight range on Monday, but the bulls managed to get the overall win despite a slip in the small-caps. Volatility spiked into the close but was also tight, as the VIX stayed between 11.50 and 12.50.
$1.40 Limit Order triggered on the first half of the IBM July 24th $180 weekly calls.
Mid-Market Update: The bulls are trying to extend July’s run to fresh peaks, as the major indexes are trying to edge higher this afternoon. The market has traded in a tight range today while Wall Street prepares for the barrage of earnings this week.
Buy to open the IBM July 24th $180 calls (IBM150724C00180000, $0.71, up $0.10) at current levels.
I could take action on AAPL or Dow options today, shortly after the open. If I do, be sure to look for a possible New Trade Alert. This week is all about Apple, the Dow and the VIX.
Pre-Market Update: The market finally got some resolution on Greece as the country took the final steps toward its third — yes, third — bailout plan. Germany folded its hand and signed off on the handout as it feared a Greek exit would create “chaos” on the euro.
Mid-Market Update: I mentioned yesterday that July options expiration day has historically been a bearish session. Despite Google’s (GOOG, $667.42, up $87.57) strong earnings beat, the market is mixed as we enter afternoon trading. Tech is showing strength, which has helped to push the Nasdaq to fresh all-time highs, but the other indexes are struggling.
Buy Chicago Bridge & Iron Company (CBI) common stock at current levels.
Buy PayPal Holdings (PYPLV) common stock at current levels.
Pre-Market Update: The indexes rebounded on Thursday to push past their upper resistance levels, and they are now on the verge of fresh all-time highs. Tech lead the way higher and got some good news after the close, with Google (GOOG) topping earnings expectations.
Mid-Market Update: Futures were showing a strong open this morning and a continuation of the recent rally. Although the indices are off from their highs, the bulls are showing strength and will be counting on Google (GOOG, $573.49, up $13.27) to keep their momentum.
Pre-Market Update: The bulls cleared additional layers of resistance on Tuesday as the market closed higher for the fourth-straight session. The VIX is relaxing, and second-quarter earnings are coming in well versus Wall Street’s forecasts. Geopolitical headwinds remain, but the indexes are once again eyeing historic highs.
Mid-Market Update: Shares of Netflix (NFLX, $99.12, down $1.25) are trading lower following a 7-for-1 stock split today, and they are scheduled to report earnings after the close.
Pre-Market Update: The bulls cleared additional layers of resistance on Tuesday as the market closed higher for the fourth-straight session. The VIX is relaxing, and second-quarter earnings are coming in well versus Wall Street’s forecasts. Geopolitical headwinds remain, but the indexes are once again eyeing historic highs.
Mid-Market Update: The bulls are working to register a four-session win streak today despite mixed earnings reports from the financials.
The Stop Limit of $42.95 has triggered on Fitbit (FIT).
Pre-Market Update: The bulls continue to show why it has been hard to turn your back on them this year. Although numerous calls for a market top poured in through June and into July, I’ve talked about the possibility of a snapback rally this month.
Raise the Stop Target on Fitbit (FIT) from $40 to $42.95 and make it a Stop Limit order.
Mid-Market Update: Futures were choppy in Sunday-night trading as I was doing the research and chart work for this week, but they turned positive after midnight. Although all indications were that Greece was on the verge of striking a deal with its creditors, many believed it wouldn’t come until later today.
The market hates uncertainty, so it wouldn’t be surprising to see lower lows this week. The bulls appear to be on the brink of losing their grip, but the bears are in the same camp if Greece can somehow work out a deal to make the markets around the world happy. Earnings expectations are low, and it will be important for companies to beat the lower bar for profits and revenue expectations. While I’m still hopeful that a continued rebound is in the works, I’m remain wary of headline news and continued volatility if 20 on the VIX fails to hold.
Mid-Market Update: Futures were pointing towards another strong open following Greece’s new reform plan proposal, but the final outcome will likely remain unknown until next week.
The Stop Limit of $0.55 has triggered on the AA August 11 puts.
Pre-Market Update: The bulls made a run past the resistance levels that served as prior support on Thursday morning, but the bulk of the day’s gains evaporated during the second half of trading. The indexes ended the session giving mixed signals, as global headwinds continue to cause uncertainty. The VIX ended the session higher after tripping 20 for the first time since early February.
Buy Limelight Networks (LLNW) common stock at current levels.
Buy Rave Restaurant Group (RAVE) common stock at current levels.
Mid-Market Update: Futures were showing a strong open this morning, and a backtest to resistance was a given. How the market acts into the close of trading will be another story, however, as volatility is still elevated despite today’s rebound.
Pre-Market Update: It was a frustrating day for Wall Street on Wednesday, as the halt of trading on the New York Stock Exchange lasted into the final hour of the session. Although the “technical glitch” was not blamed on a cyber-attack, other financial websites went dark for a period of time as well. The technical damage that has been done to the major indices is now reaching a breaking point, but the bulls held the last lines of defense into the close.
Buy to open the CAT August 77.50 puts (CAT150821P00077500, $1.30, up $0.30) at current levels.
Mid-Market Update: The New York Stock Exchange (NYSE) is experiencing “technical glitches,” and trading has been halted on all stocks that trade on the exchange. Stocks are still trading on other exchanges, and the market is still in motion, but there is no word on when the NYSE will reopen.
Pre-Market Update: The bears cracked lower levels of support and pushed the VIX near 20 again on Tuesday. However, their efforts were wasted, as a powerful snapback rally ensued off of the lows. The bulls still struggled with resistance, but a bottoming process could form if there is any follow-through today.
The Stop Limit of $2.00 has triggered on the X July 21 puts.
Mid-Market Update: I’m not ready to jump on a GREK trade but I’m flirting with the idea. I have a Trade Alert for Microsoft (MSFT) as I’m closing the position following today’s plunge below $44. I’m also raising our Stop Limit and setting a new Stop Limit for our U.S. Steel (X) trades.
Pre-Market Update: The bulls brushed off Greece’s latest worries to hold support but failed at gaining traction on Monday. The bears held resistance to keep the indices within their five-month trading range and appear to have more momentum at the moment.
Mid-Market Update: Lost in today’s Greece headlines is the start of 2Q earnings season that begins this week. Although the eventual outcome of Greece’s debt issues and if it stays in the eurozone matters, I’m more focused on what companies here at home have to say.
The Stop Limit of $12.70 has triggered on Rave Restaurant Group (RAVE).
Greece’s Finance Minister resigned, so a new deal could be reached even though the country is in arrears and is a complicated mess. It remains to be seen if other countries in the euro will feel jaded if Greece gets a kitchen pass but it is too early to see what domino might fall next. In the meantime, our portfolio is light and well positioned to add new trades to play further weakness, or to add bullish trades, if the trading ranges and 10-year uptrend lines hold.
Pre-Market Update: The technical picture continues to show additional weakness but any damage done today and this week will be blamed directly on Greece. The country’s citizens voted “no” by more than a 60% to 40% margin against further bailout conditions and aid. The decision to go it alone could result in pushing the country closer to bankruptcy and an exit from the euro currency. However, I wouldn’t be surprised if new developments came about in the coming weeks to still “save” the country.
Mid-Market Update: While Greece’s fate will remain unknown until Sunday, or possibly even later, Wall Street is focused on this morning’s nonfarm payrolls numbers. The report showed that payrolls rose by 223,000 in June, with the unemployment rate falling from 5.5% to 5.3%.
Buy to open the X August 18 puts (X150821P00018000, $0.60, up $0.06) at current levels.
Pre-Market Update: The bulls showed why it has been hard to throw the towel in on a continued run to higher highs, as they recovered the first layers of resistance on Wednesday. More headlines out of Greece swayed the market, and the technical picture is still showing major volatility ahead.
Mid-Market Update: Alcoa (AA, $10.94, down $0.21) is scheduled to announce earnings next Wednesday, July 8, and shares could make a big move depending on how Wall Street reacts. The company used to kick start earnings season, but it carries less significance now after being booted from the Dow. However, I still like to watch its results come in, and a juicy earnings trade could be waiting in the wings as well.
Pre-Market Update: The bulls made a push to the resistance levels that had previously served as support, but the bears held Tuesday’s gains in check. The second waves of support held, but there are two more days of headlines this week that could sway Wall Street going into July.
Mid-Market Update: Shares of Schnitzer Steel Industries (SCHN, $17.12, down $2.15) are down roughly 11% following an unimpressive earnings report. The company reported a third-quarter loss of $9.6 million, or $0.36 a share, versus estimates for a loss of $0.10 a share.
$1.00 Stop Limit triggered on the remaining 2/3-sized position in the SPY July 200 weekly puts.
