DOW lower for 5th day in a row

On Friday, the big news was President Trump and China going back and forth on tariffs. Although we didn’t really have any changes over the weekend, trade war concerns were on everyone’s mind heading into the new week. And things looked pretty ugly at the open.

The major indices were all lower this morning and continued their slide after trading got underway. But approximately 10 minutes after the U.S. open, buyers stepped in and major indices rallied.

By the end of the day, the NASDAQ was slightly positive. But the S&P and DOW never made it into positive territory and the DOW finished lower for the 5th day in a row. All things considered, it could have been a lot worse!


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.2% loss. Down 6 points, the S&P ended at 2,774.
  • The DOW ended 0.4% lower. Dropping 103 points, the DOW closed at 24,987.
  • The NASDAQ was flat. With less than a 1 point gain, the NASDAQ finished at 7,747.
  • Bitcoin ended 3.0% higher. Adding $195, Bitcoin is trading at $6,735.

Crude Oil (CL) bounced back after a rough Friday. Up 1.2%, CL ended at $65.86 a barrel.

Elon Musk has a message for Tesla (TSLA) short sellers…you have “about three weeks before (your) short positions explodes!” The CEO tweeted the message over the weekend. Tesla was up 3.5% today and is up about 20% since Musk promised 3rd quarter profitability, vowing to hit Model 3 production targets by the end of June.


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Source: RockwellTrading by Markus Heitkoetter | Original Link

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SPY Officially Ready?

While all eyes have been on the Nasdaq, don’t let the SPY surprise you with what’s setting up here.

John Carter

John Carter’s father was a Morgan Stanley stock broker. One day during high school, John came home from the mall where he was working at a store making cookies. He had saved up $1,000 over the course of a few months and his dad told him that he and some of his friends were going to buy “some call options on Intel” the next day. With his father’s direction, he bought 10 call options at $0.75, and sold them a few days later for $1.50, doubling his money. He was hooked and has been trading ever since—going on 25+ years now.

Our Favorite Option Trading Strategy is Kyle Dennis’ Option Rocket, click here to check it out now.

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Nasdaq Divergence Speaks Volumes, Here is the Trade Setup

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Stocks shook up by the renewed talks of a trade war. In this video we focus on the opportunities in the NASDAQ.

Watch this video now for the live trade I put on at the close and why you may want to take this trade tomorrow…

 

 

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This investment-fee tax break is gone. What that means for your IRA

Here’s some bad news for investors who appreciate a good tax break: You are no longer permitted to take deduction expenses tied to your investments.

The Tax Cuts and Jobs Act, which went into effect this year, eliminated a slate of itemized deductions.

Breaks that are now out the window as of 2018 include the investment expense deduction, which allows you to deduct investment and custodial fees, costs-related trust administration and other expenses.

Under the old law, you were allowed to take this and other miscellaneous itemized deductions to the extent they exceeded 2 percent of your adjusted gross income.

Though you couldn’t take a break for traditional individual retirement account fees that you paid directly from the account, you were able to use other assets to cover those costs and then take the deduction.

“Before this year, my advice was always, ‘With IRA fees, pay them from the taxable account so that you get the deduction and the money keeps growing,'” said Ed Slott, a CPA and founder of Ed Slott & Co. “No more.”

Now that you can’t take the tax break for these costs, here’s how you should consider paying the costs related to your IRA.


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Whether you should continue to use taxable account assets to pay those IRA costs will depend on two things: your account’s growth and your time horizon, said Jeffrey Levine, CEO and director of financial planning at BluePrint Wealth Alliance in Garden City, New York.

“The greater the growth in the IRA and the longer the time horizon, the more it would skew you toward taking money from an outside account,” said Levine.

That’s because the fees you would otherwise pull from that IRA will be left to continue growing on a tax-deferred basis over time.

Meanwhile, if you’re considering retiring fairly soon and your assets are held in largely conservative investments that aren’t earning too much in returns, it might make more sense to deduct the investment fee directly from the IRA instead.

“You’re not giving up as much tax-deferred growth if you take the fee out of the IRA,” Levine said.


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What if you have a Roth IRA, where dollars grow tax-free and you can take tax-free withdrawals in retirement?

In that case, always use taxable account dollars to pay those expenses.

“Keep that tax-free Roth IRA growing,” Slott said.

Know that while you can use taxable account dollars to pay IRA and Roth IRA expenses, you can’t use traditional IRA money to cover Roth IRA costs — and you can’t use your Roth IRA to cover traditional IRA fees.

“You can never pay from the IRA the fees for anything else but the IRA or it would be a prohibited transaction,” Slott said. “Neither the traditional nor the Roth IRA should be used to pay the expenses of any other account.”

Source: cnbc.com | Original Link

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Here are the 4 things that are moving the markets right now

There was a a lot of news to move the market, but stocks struggled to find direction throughout the week.

Here’s what traders were focused on:

Trump & Kim – The meeting had a bigger impact on media headlines than the market. But President Trump’s historic meeting with Kim Jong Un had everyone’s attention at the beginning of the week.

Interest Rates – On Wednesday, the Fed raised rates for the 2nd time this year. The rate hike was expected, but there was some volatility on Wednesday and Thursday with traders digesting the Fed decision.

NASDAQ record highs – The NASDAQ was the clear leader last week. The tech stock index hit record highs on Thursday before a small pullback on Friday. The NASDAQ finished with its best weekly close ever.

Trade War Fears – On Friday, President Trump said that he’s approved a 25% tariff on $5o billion worth of Chinese goods…with more coming if China retaliates. AND in typical Trade War fashion, China retaliated saying they would impose tariffs on $36 billion in U.S. goods.

After a choppy week, stocks finished the week mixed.


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Here’s where the major indices ended the week:

  • The S&P finished flat. Up less than a point, the S&P ended at 2,780.
  • The DOW ended 0.9% lower. Dropping 226 points, the DOW closed at 25,090.
  • The NASDAQ was up 1.3%. With a 101 point gain, the NASDAQ finished at 7,746.
  • Bitcoin ended 15.3% lower. Dropping $1180, Bitcoin is trading at $6,540.

Crude Oil (CL) finished the week lower. Down 1.1%, CL ended at $65.01 a barrel. This week traders will keep an eye on an important meeting with OPEC and non-OPEC producers, where it’s expected that oil production targets will be raised.

Adobe Systems (ADBE) lost 2.4% on Friday, in spite of better than expected earnings.

Gold (GC) was significantly lower on Friday. Down 2.2%, Gold had its biggest drop in 18 months while the US dollar hit an 11-month high.


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$330,000 per year trading part-time?

Check Out This Video to Learn Jason’s 3 Simple Trading Patterns


Source: RockwellTrading by Markus Heitkoetter | Original Link

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Let’s Review Positions and Potential Trades

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Stocks react to the sudden Trade War revival on Friday.

In this crucial weekend video we focus on positions in CAT, MS, VIX, and more.

Watch this video now to get the full dish on current positions and potential trades that will be setting up for next week…

 

 

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