Stock Market Update for Wednesday, May 23rd, 2018

This morning things looked pretty ugly. With lingering concerns over the trade situation with the U.S. & China, the major indices dropped overnight and kicked off the session with losses.

But everything changed after today’s Fed Minutes.

The minutes from the May FOMC meeting showed that the Fed is looking to raise rates in June. But higher inflation doesn’t mean that they need to be as aggressive with future hikes.

Traders loved the news and stocks rallied. By the end of the day, the major indices were higher, making up for yesterday’s losses.


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.3% gain. Up 9 points, the S&P ended at 2,733.
  • The DOW ended 0.2% higher. Adding 52 points, the DOW closed at 24,887.
  • The NASDAQ was up 0.6%. With a 48 point gain, the NASDAQ finished at 7,426.
  • Bitcoin ended 6.7% lower. Losing $540, Bitcoin is trading at $7,560.

Crude Oil (CL) finished lower for the 2nd day in a row. With a 0.6% loss, CL ended at $71.8 a barrel. Today’s Crude Oil Inventories showed a 5.8 million barrel increase in U.S. stockpiles compared to the 2.5 million barrel decrease that was expected.

Netflix (NFLX) was a big winner today. With a 4.0% gain, Netflix finished at $344.72 – a new record. With today’s rally, Netflix is now worth more than cable giant Comcast (CMCSA).

Tiffany & Co (TIF) had an impressive 23.3% gain today. The company hit record highs after better than expected earnings. But Target (TGT) was another story, finishing 5.7%  lower after worse than expected numbers.


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Source: RockwellTrading by Markus Heitkoetter | Original Link

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In This Market You Don’t Need to be Right

FREE DOWNLOAD – The Rebel’s Guide to Trading Options – How to Protect & Profit in any Market

Stocks sell off in the morning and rally back all day. In this current market environment the one thing to remember is you do not need to be right directionally. It’s way more important you have the right strategy.

You may want to watch this video update now to make sure you’re using the right strategy in today’s market.

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Higher SPX, NDX, and RUT

FREE: Discover the High Probability Setup Behind John Carter’s $1.4 Million TSLA Options Trade

The overall market is heading higher. Mentions include the indexes SPX, NDX and RUT, and JPM, IYT, PANW, CSCO, AAPL and AMZN.

Bruce Marshall

Bruce began his career working for a Wall Street firm on a bond desk after the Crash of ’87. He spent several years trading bonds until he switched to the equity side which developed his love of trading equities and options early on. He traded IPO’s, secondaries, and preferred’s. In the early days, he actually had to hand write “tickets” to buy and sell securities.

 

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A Simple(r) One-Minute Pattern for Daytraders

FREE: Discover the High Probability Setup Behind John Carter’s $1.4 Million TSLA Options Trade

This is an easy setup you can put to work tomorrow to set up trades on the ES, NQ, and YM.

Raghee Horner

Raghee Horner started trading at 17 while still in high school. She continued her pursuit of trading through college until going full-time after graduation; torn between the charts and law school, the markets won out.

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Why Large Investors Aren’t Scared by the Bitcoin Price Drop

Avi Salzman, a senior editor for Barron’s magazine, released a report this week featuring big money investors and executives from the rapidly growing cryptocurrency sector who generally believe, despite the recent bitcoin price drop, cryptocurrency will inevitably replace fiat.

Inevitable Outcome

Over the past five months, the valuation of the cryptocurrency market has dropped by more than 55 percent, from $829 billion to $372 billion. In January, at its peak, the valuation of the cryptocurrency market nearly reached a trillion dollars as blockchain projects still in their infancy and testnets such as Tron and EOS surpassed $17 billion.

Since then, the price of most cryptocurrencies like bitcoin, Ethereum, Bitcoin Cash, EOS, and Ripple have more than halved. Naturally, as the valuation of the cryptocurrency market fell by large margins, an increasing number of investors have started to lose interest in the market and confidence in the short-term rally of both major and emerging cryptocurrencies. But, regardless of the massive correction, big investors are still extremely optimistic and bullish.


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Many analysts expect that the bitcoin price will experience long-term growth as Wall Street investors grow more comfortable with the asset class.

Earlier this month, CNBC Fast Money contributor and BKCM founder Brian Kelly emphasized that he was shocked the market did not react to the entrance of the New York Stock Exchange (NYSE) and JPMorgan into the cryptocurrency market. If the two major institutions had entered the market in January, when the cryptocurrency market was at an all-time high, it likely would have pushed the cryptocurrency market beyond the $1 trillion mark.

More institutional investors, retail traders, financial institutions, banks, stock markets, and governments are involved in the cryptocurrency sector than ever and the market is nearly at a yearly low. While most individual investors and newcomers see a sell-off period in a highly volatile time frame like this, large-scale investors see an accumulation period and an opportunity.

Erik Voorhees, the CEO at ShapeShift, stated:

“I’m all for financial companies getting involved in crypto. Crypto as a monetary unit is transparent and legitimate because it’s market-based, as opposed to what they do now, which is handling fiat, which is not transparent and not market-based.”

According to Salzman, Voorhees emphasized that it is inevitable cryptocurrencies like bitcoin and ether will replace fiat currencies like the US dollar in the future. Voorhees also noted that he does not believe financial companies will attempt to sidetrack the effort as ultimately, businesses chase money. “That’s the point. t’s pulling them in,” Voorhees added.

Future

In the short-term, the bitcoin price could dip below the $8,000 mark, potentially into the lower end of $7,000. It also could demonstrate a sudden increase in momentum and bounce back to the $9,000 region and eventually to $10,000.

No investor or analyst could predict where the price of bitcoin goes in the short-term with absolute certainty. But, big investors are convinced cryptocurrencies are here to stay and will compete with traditional currencies and assets such as the US dollar and gold, and that is what really matters.


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Source: ccn.com | Original Link

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Stock Market Update for Tuesday, May 22nd, 2018

U.S.-China trade relations were the focus again today.

China announced that it will cut import tariffs on U.S. autos and some auto parts on July 1st. But there are some concerns over the deal with Chinese telecom company ZTE. President Trump also addressed the upcoming meeting with North Korean leader Kim Jong Un, saying that the meeting in June may not work out.

Up slightly at the open, stocks traded sideways for most of the day. Then a sell-off with about an hour left in the trading session sent the major indices into negative territory.


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.3% loss. Down 9 points, the S&P ended at 2,724.
  • The DOW ended 0.7% lower. Dropping 179 points, the DOW closed at 24,834.
  • The NASDAQ was down 0.2%. With a 16 point loss, the NASDAQ finished at 7,378.
  • Bitcoin ended 3.8% lower. Losing $320, Bitcoin is trading at $8,100.

Crude Oil (CL) got within 10 cents of the $73 mark, then retreated from multi-year highs. With a 0.2% loss, CL ended at $72.18 a barrel.

J.C. Penney (JCP) was a big loser today after news that their CEO will be heading to Lowes (LOW). JCP ended the day with a 6.0%. LOW was up early on the news, as high as 3.4%. But by the end of the day, LOW was trading with a 1.9% loss.

Auto part retailers experienced some big swings today. Advanced Auto Parts (AAP) was up around 5.5% this morning after reporting better than expected earnings per share, but worse than expected revenue. But by the end of the day, AAP had given up the early gains and was down 3.2%.

AutoZone (AZO) had a similar report and made the same type of move. Up close to 7.0% this morning, AZO ended the day with a 9.5% loss.

Mid-day reversals seemed to be a theme today. Kohl’s (KSS) reported earnings that were slightly better than expected and raised its future guidance. KSS was up early but ended the day 7.4% lower.

 

Source: RockwellTrading by Markus Heitkoetter | Original Link

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Being Opportunistic in a Weak Market

FREE: Discover the High Probability Setup Behind John Carter’s $1.4 Million TSLA Options Trade

Sometimes the most bullish thing you can be is a near-term bear. The corrections we are seeing in equities could land the market at some interesting retracements.

Raghee Horner

Raghee Horner started trading at 17 while still in high school. She continued her pursuit of trading through college until going full-time after graduation; torn between the charts and law school, the markets won out.

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Two Fades for the Russell 2000

FREE DOWNLOAD – The Rebel’s Guide to Trading Options – How to Protect & Profit in any Market

Stocks giving back some of the gains from yesterday. In this video update we take a close look at the crucial level in the market. It’s make or break time. You may want to watch this video now for a trading opportunity you can take advantage of tomorrow

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Do Options Traders Know Something About Chesapeake (CHK) Stock We Don’t?

Investors in Chesapeake Energy Corporation CHK need to pay close attention to the stock based on moves in the options market lately. That is because the May 25, 2018 $3.50 Put had some of the highest implied volatility of all equity options today.


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What is Implied Volatility?

Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?

Clearly, options traders are pricing in a big move for Chesapeake Energy shares, but what is the fundamental picture for the company? Currently, Chesapeake Energy is a Zacks Rank #3 (Hold) in the Oil and Gas – Exploration and Production – United States industry that ranks in the Top 33% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased its earnings estimates for the current quarter, while six analysts have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 13 cents per share to 12 cents in that period.

Given the way analysts feel about Chesapeake Energy right now, this huge implied volatility could mean there’s a trade developing. Often times, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.


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Experienced Biotech stock investor, Kyle Dennis, will be showing you 3 easy-to-follow steps that you’re going to want in your playbook & he’s got the numbers to prove it!

Join this free webinar today!


Source: finance.yahoo.com | Original Link

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