Around 2650 would be an ok--not a tremendous--but an ok long entry. As I had mentioned multiple times before, 2550 to 2600 a strong buy zone and 2600 to 2650 is a doable buy zone.
I suspect a lot of supply around that 2700 level and so the price might have to retrace to around the 2650 level before a retest--I am not certain about this statetment though--just a feeling. But, keep in mind, everything is relative--price action happens dynamically and you have to know what type of trader you are--swing trader, day trader, long-term investor
Financials reacting weakly after last week's ERs. Health care (XLV) nearing death cross. I like the health care services though, eg CNC. Biotechs (IBB) nearing death cross. XBI not, but getting resistance at 50ma. There's weakness out there. Even chips are getting battered today.
Entering long 2650 to 2660: a better risk reward location. Here it is more likely gambling--could work out but could do better, if things collapse more. It's all up to your style of trading--or trading philosophy
But for how the economy is doing and how well the earnings look this quarter, the SPX hanging non-above the 2700 level is puzzling. A lot of institutional traders seem to want get out for some reason. A lot of selling has been happening. I do agree we should not be above the 2,000 level--just a feeling--but in terms of the "who cares mentality" of 2017, this type of behavior in 2018 is...problematic
In 2017 we didn't see Trade Wars, World War potential, or as heated possibilities of impeachment, etc. There was significantly less in the world to worry about so of course the "who cares" mentality has gone down.
But I'd love for the price to really test the resolve of the bulls and test that 2,000 level once again. I think that would be fantastic for the market
But right now we're just drinking beer or coolers when we should be really trying out some of the stronger stuff
At any rate, as long as the price is non above the 2700 level, maybe we should be rooting for the bears and hope that the price revisits that tasty 2550 to 2600 level. We need more insane volatility to make things interesting and to be much more profitable.
^^ this 100% i hear ya @Frankenstein and agree. things have gotten a little choppy here lately ... we're kind of right smack dab in the middle of no-man's land in the SPX right now .. basically right at the halfback point of the entire 2018 correction (from the ATHs down to the feb. lows which comes in at around 2700). i think yesterday was our smallest daily trading range in the indices since late jan. hopefully we're not going back to a sub-10 vix anytime soon. i still say we haven't seen the bottom of this correction yet. thinking we'll see one more leg lower and hit lows sometime in the late summer. i guess things have quieted down a bit on the political front (for now), and earnings season seems to be taking front and center. so we're getting this "relief rally" if you will. would not be surprised if this bounce took us back up to 2800 first but don't think it will hold. we'll revisit the correction lows sometime in the summer is my WAG.
BREAKING: Rosenstein told Trump last week that he isn’t a target of any part of Mueller’s investigation, two sources say https://mobile.twitter.com/bpolitics/status/987052379181846533 Maybe this headline caused that spike
@bigbear0083 it has been a bit scary how you keep choosing the same stock i wanted to chose on the daily stock picking contest, i own twtr and sq, everytime i go to pick one, u take the pick hahaha. it seems a couple analysts upgraded twtr to a buy, stock is up 2% PM, i doubt we get another 11% pop like the MS upgrade, i just find it odd it is moving so hard off of upgrades, something else must be at play.
wow chinese stocks and apple are quite the drag on the market today. hasnt affected me too much though, twitter and square have been on fire lately.
2680 is not a nice location for a long entry. It can be profitable--but this is gambling territory. 2650 or non higher is much better
