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Stock Market Today: February 4th - 8th, 2019

Discussion in 'Stock Market Today' started by bigbear0083, Feb 1, 2019.

  1. bigbear0083

    bigbear0083 Content Manager
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  2. bigbear0083

    bigbear0083 Content Manager
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    Good Tuesday morning to all.

    Here is the morning's pre-market news thread for those of you wanting to get a quick read before today's open-
    [​IMG] <-- click there to read!

    Hope everyone has a great trading day ahead!
     
  3. bigbear0083

    bigbear0083 Content Manager
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    Morning Lineup – Positive Follow Through Despite Mixed Earnings
    Feb 5, 2019

    US equity futures are indicating a higher open this morning ahead of a light economic calendar. Overnight, China was closed for the New Year’s holiday and Europe is firmly in the green. While futures are higher, tech is a notable laggard following poorly received results from Alphabet (GOOGL) and lowered guidance from Seagate (STX).

    After a slow start to the week Monday, investors once again started to buy stocks between the opening and closing bell as the S&P 500 finished the day up nearly 0.7% while the Nasdaq rose over a full percentage point. With the steady gains we have been seeing lately, the percentage of stocks in the S&P 500 trading at overbought levels continues to tick higher. As of yesterday’s close, a net of 51.4% of the stocks in the S&P 500 are trading at overbought levels (>1 standard deviation above 50-DMA), and that’s the highest reading since late January 2018 when the percentage reached 63.4%. Now, that was high!

    [​IMG]
     
    T0rm3nted and stock1234 like this.
  4. Steven_Burt

    Steven_Burt Well-Known Member

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    Uhg, What is driving ETSY today? short squeeze? I can tell you first hand it is painful for the shorties.
     
    stock1234 likes this.
  5. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    VIX hit 15.04 then did a U-turn.
     
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  6. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    T0rm3nted and Steven_Burt like this.
  7. bigbear0083

    bigbear0083 Content Manager
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  8. bigbear0083

    bigbear0083 Content Manager
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    Good Wednesday morning to all.

    Here is the morning's pre-market news thread for those of you wanting to get a quick read before today's open-
    [​IMG] <-- click there to read!

    Hope everyone has a great trading day ahead!
     
  9. AverageJoesTrades

    AverageJoesTrades Well-Known Member

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    oof, was looking at EA for a possible breakout from resistance.
     
  10. bigbear0083

    bigbear0083 Content Manager
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    Morning Lineup – Breadth Makes More New Highs
    Feb 6, 2019

    Equity futures are indicating a slightly lower open this morning, but they are well off their overnight lows. Earnings continue to be a big driver of individual stock moves, and while the video-game makers are down sharply, a number of software stocks are getting a boost following their reports. GM, which just reported now, also handily exceeded forecasts and is trading up nicely on the news.

    We first highlighted it last week when the S&P 500’s cumulative A/D line made a marginal new high, but given the moves in recent days, we feel it warrants mention again. As the S&P 500 has broken through resistance around the 2,630 level, cumulative breadth has really taken off as well, easily breaking away from its prior high. Strong breadth indicates broad participation, and that’s exactly what we have seen so far this year as small caps have led the gains, and even the S&P 500 equal-weight index is outperforming the cap-weighted index by over 2% YTD.

    [​IMG]
     
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  11. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    Health care looks to have lost steam. Recent ERs from CNC and HUM did nothing. Failing to recover highs...much like the rest of the market actually. DIA at least recovered the 200 ma, but Transports have not done the same, yet.
    MOH reporting in 5 days.
     
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  12. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    First red day in awhile :p Looks like pot stocks getting hit today :eek:
     
  13. bigbear0083

    bigbear0083 Content Manager
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    yeah first red day on indices in a while, but a pretty shallow one compared to the green days we've been having ... not really giving much back at all today :p

    this is the first test of the 200ma on the upside so i guess it's no surprise that we're backing off just a smidgen today

    kind of a boring day ... seems like there really isn't much of a catalyst to get us moving convincingly in either direction of the 200ma, absent i guess maybe a black swan event :p
     
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  14. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Haha yeah not much going on. The FED seems to be out of the way now and we probably won't get much update on trade talk until Trump and Xi meet :p
     
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  15. Steven_Burt

    Steven_Burt Well-Known Member

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    For my two cents, I believe EVERYTHING hinges on the trade deal with China. If the president can't get a deal he like he'll impose the 25% tariffs, if he does they sign a deal and we are off to new highs. Don't get me wrong, I don't believe new highs are justified, but we will need a parabolic blow off before the impending real correction that will take place when the debt ceiling needs to be raised. (in March) jmo.
     
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  16. bigbear0083

    bigbear0083 Content Manager
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  17. bigbear0083

    bigbear0083 Content Manager
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    Good Thursday morning to all.

    Here is the morning's pre-market news thread for those of you wanting to get a quick read before today's open-
    [​IMG] <-- click there to read!

    Hope everyone has a great trading day ahead!
     
  18. bigbear0083

    bigbear0083 Content Manager
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    Morning Lineup – Dollar Up For Sixth Straight Day
    Feb 7, 2019

    Overnight trade has not been kind to the US equity markets with the S&P 500 set to open down over half a percent and near session lows. Rates are at session lows as well with the US 10-year yield down for the third session running, while US credit spreads are widening out having made new lows for the current move tighter in spreads since January over the past week. In energy markets, WTI is down over 1%. EM assets generally overnight were weak, down almost 1% thanks to global risk asset weakness.

    Data today includes initial claims and consumer credit from the Federal Reserve on an otherwise quiet day. Scheduled Fed speakers today include Kaplan (Dallas, 9:15), Clarida (Vice-Chair, 9:30), and Bullard (St. Louis, 7:30 PM).

    A week ago yesterday, the FOMC surprised markets with an even more dovish than expected policy announcement. One would normally expect the dollar to sell-off following a more dovish than expected FOMC, and while we saw a sharp decline in the dollar on the day of the FOMC meeting, since then it has traded higher every single day. With today’s early strength, the index is on pace for its sixth straight day of gains and is now well above levels it was trading at before last week’s FOMC meeting.

    [​IMG]

    The dollar has been strong over the last week, but from a longer-term perspective, it still remains in a downtrend. Yesterday’s bounce brought the Bloomberg US Dollar Index back above its 200-DMA, but it still has yet to break above resistance just under 1,200 at its 50-DMA. So, keep an eye on that level as a sustained rally in the dollar after last week’s Fed pivot would be quite a surprise for financial markets.

    [​IMG]
     
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  19. Steven_Burt

    Steven_Burt Well-Known Member

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    SPX has broken its trend line, a move below the ma(9) and the 2700 support level could be significant.

    SPX.png
     
  20. Steven_Burt

    Steven_Burt Well-Known Member

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    stock1234 and bigbear0083 like this.

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