Good morning Stockaholics! Here are your morning movers & news on this Thursday- Spoiler: 10/13 Thursday's Stock Movers & News: DAL, WFC, PFE, CSX, K, HOG, NOK, DLTR, FIVE, AMZN, ANF, DECK 10/13 Thursday's Stock Movers & News: DAL, WFC, PFE, CSX, K, HOG, NOK, DLTR, FIVE, AMZN, ANF, DECK Good day Stockaholics! Happy Thursday! Frontrunning: October 13 Weak China data, stronger dollar send global stocks skidding (Reuters) Oil price gains limited by higher OPEC output, U.S. crude stocks (Reuters) A Trans-Atlantic Revolt Against Central Bankers (WSJ) Wells Fargo CEO Stumpf Quits in Fallout From Fake Accounts (BBG) Stumpf’s departure likely to have big consequences for US banks (FT) SEC Said to Demand That Cooperman Agree to Hedge Fund Suspension (BBG) FBI, DOJ roiled by Comey, Lynch decision to let Clinton slide by on emails, says insider (Fox) Frenzy surrounds ‘Apprentice’ tapes (NYT) U.S. Launches Strikes on Yemen After Warship Targeted (BBG) U.S. lawmaker urges Saudi arms sales halt, cites possible Yemen 'war crimes' (Reuters) Kremlin tells Britain: You have to keep our diplomats safe (Reuters) Emir instructs 17 ambassadors to return to Qatar (Doha News) Haim Saban wants to put Clinton in the White House and take Univision public (BBG) UK faces Brexit divorce bill of up to €20bn (FT) U.S. military strikes Yemen after missile attacks on U.S. Navy ship (Reuters) China corporate raider’s wealth soars ninefold to $17bn (FT) Trump Attacks Washington Insiders Over Clinton Emails (WSJ) France’s Sapin Says No Doubt Now About Banks Leaving London (BBG) STOCK FUTURES NOW: YESTERDAY'S MARKET HEAT MAP: YESTERDAY'S S&P SECTORS: TODAY'S ECONOMIC CALENDAR: MOST ACTIVE TRENDING PRE-MARKET DISCUSSIONS (SYMBOLS ARE CLICKABLE!): VRX OCUL GILD GPRO SPY DAL UVXY TGTX HZNP WGO ESPR OMER BABA WFC TSM UL GDX IBB SNE FE NUGT NTES XIV TLT NI TODAY'S EARNINGS CALENDAR: THIS MORNING'S PRE-MARKET NEWS MOVERS: source: cnbc.com Delta Air Lines — The airline reported adjusted quarterly profit of $1.70 per share, beating estimates by five cents a share. However, revenue was below forecasts as the key metric of revenue per available seat mile fell 5.6 percent from a year earlier. Delta also said an August outage cost the airline $100 million. Wells Fargo — Chief Executive Officer John Stumpf announced his retirement, effective immediately, following the sales practices scandal that's engulfed the bank over the past few weeks. Chief Operating Officer Tim Sloan will succeed Stumpf as CEO, while lead director Stephen Sanger will take the chairman's slot. Pfizer — Jefferies downgraded the drugmaker to "hold" from "buy," due to a lack of catalysts and drivers for a higher stock price. The firm saidAbbVie and Eli Lilly remain its top U.S. picks in the drug sector. Separately, Pfizer lost its appeal in a patent case over its pain drug Lyrica in a U.K. court, but said it would seek a further appeal. CSX — CSX reported quarterly profit of 48 cents per share, three cents a share above estimates. Revenue for the railroad operator was slightly ahead of forecasts. CSX's results were hurt by a drop in freight volumes, but did manage to beat expectations nonetheless. Kellogg — The cereal maker bought Ritmo Investimentos, the controlling shareholder of Brazilian food company Parati. Kellogg also said it would cut back on stock buybacks this year to "preserve financial flexibility." Harley-Davidson — The motorcycle maker is planning to increase its emphasis on Asian sales, according to Chief Executive Officer Matthew Levatich. He told Reuters he is optimistic about growing the company's business in both existing and new Asian markets. Nokia — The wireless technology company was removed from the "Conviction Buy" list at Goldman Sachs, although the firm retained a "buy" rating. Goldman said the move reflects further declines in global capital expenditures by the wireless industry. Dollar Tree, Five Below — The two stocks were both rated "overweight" in a new report on discount retailers at KeyBanc, which also ratedDollar General at "sector weight." Keybanc said Dollar Tree is executing well at its legacy stores, as well as successfully turning around the Family Dollar stores it acquired when it bought that company last year. Five Below got praise for good product value, as well as an "exciting shopping experience." HCA — HCA was upgraded to "overweight" from "sector weight" at KeyBanc, which pointed to both valuation of the hospital operator's stock and a potential upside catalyst of a more likely Hillary Clinton win in the presidential election. Amazon.com — Amazon announced it would hire more than 120,000 seasonal workers for this y year's holiday season. The online retailer noted that more than 14,000 of last year's seasonal hires stayed on as full-time employees. Abercrombie & Fitch — The apparel retailer announced a redefined identity for the Abercrombie & Fitch brand, to be accompanied by its largest-ever ad campaign. It will feature a redesigned website and all new digital advertising. Deckers Outdoor — Susquehanna Financial downgraded the footwear maker to "negative" from "neutral," saying the health of its UGG brand is at risk due to an increase in promotional activity. Good trading day to everyone in here on this Thursday! Good trading day to all in here today!
Interesting observation. It could be a head-fake down. I've noticed a lot of charts posting price movements that show extreme emotional reactions in the chart with ATHs (or ATLs) being pierced momentarily, or for a few weeks even, then breaking down hard (or up). If it is a head-fake orchestrated by some Alpha traders, is this a bull setup? I see the news around the world and I think, how can it be? Staples, materials and utes are the areas I'm watching now
I've been using volume profile analysis for quite some time now and I've never see such a quick shift of the POC (that I can remember) on an indices like that. A normal trending market would build a POC, shake out weak longs and suck in misinformed shorts, then propel to more new highs. As you can see this did not. The POC or "auction" quickly re-evaluated on that shift ...... then promptly rejected.
I got stopped out of my long last night for a loss. Now I'll just wait for some direction to show itself. My feeling is still long, but I'll wait and see what happens here.
Here are the meat of this week's ER upcoming PM tomorrow morning: ($WFC $JPM $C $INFY $PNC $FHN $CBSH $DFRG $KMG $ONCS $ENZ $ITKG $REED)
And of course the moment I bring up supply - today's retest of September's lows showed reduced supply. Egg meet face LOL. Just shows you how paranoid we all are up here.
I wanted to enter LOT 3 long at SPX around 2110 this morning. It didn't happen-it only dropped to 2114. I almost entered at 2118 but I really wanted 2110.. So, the SPX is at 2136 currently at 12:03 p.m. PST, R. I am still in LOT 1 [entered at 2140] and LOT 2 [entered at 2128]. I expect to test that 2160 level at some point. As I stated before, I am not in these positions for an intra day trade.
Curious, why 2110? Seems like 2115-2120 is the line in the sand right now. I think traders and HFT algos are all conditioned to buy no matter what at 2120 and start selling above 2170.
Bought a calendar spread in SPX today. Short call to go until Friday before election at 2110. Long call goes a month longer. If Trump wins, I should get a large windfall. Market up and or flat through the election, then a 5% plus sell off in November.
The reality is that his trade location is what you want in terms of Risk/Reward (i.e. horizontal support at September lows), but fear often clouds that judgement.
