From a certain standpoint, the market should not be struggling at the 2815 level. But since it is, there's still a possibility that it may have to test that 2750 to 2770 level before heading off to test that 2850 to 2870 level
I am thinking that before it finally tests that 2850 to 2870 level, it's possible that it will hit around the 2830 level before retracing heavily. And so, it might make sense to exit at around 2830 for profit taking and then on the re-trace, re-buy for a rally. Hmmm. The prediction as to what happens and trade management are two different issues. It's about maximizing profits and managing risk levels.
FED Minutes coming up at 2PM, let’s see if it will move the bonds market and affect stocks as well Housing starts data was pretty weak this morning Home related stocks are down again, both HD and LOW down significantly
Is the daily move measured close-to-close, or intraday? Because right now we're looking at a 0% move from yesterday's close.
Good afternoon all, Just discovered this forum and wanted to share a video that we put out daily. Can you guys let me know if this would be valuable to the forum?
that chart was a measure of avg. daily "closing" changes throughout the full month. looks like the avg. for this month will be coming down some after today. i'd be interested to see what the avg. move is on an intraday basis as well...if i have time later i'll try to get the avg. intraday move of all trading days this month up to this point.
here is the pre-market stock movers & news thread for those of you wanting to get a quick read before today's open- <-- click there to read! hope everyone has a good trading day ahead.
Got an eye on ALXN for a swing trade, stop below 120 Here's what it looks like on a longer time frame. A recent analyst comment on ALXN (https://www.investors.com/research/ibd-industry-themes/biotech-companies-market-correction/) " Alexion's blockbuster Soliris grabbed a "surprise" win in September after the drug worked as a treatment for patients with neuromyelitis optica spectrum disorder, or NMOSD. This is a relapsing inflammatory disease that commonly affects the optic nerves and spinal cord. "Despite bolting on an additional about $1 billion revenue opportunity with the surprise NMOSD win, shares are almost right back to where they were before the data, announced last month," Piper Jaffray's Raymond said. If approved in NMOSD, Soliris would have a fourth use. The drug grabbed approval a year ago as a treatment for generalized myasthenia gravis, a neuromuscular condition. It's also used in a pair of blood diseases. Raymond says investors still aren't crediting Alexion enough for Soliris sales in generalized myasthenia gravis. Further, the biotech company has a next-generation version of Soliris, called ALXN1210, in clinical studies. "Given this, and given what we think will be continued revenue beats in coming quarters as well as regulatory progress for ALXN1210 and potential for better-than-expected earnings leverage in the out years, we continue to view Alexion as a favorite large cap," he said.
Ok. I entered long at 2770 [averaged in]. I had wanted this re-trace. I'd have preferred something more than this but it's a "doable" level. Better than entering at the 2790 or 2800 level.
My theory says that the price still needs to test that 2850 to 2870 level at some point. So, this is a good price entry. Also, I realize that that 2830 level is much tougher as a resistance level than I thought. So, maybe exiting around 2830 and then re-enter on a re-trace might be sensible and profitable. Of course, a person could continue to just hang on until that 2850 to 2870 level re-test. But I am talking about trade management strategy here.
So, there are two things a trader should probably know. 1. Know what the price is likely to do--and have faith in that; 2. learn how to maximize on trade management--know your strategy. Those are two different issues. I am doing much better this time around with that vs. what happened in January. But, I was profitable in the January collapse but not as profitable as I would have liked. This time I am doing much better. It's a skill--like learning how to ride a bicycle!
A collapse to the 2750 would be ideal, if that were to happen. I don't know at this point whether that would be a possibility today. After that, maybe the price could go after that 2830 resistance level. But, we have to see what the price action shows to know what might happen and what to do in terms of trade management.
