Good morning traders, after fairly quiet trading yesterday futures this morning are nearly flat pointing just a hair down to start the day. With next week’s Fed meeting on the horizon there’s already plenty of static out there about the potential for the inevitable, and some might say overdue, taper starting this month rather than later.Read More
The following was sent out to Tickerville premium subscribers as a Morning View.
I’m not sure about you, but I feel great sitting in a cash-heavy position watching our Clean Energy (CLNE) buck the trend. The market feels eerie here. That’s about the best word I can use to explain it. The government is shut down and our debt ceiling debate is just around the corner. The market is yawning as if it could care less however the longer this scenario drags on, the more probable it becomes that we see further credit downgrades and possible default. Certainly that wouldn’t happen….we all think.
Nonetheless, it would be tough to write the above if the technical picture was rosy and full of opportunity when in fact it is not. There is little to do here, as the setups are simply not there. Clean Energy (CLNE) was based more on a critical level and seller that I believe is now done selling shares, rather than a sweet technical setup. Other than that, I just don’t see much out there at all.
It’s been several weeks since we’ve seen hot and heavy action but the tape simply demands our patience. Hang in there and let’s stick to the game plan. I do not think it will disappoint.
Long CLNERead More
Wednesday’s QE Break gave back a little more than was expected by the close on Friday. Was it all just a sucker’s break? This weekend’s Tape Talk can be found HERERead More
The market ripped on the news that Big Ben and the boys will continue with QE infinity. Commodities went bonkers to the upside. Tonight’s Tape Talk can be found HERERead More
I didn’t read the details of the statement but I’m guessing by the action the Fed has decided to avoid any ‘tapering’ talks so far. While I don’t want to be stubborn, this action continues to ooze of euphoric behavior and I’m sitting on my hands and will see how this plays out.Read More
I don’t know where it was in my trading career that I started recognizing key price levels for individual stocks where it was as if a battle was taking place between buyers and sellers. When I did however, I started to see a massive difference in the speed at which certain stocks accelerated once a key level was overtaken.
This style of trading is not something I do all the time, simply because it is not all that common for me to find these key price levels. I am not out seeking them or trying to create them in my mind. Typically how they come about is after sifting through thousands of stock charts and starting to follow a few very, and I stress, very, closely.Read More