October 24, 2017

The NightCap

Daily-Wrap

The Market: The market continues to grind higher with the Russell 2000 (IWM) trying to play catch-up of late. Energy (XLE) led all sectors in today’s trading, again, and has been one of the hottest sectors of late although still down nearly -10% YTD. A relatively big data week with ISM Monday, Fed speak & ADP tomorrow, Unemployment Claims Thursday, and official Jobs data on Friday.  Traders concerned about the Fed and if we will see a December rate hike should be paying attention to this week’s data.       Reported EPS 11/3/15 After the Close:   Reporting EPS…

Charts to Watch

Charts-of-Interest

Apache (APA): The rally has continued to the 200 day SMA which would be expected first resistance.  Now watch for a pullback and how it acts to see if the bottom is in of if the stock has more work to do.  The MACD might be hinting to more work. Arch Coal (ACI):  Consolidating well and holding the recent gains well.  More action like this and it looks like there will be a strong base for a move toward the 200 day SMA. Apple (AAPL):  Continues to consolidate but without much downside action.  Watch above $514 with volume. Devon Energy (DVN):…

Charts to Watch

Charts-of-Interest

What ended up being a tough week for the market left many names I was following pulling back m0re than I would have desired but still intact.  While I believe it is always prudent to be looking at stocks from the short side, the longer term trend is still higher.  I think that it is VERY likely that we see the markets continue to consolidate and even lose ground but I think people tend to lose tract of their long ideas during these times and this is when you want to be watching them as if they hold in during…

Charts to Watch

Charts-of-Interest

Apple (AAPL) found initial resistance at the 200 day SMA which is to be expected on the first touch after so long but I would be watching the consolidation on this one for another trade opportunity.  Also watch the MACD to see if it can recycle. Arch Coal (ACI) pushed nicely into the 50 day SMA today.  This will be key to watch if it can get and stay above.  A move on strong volume might be further evidence that a short term bottom is in and could end up being a much longer term bottom.  I would use the…