James Comey done talking, Dodd-Frank Repealed in House, and Bristish Snap Election Surprise
Only the James Comey hearing seemed to matter to the talking heads today, but key Dodd Frank regulations being repealed by the House, and Theresa May possibly being ousted after surprise gains by the Labour party crippled her majority. Futures have been busy overnight digesting these two additional news pieces and has largely moved on from the Comey hearing, and really, the market cares far less about it than the hacks on the cable news networks that were hopelessly holding out for something greater than Watergate.
But as for the market action – it marked a fourth straight straight trading session where the market didn’t go anywhere. But that didn’t keep me and members of the Splash Zone from cashing in on some great opportunities, that included 10.1% in profits with Alibaba (BABA) and continued gains in Ferrari (RACE), American Airlines (AAL) and a few others.
That’s four straight doji candles on SPY, but there is still a bull flag trading pattern being maintained on the daily chart. On the hourly chart however, there is a well defined double top pattern that could mature into something nice for the bears. Two conflicting candle patterns that need to be watching going into the last trading session of the week.
Again, short the market if you must, but I don’t think it will take you anywhere. The price action simply isn’t supporting it – not yet at least. And I, for one, think it is necessary for the price action to give me a little bit more to work with before getting net short on this market or really short at all.
Instead, I continue to manage my stop-losses very well, and continue to move them up to insure that if the market does spiral downward at some point, I will walk away with the large majority of my gains too.
S&P 500 Chart
Current Stock Trading Portfolio Balance:
- 6 Long Positions
Recent Stock Trade Notables:
- Alibaba Group (BABA): Long at $124.95, closed at $137.51 for a 10.1% profit.
- Starbucks (SBUX): Long at $61.78, closed at $63.68 for a 3.1% profit.
- Western Digital (WDC): Long at $91.24, closed at $89.29 for a 2.1% loss.
- Broadcom (AVGO): Long at $236.65, closed at $241.15 for a 2% profit.
- SPXU: Long at 16.60, closed at $16.98 for a 2.3% profit.
- JP Morgan Chase (JPM): Long at $87.84, closed at $85.98 for a 2.1% loss.
- Micron Technology (MU): Long at $29.00, closed at $28.04 for a 3.3% loss.
- Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit.
- Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.
- Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit.
- Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit.
- Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
- Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit.
- Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit.
- Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss.
- Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
- Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
- UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit.
