Dow Jones Chart has not been down 9 straight days since 1978

That is quite a run, to not have a sell-off of nine straight days since Jimmy Carter was president. But the Dow Jones chart is finding some support at the 50-day moving average as is the S&P 500 chart. 

I suspect that we’ll see a bounce today. Oil is showing some strength in the premarket, and if finance, and in particular, the big banks, can join the rally, it will be enough to goose this market higher. 

So that will be my main focus: the oil stocks and the banking stocks. I haven’t really liked the regional banks much of late, so I’ll probably be trying to stay away from them. They have been more difficult to trade from a technical standpoint. 

Yesterday’s rally too, was quite impressive. I mentioned in yesterday’s trading notes that it was likely you’d see a rally off of the lows of the day. That’s because in my experience, those strong, emotional, Sunday night gap downs, nearly always rally off of their lows the following day on Monday. And you saw that on the Dow Jones chart and every other index out there. 

So lets see what this market has in store for us today. 

S&P 500 Chart

Current Stock Trading Portfolio Balance: 

• 2 Long Postions

Recent Stock Trade Notables:

• Alibaba Group (BABA): Long at 105.736, closed at 108.22 for a 2.4% profit. 
• Facebook (FB): Long at 134.27, Closed at 139.23 for a 3.7% profit. 
• CDW Corp (CDW): Long at 58.65, closed at 58.91 for a 2.7% loss. 
• Redhat (RHT): Long at 82.41, Closed at 83.53 for a 1.4% profit. 
• Ambarella (AMBA): Long at 57.15, Closed at 55.52 for a 2.8% loss. 
• Alibaba Group (BABA): Long at 104.73, closed at 106.05 for a 1.3% profit. 
• Broadcom (AVGO): Long at 218.63, Closed at 222.71 for a 1.9% profit. 
• American Airlines (AAL): Short at 44.76, Closed at 44.03 for a 1.6% profit.
• UPRO  (Day-Tade): Long at 95.35, closed at 96.50 for a 1.2% profit.
• OZRK: Long at $56.12, closed at $54.69 for a 2.5% loss. 
• FNSR: Long at $34.25, closed at 34.70 for a 1.3% profit. 
• UPRO  (Day-Tade): Long at 96.92, closed at 98.03 for a 1.2% profit. 
• JP Morgan Chase (JPM): Long at 87.21, closed at 89.67 for a 2.8% profit. 
• Chevron (CVX): Short at 110.03, covered at 111.85 for a 1.6% loss. 
• Flex Technologies (FLEX): Long at $15.62, closed at $16.57 for a 6.1% profit. 
• Baidu (BIDU): Long at $174.70, closed at $187.00 for a 7.0% profit. 
• Ollie’s Bargain Outlet: Long at 33.20, closed at $32.50 for a 2.1% loss. 
• Corning (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit. 
• Illinois Tool Works (ITW): Long at $127.74, closed at $129.86 for a 1.7% profit. 
• Marriott Int’l (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit.