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Post by huh on May 24, 2017 6:55:48 GMT -5
10 things you need to know before the opening bell Moody's downgrades China for the first time since 1989. The ratings agency cut its China rating to A1 from Aa3, saying it "expects that economy-wide leverage will increase further over the coming years." Iron ore got crushed. The commodity tumbled by more than 6% after Moody's downgraded China. Bitcoin roars to a new high. The cryptocurrency trades up $109, or 4.9%, at $2,325 a coin. Wednesday marks the first time bitcoin has cleared the $2,300 level. Fed's Harker says a June rate hike is on the table. Speaking with reporters, the Philadelphia Fed president, Patrick Harker, said a June interest-rate hike was a "distinct possibility." Glencore is trying to get into America's agriculture market. Glencore, one of the world's largest commodities traders, is reportedly making a run at Bunge, but there's no assurance a deal will be reached, The Wall Street Journal says. The owner of Corona reportedly made an offer for the owner of Jack Daniels. Constellation Brands made an undisclosed offer for Brown-Forman but was rejected, CNBC reports. Softbank is taking a big stake in Nvidia. The Japanese tech giant has invested $4 billion in the chipmaker, good for about a 4.9% stake, Bloomberg says. Stock markets around the world are higher. Japan's Nikkei (+0.7%) paced the advance in Asia, and Britain's FTSE (+0.2%) is out front in Europe. The S&P 500 is set to open slightly higher near 2,400. Earnings reports flow. Lowe's and Tiffany report ahead of the opening bell, while HP releases its quarterly results after markets close. US economic data remains light. The FHFA House Price Index and existing-home sales will cross the wires at 9 a.m. ET and 10 a.m. ET. The minutes from the May Federal Open Market Committee meeting are due out at 2 p.m. ET. The US 10-year yield is down by 1 basis point at 2.27%. www.businessinsider.com/opening-bell-may-24-2017-2017-5
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Post by huh on May 24, 2017 6:56:39 GMT -5
10 things in tech you need to know today 1. Apple is working on a technology that will increase the iPhone's internet speeds. An application for an experimental license to use new 5G wireless technology, called millimeter wave, was signed on Tuesday by Apple and made public by the FCC. 2. The first employee hired to work on the Oculus Rift at Oculus VR — the virtual reality headset company Facebook paid $2 billion for — is quitting. "Chris Dycus, employee number 1, out," he wrote in a Facebook post on May 15. 3. Google DeepMind beat world Go champion Ke Jie in China. Go is an ancient two-player board game that was invented in China some 3,000 years ago. 4.Facebook responded to the leak of its moderator rules. "We get things wrong," admitted Monika Bickert, the company's head of global policy management. 5. The UK government plans to force tech giants to remove encryption after the Manchester attack. It's unclear how companies like Apple and WhatsApp would do this from a technical perspective. 6. Google's parent company Alphabet is sitting on a potentially huge self-driving car business, Morgan Stanley analysts wrote in a research note. They peg Waymo, Alphabet's self-driving car division, as a potential spin-out company worth at least $70 billion. 7. Instagram is copying yet another feature that Snapchat pioneered. It's the ability to see crowdsourced photos and videos from a specific location or event, like a concert or daily highlights from New York City. 8. Microsoft has taken the wraps off the new Surface Pro, a long-awaited upgrade to 2015's well-received Surface Pro 4 tablet/laptop hybrid. It's the company's Windows 10-powered rival to the Apple MacBook Air. 9. Hewlett Packard Enterprise has frustrated its sales people with issues over their pay. The company's internal software, which tracks how much each person has sold and their sales commissions that form the bulk of their pay, did not work properly, a top HPE exec confessed matter-of-factly. 10. The VC firm that made early bets on Uber and Snap is investing in a marijuana company.Hound Labs, a California-based startup that makes a breathalyzer for marijuana, announced a new $8.1 million round of funding led by Benchmark Capital. www.businessinsider.com/10-things-in-tech-you-need-to-know-today-may-24-2017-5
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Post by huh on May 24, 2017 7:11:56 GMT -5
I think that all this sideways consolidation since the 03/01 high will finally be over after today. With yesterday's ES close above its iH&S neckline, and the filling of the upside gaps & FIB retracements in so many indices & names, and the spot VIX downside gap getting filled, today's close should confirm the direction of the next move. (the only upside gap that hasn't been filled yet is Naz futures, USTEC, ~5724 - and it's only ~4pts away)
A close in ES >2390.65, and the move should be to new all-time highs. A close below and a top is in. So all the market has to do is not sell-off hard after USTEC fills that upside gap.
That's my story, and I'm sticking to it.
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Post by huh on May 24, 2017 7:19:41 GMT -5
Frontrunning: May 24 Trump Meets With Pope Francis After Policy Clashes (WSJ) Fed Minutes to Offer Clues on Debate Over Path of Rate Increases (WSJ) Manchester bomber had 'proven' links to Islamic State (Reuters) U.K. Chides U.S. for Leaking Manchester Bombing Probe Details (BBG) Manchester Bomber, Salman Abedi, Is Thought to Have Traveled to Syria (NYT) 'No defeat, no pity': Manchester unites (Reuters) China Handed First Moody's Downgrade Since 1989 on Debt Risk (BBG) Defiant Duterte threatens harsh measures as thousands flee Philippines unrest (Reuters) OPEC Boss Embraces Shift to Top Diplomat (WSJ) Trump's Budgets Will Suffer a Double Whammy Thanks to Fed Policy (BBG) Icahn Guides Trump’s Policy and Scores $60 Million (BBG) Why Little Alaska Airlines Has the Happiest Customers in the Skies (BBG) In Modern Cyber War, the Spies Can Become Targets, Too (WSJ) Bahrain protester 'killed in raid on sit-in' near Shia cleric's home (BBC) SpaceX Technician Says Concerns About Tests Got Him Fired (BBG) FCC Won’t Take Action Against Stephen Colbert Over Trump Jokes (WSJ) Tiffany Tumbles After Jeweler Reports Surprise Sales Decline (BBG) At least 20 migrants die at sea, rescues ongoing: Italy Coast Guard (Reuters) Chocolate tied to decreased risk of irregular heart rhythm (Reuters) www.zerohedge.com/news/2017-05-24/frontrunning-may-24
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Post by walnut on May 24, 2017 7:23:27 GMT -5
VXX calm and a little lower in pre-market. But it was looking like it wanted to bounce some by the close yesterday.
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Post by theMist on May 24, 2017 7:43:49 GMT -5
VXX calm and a little lower in pre-market. But it was looking like it wanted to bounce some by the close yesterday. VXX is like a beggar right now with his hand out trying to go lower lol VXX hits 14.41-14.62 and I short a ton - might have to wait and may not even get the move Need to be more selective and patient with my trades
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Post by walnut on May 24, 2017 7:49:25 GMT -5
I would love to see that. Don't know if we are going to get that perfect setup or not though.
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Post by theMist on May 24, 2017 7:49:43 GMT -5
I think that all this sideways consolidation since the 03/01 high will finally be over after today. With yesterday's ES close above its iH&S neckline, and the filling of the upside gaps & FIB retracements in so many indices & names, and the spot VIX downside gap getting filled, today's close should confirm the direction of the next move. (the only upside gap that hasn't been filled yet is Naz futures, USTEC, ~5724 - and it's only ~4pts away) A close in ES >2390.65, and the move should be to new all-time highs. A close below and a top is in. So all the market has to do is not sell-off hard after USTEC fills that upside gap. That's my story, and I'm sticking to it. Huh, can you post a chart of ES with the iH&S neckline OR are you referring to H&S neckline? I believe this is what you are referring to? see below image url
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Post by huh on May 24, 2017 8:12:01 GMT -5
I think that all this sideways consolidation since the 03/01 high will finally be over after today. With yesterday's ES close above its iH&S neckline, and the filling of the upside gaps & FIB retracements in so many indices & names, and the spot VIX downside gap getting filled, today's close should confirm the direction of the next move. (the only upside gap that hasn't been filled yet is Naz futures, USTEC, ~5724 - and it's only ~4pts away) A close in ES >2390.65, and the move should be to new all-time highs. A close below and a top is in. So all the market has to do is not sell-off hard after USTEC fills that upside gap. That's my story, and I'm sticking to it. Huh, can you post a chart of ES with the iH&S neckline OR are you referring to H&S neckline? I believe this is what you are referring to? see below image urlYep, that's it. Here it is drawn again, but also including the shoulder test line and current FIB supports.. Since it already did one full FIB retracement since the neckline backtest, I'm starting the current FIB measure from that low. The final FIB in this measure is ~2390.65 (arrow).
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Post by theMist on May 24, 2017 8:26:47 GMT -5
VXX 15 min chart
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Post by huh on May 24, 2017 8:29:11 GMT -5
USTEC is filling its upside gap right at the open. That's the last of the upside gaps to be filled (some of the others were S&P & DJI futures, SPX, DJI, XLF, IWM, IYT, etc that were filled yesterday)
Now is the real test for bulls
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Post by huh on May 24, 2017 8:38:31 GMT -5
If ES were to test that lower FIB support today, it would be down 7.35 pts. Amazing how the major key pivot tests seem to nearly always come down to ES/SPX +/- 7 on the day.
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Post by huh on May 24, 2017 8:54:03 GMT -5
The HOD so far in USTEC was an exact gap fill, to the penny, @ 5724.12 (when I first posted the USTEC gap info above, I posted it @ 5724.12, then changed it to ~5724. I should've left it as it was apparently. lol)
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Post by theMist on May 24, 2017 9:02:00 GMT -5
10, 20dsmas on VXX daily chart currently at 14.39-14.43
That would be sweet spot to reshort IMO if it can get there
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Post by jacksrbtr on May 24, 2017 9:02:10 GMT -5
Frontrunning: May 24 Trump Meets With Pope Francis After Policy Clashes (WSJ) Fed Minutes to Offer Clues on Debate Over Path of Rate Increases (WSJ) Manchester bomber had 'proven' links to Islamic State (Reuters) U.K. Chides U.S. for Leaking Manchester Bombing Probe Details (BBG) Manchester Bomber, Salman Abedi, Is Thought to Have Traveled to Syria (NYT) 'No defeat, no pity': Manchester unites (Reuters) China Handed First Moody's Downgrade Since 1989 on Debt Risk (BBG) Defiant Duterte threatens harsh measures as thousands flee Philippines unrest (Reuters) OPEC Boss Embraces Shift to Top Diplomat (WSJ) Trump's Budgets Will Suffer a Double Whammy Thanks to Fed Policy (BBG) Icahn Guides Trump’s Policy and Scores $60 Million (BBG) Why Little Alaska Airlines Has the Happiest Customers in the Skies (BBG) In Modern Cyber War, the Spies Can Become Targets, Too (WSJ) Bahrain protester 'killed in raid on sit-in' near Shia cleric's home (BBC) SpaceX Technician Says Concerns About Tests Got Him Fired (BBG) FCC Won’t Take Action Against Stephen Colbert Over Trump Jokes (WSJ) Tiffany Tumbles After Jeweler Reports Surprise Sales Decline (BBG) At least 20 migrants die at sea, rescues ongoing: Italy Coast Guard (Reuters) Chocolate tied to decreased risk of irregular heart rhythm (Reuters) www.zerohedge.com/news/2017-05-24/frontrunning-may-24Trump mistakenly gives a set of books to the Pope written by Martin Luther (not M.L. King). Bwahahahaaaa!
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Post by theMist on May 24, 2017 9:03:05 GMT -5
Frontrunning: May 24 Trump Meets With Pope Francis After Policy Clashes (WSJ) Fed Minutes to Offer Clues on Debate Over Path of Rate Increases (WSJ) Manchester bomber had 'proven' links to Islamic State (Reuters) U.K. Chides U.S. for Leaking Manchester Bombing Probe Details (BBG) Manchester Bomber, Salman Abedi, Is Thought to Have Traveled to Syria (NYT) 'No defeat, no pity': Manchester unites (Reuters) China Handed First Moody's Downgrade Since 1989 on Debt Risk (BBG) Defiant Duterte threatens harsh measures as thousands flee Philippines unrest (Reuters) OPEC Boss Embraces Shift to Top Diplomat (WSJ) Trump's Budgets Will Suffer a Double Whammy Thanks to Fed Policy (BBG) Icahn Guides Trump’s Policy and Scores $60 Million (BBG) Why Little Alaska Airlines Has the Happiest Customers in the Skies (BBG) In Modern Cyber War, the Spies Can Become Targets, Too (WSJ) Bahrain protester 'killed in raid on sit-in' near Shia cleric's home (BBC) SpaceX Technician Says Concerns About Tests Got Him Fired (BBG) FCC Won’t Take Action Against Stephen Colbert Over Trump Jokes (WSJ) Tiffany Tumbles After Jeweler Reports Surprise Sales Decline (BBG) At least 20 migrants die at sea, rescues ongoing: Italy Coast Guard (Reuters) Chocolate tied to decreased risk of irregular heart rhythm (Reuters) www.zerohedge.com/news/2017-05-24/frontrunning-may-24Trump mistakenly gives a set of books to the Pope written by Martin Luther (not M.L. King). Bwahahahaaaa! roflma - a signed copy of The 95 Theses
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Post by walnut on May 24, 2017 9:08:16 GMT -5
I don't know if you are joking but I'd prefer the original Martin Luther instead of pandering with that PC Martin Luther King book. I'm sure you are joking haha I should think before posting lol Frontrunning: May 24 Trump Meets With Pope Francis After Policy Clashes (WSJ) Fed Minutes to Offer Clues on Debate Over Path of Rate Increases (WSJ) Manchester bomber had 'proven' links to Islamic State (Reuters) U.K. Chides U.S. for Leaking Manchester Bombing Probe Details (BBG) Manchester Bomber, Salman Abedi, Is Thought to Have Traveled to Syria (NYT) 'No defeat, no pity': Manchester unites (Reuters) China Handed First Moody's Downgrade Since 1989 on Debt Risk (BBG) Defiant Duterte threatens harsh measures as thousands flee Philippines unrest (Reuters) OPEC Boss Embraces Shift to Top Diplomat (WSJ) Trump's Budgets Will Suffer a Double Whammy Thanks to Fed Policy (BBG) Icahn Guides Trump’s Policy and Scores $60 Million (BBG) Why Little Alaska Airlines Has the Happiest Customers in the Skies (BBG) In Modern Cyber War, the Spies Can Become Targets, Too (WSJ) Bahrain protester 'killed in raid on sit-in' near Shia cleric's home (BBC) SpaceX Technician Says Concerns About Tests Got Him Fired (BBG) FCC Won’t Take Action Against Stephen Colbert Over Trump Jokes (WSJ) Tiffany Tumbles After Jeweler Reports Surprise Sales Decline (BBG) At least 20 migrants die at sea, rescues ongoing: Italy Coast Guard (Reuters) Chocolate tied to decreased risk of irregular heart rhythm (Reuters) www.zerohedge.com/news/2017-05-24/frontrunning-may-24Trump mistakenly gives a set of books to the Pope written by Martin Luther (not M.L. King). Bwahahahaaaa!
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Post by theMist on May 24, 2017 10:11:38 GMT -5
Wanted to show you guys this - Bear Case-Something I've been thinking about since last Wednesday's selloff. If this does turn out to be a double top in S&P and if symmetry holds true, S&P is very close to taking another leg down and this time could get down as far as SP2300 area That would finally fill the gap in S&P to 2320ish and finally backtest the break from SP2300 which S&P never did. I counted 64 days from red arrow on left to SP high of SP2401 (vertical blue line). We are currently 59 days past the SP2401 high to the right. If symmetry holds true and S&P is putting in a double top, that would put S&P at another leg down some time next week. I believe we will be getting a directional move soon and either it will be SP2430 or SP2300. We'll see... S&P Daily Chart -- Bear case would look something like below
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Post by walnut on May 24, 2017 10:28:17 GMT -5
Seems possible and I'm afraid more and more expected by the market.
Lets see if ES gets through 2400
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Post by lasvegas77 on May 24, 2017 10:51:03 GMT -5
The stronger decay in tvix is seen here. Tvix is off the all time lows about 1% and vxx is still above the old low about 1.5%.
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