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Post by huh on Aug 18, 2017 6:57:04 GMT -5
10 things you need to know before the opening bell Stocks see their 2nd-biggest drop of the year. The S&P 500 fell 1.54% on Thursday as false rumors swirled that Gary Cohn, President Donald Trump's top economic adviser, was stepping down and after a van plowed into a crowd in Barcelona, Spain, in what authorities said was a terrorist attack. The stock market's safety net is working better than ever. The corporations that most often buy back shares have been beating the S&P 500 over the past two months after underperforming for years, according to data compiled by Bank of America Merrill Lynch. China's home-price growth slows. The value of new homes in China rose 4.3% year-over-year in July, making for a big slowdown from the 26.4% YoY jump in June, South China Morning Post says, citing data from the National Bureau of Statistics. Pension funds are suing 6 of the world's largest banks, which they accuse of colluding in the stock-lending market. "Through various improper means, the likes of Goldman Sachs and Morgan Stanley have for years colluded to maintain their power over this little-known-but-lucrative corner of Wall Street," said Michael Eisenkraft, a lawyer for the funds and partner with Cohen Milstein. Energy Capital is buying Calpine for $5.5 billion. Bloomberg says the deal will pay Calpine investors $15.25 a share, or a 13% premium to Thursday's closing price. Gap crushes earnings and raises guidance. The clothing retailer saw same-store-sales at its Old Navy stores surge 5% versus a year ago and raised its profit forecast for the fiscal year to $2.02 to $2.10 a share from $1.95 to $2.05 a share, Reuters reports. Lenovo posts a loss. The Chinese PC maker lost $72 million for the June quarter as higher costs and a sluggish PC market weighed, Reuters says. Stock markets around the world are lower. Japan's Nikkei (-1.18%) paced the decline in Asia, and Britain's FTSE (-1.06%) trails in Europe. The S&P 500 is set to open little changed near 2,431. Earnings reporting is light. Deere and Foot Locker report ahead of the opening bell. US economic data trickles out. University of Michigan consumer confidence is due out at 10 a.m. ET. The US 10-year yield is unchanged at 2.19%. www.businessinsider.com/opening-bell-august-18-2017-2017-8
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Post by huh on Aug 18, 2017 6:57:41 GMT -5
10 things in tech you need to know today 1. Business Insider spoke with fired Google engineer James Damore, who compared being conservative at the firm to "being gay in the 1950s." He also claimed the memo which got him fired "empowered" women. 2. Former Uber chief executive Travis Kalanick has formally responded to a lawsuit brought by one of his investors, Benchmark Capital. In a court filing, Kalanick's legal team describes the suit as a "public and personal attack." 3. Wikileaks founder Julian Assange reportedly didn't bother publishing a trove of documents relating to Russian government corruption. A Foreign Policy report said he gave "excuse after excuse", adding to speculation that he worked with the Russian government. 4. Essential, the new smartphone from Android co-creator Andy Rubin, is finally available to order after months of hiccups. The company's missed several launch deadlines already for its $699 phone. 5. Google chief executive Sundar Pichai spoke out about Thursday's Barcelona attack, which left 13 people dead. Barcelona and the Charlottesville march "show the devastating and heartbreaking consequences of hatred, violence, and extremism," he said. 6. Gab, a social network popular with the alt-right, has raised $1 million through crowdfunding, even as it was booted from Google's Play Store for hate speech. Gab was founded by Andrew Torba, a Trump supporter thrown off the Y Combinator startup programme for speaking in a "threatening" way to other founders. 7. Media brand Mic has laid off 25 staff as part of a pivot to video. Most of the staffers are from Mic's news and editorial departments, as the company switches focus to "visual journalism." 8. A new drone video has emerged that shows Apple's "Spaceship" campus is almost finished. The video shows the ring-shaped main building, trees ready to be planted, and a theatre named after Apple co-founder Steve Jobs. 9. YouTube superstar PewDiePie has sworn off making any Nazi jokes after the Charlottesville rally. He said he didn't want to be associated with neo-Nazis, after an episode in February where he played an off-colour anti-Semitic prank. 10. Microsoft might be working on a Surface smartphone that comes with a stylus and pressure-sensitive display. The firm was granted a patent that shows how a pressure-sensitive display might work, and which mentions smartphones as a possible use case. www.businessinsider.com/10-things-in-tech-you-need-to-know-today-august-18-2017-8
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Post by huh on Aug 18, 2017 7:14:50 GMT -5
I saw a post this morning saying that AMZN is now well oversold.
How can a stock still up 28% on the calendar year, up nearly 50% over the 12 months, 3x's over the last 3 years, and more than 14x's in under a decade be oversold after only a 10% pullback?
Relatively speaking, a 40-50% drop from the high would be a only minor pullback in the big picture, and would still be within its trading range seen over only the last couple years.
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Post by huh on Aug 18, 2017 7:19:55 GMT -5
I think we should expect S&P to now at least back test this month's previous low ~2437.75
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Post by huh on Aug 18, 2017 7:29:37 GMT -5
The next major support I'm watching is NDX ~5753. That's a critical support, and a close below that would signal a major top IMO. However, it's the exact same critical support where bears have been slaughtered over, and over, and ...
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Post by Herceg on Aug 18, 2017 7:52:42 GMT -5
I think we should expect S&P to now at least back test this month's previous low ~2437.75 I still don't believe this to be over................I believe you said two weeks back that there may be bounces, but to expect 2400 area..............I see 50 support currently at 2375 area...........JMO and BOL..............
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Post by huh on Aug 18, 2017 8:01:36 GMT -5
I think we should expect S&P to now at least back test this month's previous low ~2437.75 I still don't believe this to be over................I believe you said two weeks back that there may be bounces, but to expect 2400 area..............I see 50 support currently at 2375 area...........JMO and BOL.............. I think that may have been Mist that said that specifically. I see ~2380-2385 to the downside because of the break of this year's rising channel. Gap support ~2425, and horizontal support ~2405-2410 on the way there (ironically, a decent bounce from that horizontal support back to 2450's could actually create an even larger bearish pattern IMO)
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Post by huh on Aug 18, 2017 8:04:49 GMT -5
That gap support ~2425 could be the LOD today.
Bulls just wouldn't want to see a bounce from there only to backtest the previous low at 2437.75 and then fail to close above it.
Conversely, a gap fill @ 2425 then close above 2437.75 would be bullish going into next week - especially if NDX backtests and holds its 5753 support area
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Post by huh on Aug 18, 2017 8:20:54 GMT -5
LOL, this is too funny. I had no idea that companies with negative earnings, or ~1/3 of the companies in the Russell 2000, aren't even used in the calculation of its PE. Here’s the shocking truth about the Russell 2000’s P/E ratio
FTSE Russell ... says that the Russell 2000’s P/E ratio is 25.6. iShares ... pegs the index’s P/E at 19.8, as of Aug. 16 ... What neither FTSE Russell nor iShares take into account when calculating the index’s P/E ... are companies with negative earnings ... To calculate an index’s true P/E ... all you need to do is divide the combined total market cap of all component companies by the sum of all those companies’ trailing 12 months earnings ... the Russell 2000’s true P/E is 78.7. That's craziness. Calculating a PE for an individual company that has negative earnings would of course be pointless. But not including the earnings of all companies in an index to calculate the PE of that index is absolute insanity, and IMO, outright deception.
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Post by ipath on Aug 18, 2017 8:27:20 GMT -5
Took a beating last couple of days. Every slap by the SCAMS is a lesson learned. Hope Mist and LV doing good.. this was some brutal action and may not be over yet. I am positioned to survive a another day like yesterday but Id rather have a reversal and make up for the losses
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Post by huh on Aug 18, 2017 8:34:35 GMT -5
VIX scams getting killed with this market pullback. Imagine now if that 2425 support holds. Yikes.
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Post by walnut on Aug 18, 2017 8:35:07 GMT -5
contango trying to come back.
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Post by huh on Aug 18, 2017 8:39:31 GMT -5
Foot Locker down more than 50% since May, and back to lows from 4 years ago. But, yeah, nothing to worry about in this market, right, Herc? lol
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Post by Herceg on Aug 18, 2017 8:42:52 GMT -5
Foot Locker down more than 50% since May, and back to lows from 4 years ago. But, yeah, nothing to worry about in this market, right, Herc? lol IMO MM's just unloading on the little guy..............but what else is new.............LOL
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Post by ipath on Aug 18, 2017 8:43:16 GMT -5
are you guys short, long...sidelined?
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Post by huh on Aug 18, 2017 8:47:15 GMT -5
I'm the one on the left
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Post by Herceg on Aug 18, 2017 8:47:28 GMT -5
are you guys short, long...sidelined? Shorted ROST and DE this morning.............just watching for now..................
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Post by theMist on Aug 18, 2017 8:49:37 GMT -5
sidelined guys
took beating yesterday and surprised VXX isn't over 14 right now
Have food pantry at church today so won't be trading
GL ALL
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Post by huh on Aug 18, 2017 8:50:02 GMT -5
All right S&P, 2437 magic rally now. Come on, you can do it. Somebody twit something bullish already.
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Post by huh on Aug 18, 2017 8:57:53 GMT -5
All right S&P, 2437 magic rally now. Come on, you can do it. Somebody twit something bullish already. Or maybe not. Geesh. I should've looked closer. Looks like it may have already backtested it yesterday. Yet VIX scams still red. I give up. Time to go into my secret-advanced-never-fails-trading-mode ... close my eyes. BOL today all
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