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Post by huh on Aug 24, 2017 6:53:39 GMT -5
10 things you need to know before the opening bell The Fed's Jackson Hole symposium kicks off. The conference, titled "Fostering a Dynamic Global Economy," takes place from Thursday to Sunday and will feature speakers including Federal Reserve Chair Janet Yellen and European Central Bank head Mario Draghi. Brexit uncertainty bites the UK. A second estimate from the Office for National Statistics showed the United Kingdom's economy grew at a 0.3% rate in the second quarter, making for the second-slowest growth since the beginning of 2016. Hedge funds can't stop betting on the stock market's secret weapon. The weak dollar has been the secret weapon that is boosting stocks higher, and hedge funds haven't been this bearish on the greenback in three years. The Amazon-Whole Foods deal gets the green light. The Federal Trade Commission announced on Wednesday that it was no longer pursuing its investigation into whether the $13.7 billion deal would be anticompetitive. Samsung's Galaxy Note 8 is here. The Note 8, which starts at $960, will be available for preorder on Thursday and will hit stores on September 15. Uber's loss shrinks. The ride-hailing company saw its loss shrink by 9% in the second quarter to $645 million as its cash hoard fell to $6.6 billion from $7.2 billion. There was one lucky Powerball winner. A ticket sold in Watertown, Massachusetts, had all five numbers and the Powerball, making its lucky holder the lone winner of the $759 million jackpot. Stock markets around the world are mostly higher. Hong Kong's Hang Seng (+0.43%) was out front in Asia, and Britain's FTSE (+0.44%) leads in Europe. The S&P 500 is set to open little changed near 2,445. Earnings reports keep coming. Abercrombie & Fitch, Dollar Tree, Sears, and Staples report ahead of the opening bell, while GameStop and VMware release their quarterly results after markets close. US economic data is light. Initial claims will be announced at 8:30 a.m. ET, and existing-home sales cross the wires at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.18%. www.businessinsider.com/opening-bell-august-24-2017-2017-8
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Post by huh on Aug 24, 2017 6:54:26 GMT -5
10 things in tech you need to know today 1. Samsung officially announced the Galaxy Note 8, coming on September 15. The successor to the ill-fated Note 7 has design and specs similar to the Galaxy S8+, but adds a dual camera setup, the signature S-Pen, and a starting price of $930 (£750). 2. Facebook executive Andrew Bosworth is reportedly taking over all of Facebook's hardware efforts, including the company's famous Building 8 and Oculus. His team is already working on a video-chat device, which will be the first of a series of consumer gadgets such as a Echo-like smart speaker, 360-degree cameras, and "futuristic wearables." 3. Apple is reportedly lagging behind its competitors in the self-driving technology race. A person who worked on the project told Business Insider that Apple is now "where Google was three years ago," and that the scaled down team working on the technology is "still in turmoil" after last year's major internal reorganisation. 4. The US Federal Trade Commission has approved Amazon's acquisition of Whole Foods. In a statement, it said that it was no longer investigating into the $13.7 billion (£10.7 billion) deal, initially deemed as potentially anti-competitive. 5. Samsung Mobile's president DJ Koh said that the company is working on a smart speaker. It's not clear whether the device will use Samsung's own Bixby smart assistant, but it will compete directly against products like Google's Home and the Amazon Echo when it launches. 6. Snap's vice president of content Nick Bell said that he expects the company to publish scripted shows on Snapchat by the end of the year. He claimed that "mobile is not a TV killer," and that with its mobile-focused programmes Snap wants to "complement" television instead. 7. Elon Musk revealed the design of SpaceX's new space suits in an Instagram post. The CEO made it clear that the suit shown is not a mockup but an actual render, and that balancing the aesthetics with usability was "incredibly hard." 8. Facebook is rolling out a new feature that will allow users to take 360 degree photos from inside the app. Users will then be able to share the picture or use it as their new cover photo. 9. Google and Walmart are partnering to offer voice shopping through Google Assistant on the Home smart speaker. Specifically, consumers will be able to use Walmart's "Easy Reorder" feature that works integrated with Google's "Express" shopping service. 10. Google will now offer a clinically validated screening quiz to users searching for "depression" on the web engine. The feature is currently live exclusively in the United States, and only works on mobile. www.businessinsider.com/10-things-in-tech-you-need-to-know-today-august-24-2017-8
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Post by huh on Aug 24, 2017 7:02:57 GMT -5
Strange action these last couple days, but I do still think S&P is likely to test at least up to the mid to upper 2460's again before turning back down. Looking at futures, all three indices have the same set-up over these last couple days. Though it's sloppy, could be a little bull flag/cup'n'handle here to get the market to fill those upside gaps
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Post by huh on Aug 24, 2017 7:11:19 GMT -5
If that is a bull flag in ES' chart above, it didn't beacktest the breakout. If it does this morning, it would occur ~2440 sometime between 9:15-9:45 (right around the open)
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Post by theMist on Aug 24, 2017 7:11:51 GMT -5
Sounds like someone is working hard on the New World Order
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Post by huh on Aug 24, 2017 7:14:38 GMT -5
Still need ~1.1% to the upside in NDX to fill its upside gap Overshot by just a hair, but that support line tested in NDX. Could be a quick move up to follow. Needs a 2.28% pop to fill the upside gap now. I believe that was a bearish close. However, all three indices left another upside gap with Thursday's open. Those gaps are likely to get filled. Either with a 2% gap up Monday, or if down first, after NDX tests that 5753 support area I showed before (S&P down to ~2406-2410):
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Post by theMist on Aug 24, 2017 7:25:15 GMT -5
I'm glad I didn't fall for that headfake in AH yesterday and I held overnight
VXX hit low 49s in AH yesterday
I still say VXX has a date with at least 46.32 area
Also, with the new margin requirements, I cannot short as much as I used to and I cannot be put into a FED Call with Scottrade anymore. I'm short on margin and have about a week to either close out of the position or fund account. However, in the past, I could really use a ton of leverage and that would put me into a FED call with Scottrade. Fed calls cannot be held overnight so that's why if I held overnight I would scale back my position a little to get out of the FED Call but still be in a maintenance (margin) call.
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Post by walnut on Aug 24, 2017 7:28:51 GMT -5
I was out in town when the market closed and was pretty surprised to see that AH market drop. I didn't know that you were still holding though. I guess that must have seemed a little concerning but you did great this morning.
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Post by theMist on Aug 24, 2017 8:20:27 GMT -5
I don't like that VXX isn't down a lot more in premarket
Would have thought VXX would be trading at least in upper 46 range right now not sure if need to be more patient OR its looking to rise one more time before dropping
VXX 47.60 range in pre
hmm....
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Post by walnut on Aug 24, 2017 8:24:27 GMT -5
I think it might drop a little more but VXX often tends to move back towards previous close just before open. I would be inclined to take profits if it were me.
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Post by walnut on Aug 24, 2017 8:25:58 GMT -5
Looking at stochastics it seems like VXX is kinda near the bottom of a trading range, that does not mean that it could not drop some more and really it looks like it will.
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Post by theMist on Aug 24, 2017 8:27:38 GMT -5
I think it might drop a little more but VXX often tends to move back towards previous close just before open. I would be inclined to take profits if it were me. If I do decide to close out and take profits - I cannot trade again until tomorrow I held overnight on margin So if VXX decides to drop down to 46 today I will be kicking myself if I didn't ride it out lol so with that I'm probably going to just let it ride more
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Post by huh on Aug 24, 2017 8:31:27 GMT -5
It wouldn't be shocking to see ES backtest ~2440 yet. A hold under that would be concerning, but unlikely
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Post by theMist on Aug 24, 2017 8:34:37 GMT -5
BTW - I hate the way VXX trades now post split -- feels like its all over the place
Can't wait for VXX to drop down a lot more
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Post by walnut on Aug 24, 2017 8:36:36 GMT -5
I think VXX will be rounding the turn to rise some pretty soon. That's a lot of down..
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Post by walnut on Aug 24, 2017 8:39:30 GMT -5
But looking at indicators, my guess is that the rise won't be very much
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Post by theMist on Aug 24, 2017 8:41:10 GMT -5
Look at VXX Daily chart VXX is now below all moving avgs 10, 20, 50, 100, 200 20dsma is at 47.84 Need VXX to keep pulling down on those moving averages and I don't want to see it back above 20dsma Indicators look like they want to roll bearish in next few trading days
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Post by walnut on Aug 24, 2017 8:54:24 GMT -5
That was a bigger rise than I expected
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Post by theMist on Aug 24, 2017 8:57:04 GMT -5
The new norm in VXX $2-$3 range
hate it
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Post by walnut on Aug 24, 2017 9:02:16 GMT -5
That weird AH drop was bad news. I don't know why the market is doing this. I knew it seemed nervous yesterday.
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