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Post by huh on Mar 22, 2017 6:51:40 GMT -5
10 things you need to know before the opening bell Stocks end their streak. Both the Dow Jones industrial average and the S&P 500 fell by more than 1% on Tuesday, the first time they suffered a loss of that size on the same day since October 11. Stock markets around the world are under pressure. Japan's Nikkei (-2.1%) was hit hard in Asia, and Britain's FTSE (-0.9%) leads the losses in Europe. The S&P 500 is set to open little changed near 2,343. Scotland is set to back a second independence referendum. On Wednesday, Scottish MPs are expected to vote to go ahead with a second referendum on independence from the UK. The referendum would most likely take place between the fall of 2018 and the spring of 2019. Japan's exports surge. Data released by Japan's Ministry of Finance on Wednesday showed exports surged 11.3% year-over-year in February as China went back to work following the Lunar New Year holiday. Exports to the middle kingdom soared 28.2% versus a year ago. Sears casts a cl0ud on its future. In its annual report released Tuesday, Sears said "substantial doubt exists related to the company's ability to continue as a going concern." Akzo Nobel rejects PPG's takeover bid. The dutch paint maker rejected an improved 22.4 billion euro ($24.1 billion) takeover offer made by its US rival PPG Industries, Reuters reports. Nike beats on earnings, just misses on sales. The sneaker giant posted adjusted earnings of $0.68 a share on revenue of $8.4 billion compared with the Wall Street estimates of $0.53 and $8.47 billion. FedEx misses big on earnings. The courier giant earned an adjusted $2.35 a share in its third quarter, missing the $2.62 that Wall Street was expecting by a wide margin. Revenue was in line at $15 billion. Earnings reports trickle out. Winnebago Industries will report ahead of the opening bell, and Cintas will release its quarterly results after markets close. US economic data is light. Existing-home sales will be released at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.40%. www.businessinsider.com/opening-bell-march-22-2017-2017-3 |
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Post by huh on Mar 22, 2017 6:52:32 GMT -5
10 things in tech you need to know today 1. Apple announced a series of new hardware products. Products include a red iPhone 7, a new iPad, new Apple Watch bands, and silicone phone cases. 2. Uber is planning to move into a new office in Amsterdam by the end of this year. It plans to double the size of its international headquarters. 3. Apple is abandoning its expensive image. The fact that it revealed a new low-cost iPad and upgraded the least-expensive iPhone, shows that Apple is keen to compete on price. 4. AI expert Andrew Ng has announced that he is resigning from his role as chief scientist at Chinese search engine giant Baidu. Stock in the company was down 2.7% on the news. 5. YouTube has said "sorry" for blocking LGBTQ videos through its Restricted Mode setting, and is working on a fix. Restricted Mode lets organizations like schools "better control" what content their pupils might be seeing on YouTube. 6. Microsoft's web services were hit with a major outage. Xbox Live, Outlook.com, Hotmail, Office 365, the Windows Store, and OneDrive were all affected. 7. Snap received its second "Buy" rating. It's an important vote of confidence as nearly a dozen Wall Street analysts have told investors to either sell or hold the newly-public company's stock. 8. Uber's board has no plans to consider firing Travis Kalanick from the CEO job. That's according to board member Arianna Huffington, who founded The Huffington Post. 9. Tracks from the new Gorillaz album leaked online because someone found them on Vimeo and guessed the password. The password was "2017." 10. SoundCloud has taken over Pinterest's office in Berlin. Pinterest has moved its team into a WeWork space. www.businessinsider.com/10-things-in-tech-you-need-to-know-today-march-22-2017-3 |
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Post by huh on Mar 22, 2017 6:53:09 GMT -5
Frontrunning: March 23 U.S. stock futures slip as concerns mount over delays to Trump tax cuts (Reuters) Global Markets Follow U.S. Stocks Lower (WSJ) Gorsuch, Avoiding Pitfalls, Moves Closer to Approval (WSJ) Trump, Koch brothers at odds over 'Trumpcare' vote (Reuters) Manafort's plan to 'greatly benefit the Putin Government' (AP) Ryan Is Tested by Republicans’ Civil War (WSJ) North Korea missile test fails, U.S. and South say, as tensions simmer (Reuters) Pillar of Trump Rally Fractures as Banks Sink Most Since Brexit (BBG) Iron Ore Takes a Battering as Bear Market Engulfs China (BBG) Trump’s Environmental Spending Cuts Could Cost Republican Districts Billions (BBG) As E-Sports Grows, Videogame Companies Battle Cheaters (WSJ) Uber Pledges to Fix the Company’s ‘Cult of the Individual’ (BBG) It’s Illegal for Uber Drivers to Accept Tips in Some States (BBG) PPG Increases Bid for Akzo to $24 Billion; Offer Is Rejected (WSJ) Portugal PM demands Dijsselbloem step down over 'xenophobic' remarks (Reuters) Libor Mastermind Tom Hayes Deserves a Lot of Company in Prison (BBG) www.zerohedge.com/news/2017-03-22/frontrunning-march-23 |
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Post by huh on Mar 22, 2017 7:00:20 GMT -5
I hear ya Huh. I believe we are all open to it now. When I was referring to backtest, meant H&S neckline, triangle break. I don't see on cash charts Sorry, Mist, I wasn't referring to you with the rising wedge backtest, but rather Jim's video where he mentioned it a few times. As for the H&S backtest, technically speaking, it did backtest. Once it fell through the neckline, it came back up and even over the neckline. Wouldn't be crazy to think it might come up & backtest it again on a different day, which they often do, but wouldn't be necessary now. |
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Post by theMist on Mar 22, 2017 7:02:49 GMT -5
I see it Huh on the smaller timeframe
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Post by huh on Mar 22, 2017 7:03:55 GMT -5
What does surprise me though is that the shoulder test line ~2370 didn't get tested again from the underside. I would've expected that to get another test after failing. So I wouldn't be shocked to see a move back up to there. But I wouldn't count on it for a trade
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Post by huh on Mar 22, 2017 7:05:05 GMT -5
LOL, Mist, on the avatar
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Post by theMist on Mar 22, 2017 7:06:21 GMT -5
What does surprise me though is that the shoulder test line ~2370 didn't get tested again from the underside. I would've expected that to get another test after failing. So I wouldn't be shocked to see a move back up to there. But I wouldn't count on it for a trade Do you see the potential iH&S bottom pattern in VXX that puts VXX easily to 18-20 range? |
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Post by theMist on Mar 22, 2017 7:07:03 GMT -5
yeah, I knew you'd like it |
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Post by huh on Mar 22, 2017 7:10:17 GMT -5
What does surprise me though is that the shoulder test line ~2370 didn't get tested again from the underside. I would've expected that to get another test after failing. So I wouldn't be shocked to see a move back up to there. But I wouldn't count on it for a trade Do you see the potential iH&S bottom pattern in VXX that puts VXX easily to 18-20 range? No, I don't see it. I don't see anything bullish for it unless it were to break >17 |
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Post by theMist on Mar 22, 2017 7:18:22 GMT -5
Reasons why I switched to Bear -
Rising Wedge break that can take us all the way back to 2100-2220 range
Confirmed S&P H&S pattern in play that points to minimum target 2300 and that would line up with a breakout of ascending triangle in that area that NEVER got back tested
Gaps -- S&P made a breakaway gap, runaway gap, then exhaustion gap. Exhaustion gap usually indicates reversal and obviously we reversed. S&P still has gaps as low as 2320ish range that need to be filled
3 Technicians now saying minimum S&P 2300
Vix -- BBs constricting on spot VIX and usually means spike is coming. Nature of spot VIX is to remain flat and like heart monitor will spike every so often until it reverts.
Vix futures -- contango now at low single digits and in the past always meant backwardation is right around the corner (even if for few days) and I think we'd agree that won't take much to invert the curve.
VXX chart -- made a dangerous candle completely outside its lower BB indicating oversold conditions and I mentioned that VXX can spike on Monday or Tuesday and it did. Just didn't play it right. lol
When VXX makes candle completely outside its lower BB on daily chart, VXX has potential and usually does shoot all the way back up to press up on UPPER BB (currently 18.83).
VXX also possibly performing a bottom iH&S pattern.
VXX also has gaps all in low 20s that never got filled.
Healthcare Reform -- I heard that Trump's proposed healthcare has cuts to medicaid. If that's his plan to cut entitlements for the poor, it's definitely not going to fly. IMO
Market is reacting to news out of Washington and can be dangerous for markets since we are in a Trump rally. On the other hand, if we get good news out of Washington, well then S&P can snap back.
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Post by theMist on Mar 22, 2017 7:23:55 GMT -5
Do you see the potential iH&S bottom pattern in VXX that puts VXX easily to 18-20 range? No, I don't see it. I don't see anything bullish for it unless it were to break >17 You probably don't have premarket charting? I'll post chart in few |
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Post by huh on Mar 22, 2017 7:25:29 GMT -5
No, I don't have pm charting. Without it, I actually see a potential down dive for VXX to a new low yet in the 14.90's (perhaps enough to get S&P back up to ~2370?). So I'd definitely be anxious to see it
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Post by theMist on Mar 22, 2017 7:26:36 GMT -5
No, I don't have pm charting. Without it, I actually see a potential down dive for VXX to a new low yet (perhaps enough to get S&P back up to ~2370?) lol - now that's funny. roflmao that was encouraging now that I switched to Bear |
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Post by huh on Mar 22, 2017 7:28:24 GMT -5
Show me yours and I'll show you mine?... (bwahahaha)  |
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Post by huh on Mar 22, 2017 7:29:37 GMT -5
If VXX doesn't clear or hold above 16.59 this morning, it could still see a new low yet in the 14.90's
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Post by theMist on Mar 22, 2017 7:31:00 GMT -5
Like S&P, VXX made breakaway gaps that were never filled and it is unusual for VXX to take this long to fill them VXX 15 min chart -- seeing potential (possible) but way too early to call -- a possible iH&S bottom pattern. VXX daily chart -- VXX made complete candle outside lower BB VXX 15 min  free photo hostingVXX Daily  imagehost |
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Post by huh on Mar 22, 2017 7:33:40 GMT -5
Thanks, Mist. So yeah, the shoulder test line on the potential premarket iH&S sits right ~16.58/16.59. And the neckline ~17. That correlates pretty well with what I'm seeing without the premarket. I think we have our potential setups for the day. VXX>17= VXX way up, SPX way down VXX <16.59= VXX down to 14.90's, SPX up to at least 2370 If VXX doesn't clear or hold above 16.59 this morning, it could still see a new low yet in the 14.90's |
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Post by theMist on Mar 22, 2017 7:38:11 GMT -5
If you notice, SCAMs are still trading strong. Normally, they'd be in the red in premarket by now.
I see VXX possible lod VXX 16.40-16.58 area -- just not sure how low it will drop -- either closing morning gap up OR gap to yesterday's hod and can be quick gap fill then back up...we'll see
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Post by walnut on Mar 22, 2017 7:40:09 GMT -5
Scams are trading strong but there is some apprehension. VIX is sliding back down a little. Not sure this bear has much staying power. Today could be rocky though.
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