Tuesday, March 10, 2015

Tuesday lower

The Hoot 
Actionable ideas for the busy trader delivered daily right up front
  • Tuesday lower.
  • ES pivot 2075.42.  Holding below is bearish.
  • Rest of week bias uncertain technically.
  • Monthly outlook: bias higher.
  • Single stock trader: VZ may be a buy soon.
Recap

Bah - I blew Monday's call badly and what's worse I had a bunch of errands to run all day long and never really got a chance to play Stock Market.  I hate it when Real Life (TM) gets in the way of stock trading.  So I guess it's time for another Reader's Digest Condensed Night Owl - we cut right to the chase because that's all the time I have left tonight.

The technicals

ES daily pivot: Tonight the ES daily pivot falls again from 2079.92 to 2075.42.  We remain below the new pivot so this indicator remains bearish.

Accuracy: 

Month    right  wrong  no call  conditional  batting   Dow
                                             average  points
January    8      6       4           1       0.563    627
February   6      4       5           3       0.692    183
March      1      2       1           2       0.600     52

     And the winner is...

Hard to say - the indicators are all oversold now but we remain in a downtrend and have yet to get a good reversal candle.  Monday's rally could be just a relief rally and I'm not liking the overnight ES action.  I do think we're close to an end of the week-long decline but I'm not sure it will be Tuesday.  So I'm going to stick to my guns and call Tuesday lower.

Single Stock Trader

I believe VZ is nearing a bottom now but I'm not quite ready to get back in just yet.

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