Actionable ideas for the busy trader delivered daily right up front
- Friday uncertain.
- ES pivot 2098.17. Holding above is bullish.
- Next week bias lower technically.
- Monthly outlook: bias higher.
- Single stock trader: VZ not a swing trade buy.
It was a tough day Thursday to be calling the close as the Dow finished all of seven points lower after some peculiar gyrations, perhaps linked to op-ex. And speaking of, it's my policy to always call op-ex Fridays as uncertain, plus I'm just disgusted with always being wrong lately so we're just going to skip the charts tonight and cut straight to the chase.
The technicals
ES daily pivot: Tonight the ES daily pivot rises just a tad from 2097.50 to 2098.17. That leaves ES sitting right on the new pivot so this indicator is neutral.
Accuracy:
average points
January 8 6 4 1 0.563 627
February 6 4 5 3 0.692 183
March 7 6 5 4 0.647 976
April 1 5 2 0 0.167 -204
And the winner is...
On op-ex Friday? Who knows. I simply declare Friday uncertain. For what it's worth, the charts seem a bit negative tonight but that's not been working out so well this week. That's all she wrote. See you again Sunday night!
Single Stock Trader
On Thursday VZ was unable to hold onto Wednesday's gains as it ended with a long-legged doji. This sort of action is great for day traders but not so much for swing trading so we continue to stay away. I need to see some extreme readings one way or the other before I'll commit.
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