Actionable ideas for the busy trader delivered daily right up front
- Tuesday uncertain.
- ES pivot 2086.58. Holding above is bullish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias higher.
- Single stock trader: VZ still not a swing trade buy.
Well when I'm wrong, I'm wrong. ES was looking pretty dismal last night until about 3 AM after which it just took off and kept on rising. The net result was a 165 point gain in the Dow which was enough to keep the latest rising RTC intact. Now tonight is one of those nights where I'm just out of time so it's going to be another Night Owl Lite night . Just the results, no blather.The technicals
ES daily pivot: Tonight the ES daily pivot rises again from 2079.42 to 2086.58. That still leaves ES above its new pivot so this indicator continues bullish.
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 3 8 7 0 0.273 1
May 6 5 5 2 0.615 581
June 8 6 3 4 0.706 552
July 10 1 5 4 0.938 1212
August 10 2 3 2 0.857 2314
September 7 4 8 1 0.667 1404
October 7 7 5 1 0.533 538
November 0 1 0 0 0.000 -165
And the winner is...
There's no real clarity to the charts tonight. The VIX fell but remains in its recent trading range, the futures are exactly unchanged and the pattern lately has been for a day or two of rest after one day triple digit gains in the Dow. Accordingly, I'm just going to throw up my hands and declare Tuesday uncertain.
Single Stock Trader
Verizon continued its wayward ways on Monday being one of the few losers in the Dow as it put in a red hanging man in dark cloud cover position. With indicators still overbought this now looks more like a short than a buy.
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