Thursday stock market forecast

The Hoot 
Actionable ideas for the busy trader delivered daily right up front

• Thursday higher.
• ES pivot 2052.00.  Holding below is bearish.
• Friday bias uncertain technically.
• Monthly outlook: bias higher.
• Single stock trader: VZ not a swing trade buy.

Recap

Things were looking great for my call for a higher close Wednesday - until oil collapsed - again.  That sent the rest of the market lower after a wild ride that saw triple digit moves both up and down in the Dow before ending with a 76 point loss.  Tonight I'm short on time again so it's another Night Owl Lite night.

The technicals

Market index futures: Tonight, all three futures are higher at 12: 18AM EST with ES up 0.38%.

ES daily pivot: Tonight the ES daily pivot falls from 2063.50 to 2052.00. That still leaves ES below its new pivot so this indicator continues 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      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   4      6       4           2       0.500   -350
December   3      1       3           0       0.750    625


     And the winner is...

I think things got a bit overextended on Wednesday and the VIX is now looking ready to move lower (finally) so I'm going to try this again and call Thursday higher.

Single Stock Trader

Still not a buy.