Actionable ideas for the busy trader delivered daily right up front
- Friday uncertain....
- ES pivot 2099.33. Holding above is bullish.
- Next week bias lower technically.
- Monthly outlook: bias higher.
- Single stock trader: VZ still a swing trade buy.
Last night I wrote that "we've now had three days of next to no action at all. And I'm not expecting much different for the rest of the week." Well I was wrong. We didn't get next to no action, we got no action at all. On Thursday after an entire day of trading the Dow finished up all of 0.34 points. That's zero, as in zip, zilch, nada, the square root of nothing. With this sort of market it is literally not worth my time to be playing this game. Much as I love the Street, I'm starting my Memorial Day weekend a day early and intend to spend Friday puttering in the garden planting flowers. So there, nyah!
ES daily pivot: Tonight the ES daily pivot barely budges from 2124.67 to 2125.00. But ES remains above the new pivot so this indicator continues bullish.
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 5 4 3 2 0.667 428
And the winner is...
There's just no way to call this sort of silliness so I won't even try. Happy Memorial Day and see you again next Monday night!
Single Stock Trader
I called VZ a speculative buy last night and that paid off on Thursday with a 21 cent gain. Things still arent' overbought so it's logical to expect a bit more upside.