Actionable ideas for the busy trader delivered daily right up front
- Friday higher.
- ES pivot 2039.17. Holding above is bullish.
- Next week bias uncertain technically.
- Monthly outlook: bias higher.
- Single stock trader: VZ still not a swing trade buy.
I'm sure glad I called Thursday uncertain because after looking decidedly bearish I never expected a 321 point blast form the Dow. This is one of those cases where the news (form the ECB in this instance) trumps the technicals. Anyway, it's another Night Owl Lite as I find myself continued to be sidetracked by Real Life (TM). I had time enough to study the charts but not enough to write about them. And yes, it takes me about an hour to do the individual chart rundownns. So once again, it's results only as we skip the blather.
ES daily pivot: Tonight the ES daily pivot rises again from 2016.75 to 2039.17.
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 4 5 4 1 0.500 406
And the winner is...
There's always a chance the market could retrench after a big up-day, but we've now seen a decent breakout to the upside from almost a week of consolidation. Also, both the Dow and SPX are now very close to their 200 day MA's and on Thursday ES did in fact break above its 200 day MA. With the charts overall positive and the VIX tumbling, I'm going to go out on a limb and call Friday higher. That's all she barely wrote. See you again Sunday night!
Single Stock Trader
On Thursday VZ got caught up in the general euphoria and despite looking lower last night, posted a healthy gain. We're obviously now in a month-long uptrend but I've yet to find a suitable swing-trade entry point And Thursday didn't do it for me either. Such is life.