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The TOP is in.....unless....


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#11 dTraderB

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Posted 07 May 2019 - 05:59 AM

OK, so we got the leg down for the morning session, happening now... but it may stay down for a longer period because....

 

Carl QuintanillaVerified account @carlquintanilla
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Carl Quintanilla Retweeted SCMP News

“In a commentary published on its WeChat account on Tuesday, People’s Daily warned the US to ‘not even think about’ concessions. ‘When things are unfavourable to us, no matter how you ask, we will not take any step back. Do not even think about it,’ the commentary said.”

Carl Quintanilla added,

SCMP NewsVerified account @SCMPNews
Why is China playing hardball in trade war talks with the US? https://buff.ly/2H63pdl 
3:45 AM - 7 May 2019


#12 dTraderB

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Posted 07 May 2019 - 06:04 AM

Jennifer JacobsVerified account @JenniferJJacobs
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China says its top trade negotiator, Lui He, *is* coming to US for meetings Thursday and Friday, keeping trade talks going. But China is preparing retaliatory tariffs on US imports should Trump impose extra tariffs on China goods as planned on Friday.

 



#13 dTraderB

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Posted 07 May 2019 - 06:43 AM

From WSJ:

 

  • On this day in 1825, one of the earliest buying frenzies for an American IPO was reported, as the Bank of Southwark went public in Philadelphia. Investors hired muscular goons to sign their names into the subscription books that conferred the right to buy shares, and “noses were smashed, hats jammed in, and the police court was at work over the wounded for weeks after.”
  • Bullish sentiment on the near-term trajectory of the stock market rebounded by 5.5 percentage points to 39%, according to the latest American Association of Individual Investors Sentiment Survey. The rise puts optimism slightly above its historical average of 38.5%. Meanwhile, bearish sentiment rose 1.2 percentage points to 21.3%, below its historical average of 30.5% for the seventh straight week.
  • Lack of Breadth Worries Some Investors

    Fewer stocks are hitting new highs even as indexes hover at records.

    Major stock indexes have returned to record levels in recent weeks, but the number of individual stocks that are hitting their own highs remains below that of similar rallies.

The number of stocks in the S&P 500 that hit 52-week highs on a daily basis has largely stayed in the 40-to-70 range during the index’s most recent record run, similar to last fall, when stocks hit records. That isn’t as strong as in the first half of 2017, when indexes hit record highs and were able to eclipse the 80 range. In early 2018, as major indexes pushed their records higher, the number of companies hitting 52-week highs was above 140.

Willie Delwiche, an investment strategist at Robert W. Baird who has been analyzing the rally’s breadth, said getting above 75 would be encouraging.

The amount of individual stocks setting 52-week highs has also lost some momentum in recent months, after indexes sprinted out of the gate in the first two months of the year and many individual stocks hit 52-week highs. When the S&P 500 surpassed its 2018 peak on April 23, fewer than one in 10 S&P 500 stocks made new 52-week highs, according to Baird.

Some investors say relatively lower breadth in the rally could be a sign of trouble for major U.S. stock averages, which came under pressure Monday amid renewed global trade tensions.

“If breadth starts to falter, that would be a red flag that the stock market is due for a pause or a pullback,” said Michael Sheldon, chief investment officer at RDM Financial Group at HighTower.

To be sure, 69% of companies in the S&P 500 were trading above their 200-day moving average on Friday, up from 9% when major averages hit their Christmas Eve 52-week lows, according to FactSet.

After a sharp run up in January and February, stocks have continued to grind higher in recent months, helped by the Federal Reserve’s patient tilt on monetary policy and better-than-feared corporate earnings.

 

 

 

 



#14 dTraderB

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Posted 07 May 2019 - 08:10 AM

Yesterday's LOW is critical support



#15 dTraderB

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Posted 07 May 2019 - 10:47 AM

Got to hold at SPX 2880 or else all the way to SPX 2700



#16 dTraderB

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Posted 07 May 2019 - 10:53 AM

Reluctantly, I closed 9 QQQ puts from my QQQ put position. Still under the water



#17 Darris

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Posted 07 May 2019 - 11:24 AM

You may start to see a lot of guru publishing this weekend on the 3 peaks pattern starting to form on the SPX from Jan 2018 high.  They will have to draw in the doomed house part.  



#18 hhh

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Posted 07 May 2019 - 11:33 AM

Domed house?



#19 dTraderB

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Posted 07 May 2019 - 11:36 AM

Douglas KassVerified account @DougKass
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Douglas Kass Retweeted Tony Dwyer

Bookmarked, Dwyerama!! Love you, pal. @dwyerstrategy

Douglas Kass added,

Tony Dwyer @dwyerstrategy
On the road, but still in the 3-5% correction camp. Haven’t changed 2019 target from 2950 and just initiated 2020 target of 3,350.
9:20 AM - 7 May 2019

 



#20 dTraderB

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Posted 07 May 2019 - 11:37 AM

buy GOLD?

 

Douglas KassVerified account @DougKass
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Douglas Kass Retweeted James DePorre

Rev and I in synch! A rare but hopefully profitable match!! @revshark @dougkass Trade of the Week @realmoney Buy $GLD

Douglas Kass added,

James DePorre @RevShark
I'm at 65% cash now with gold miners my biggest positions
9:21 AM - 7 May 2019