Markets
The largest S&P 500 stock by market capitalization – Apple (NASDAQ:AAPL) – is the highlight of today’s earnings reports. The Q4 results will offer the first peek into sales of the new iPhone 7 and the extra business the company is getting due to Samsung’s (OTC:SSNLF) troubles with the Galaxy Note 7. It’s a busy week for the tech giant. On Thursday, it will unveil updates to the Mac line, beefing up what is still an important unit for Apple in the mobile era.
In Asia, Japan +0.8% to 17365. Hong Kong -0.2% to 23565. China +0.1% to 3131. India -0.3% to 28091.
In Europe, at midday, London +0.4%. Paris +0.1%. Frankfurt +0.3%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude +0.7% to $50.86. Gold -0.4% to $1269.10.
Ten-year Treasury Yield +2 bps to 1.78%
(Source: Seeking Alpha)
Economic Calendar
8:55 Redbook Chain Store Sales
9:00 FHFA House Price Index
9:00 S&P Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
1:00 PM Results of $26B, 2-Year Note Auction
1:20 PM Fed’s Lockhart speech
PTG Trading
Bulls took away all the fun for day-traders in prior session by gapping higher and trading in a narrow 8 handle range all day.
Today is Cycle Day 1 (CD1)…Normal is for some type of decline developing…Failure to clear PH (2149) and violation of 2142 would open door for expected decline.
Range Projections and Key Levels
HOD Range Projection: 2161.50; LOD Range Projection: 2132.25; Cycle Day 1 Low: 2126.75; 3 Day Central Pivot: 2137.25; 3 Day Cycle Target: 2153.00; 10 Day Average True Range: 17.48
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (Z) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: IF price clears and converts PH (2149) to upper support, THEN expansion targets measure 2156 through 2161.50 HOD Range Projection.
Scenario 2: Violation and conversion of 2142 handle opens door to deeper decline targeting 2138.25 – 2136.25 3 Day Central Pivot Zone. Below this zone targets 2132.25…2128.75…2125 levels.
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
Good Trading…David
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN