Member Login

Morning Thoughts August 2

  • The week thus far was uneventful as I advertised it would be on Monday.
  • The moment all waited for was today at 8:30 am et when Mario Draghi would announce his euro-saving strategy.  S&P 500 futures just sold off 1.4% in 5 minutes and the EUR/USD followed in favor.
  • Utilities (see chart below) are giving us a shorting opportunity here for bucket 2 after yesterday’s high volume downside reversal and the shooting star candle.  Stops can be placed at yesterday’s highs.

  • As a reminder, our darling momentum stocks such as CMG, SBUX, NFLX and others now look awfully weak.  Below see the chart of CMG…ugly begets uglier.  Do not touch until valuations get more attractive.  The stock still trades at a good premium over its pees from a P/E point of view.

  • LULU was also one of those darling stocks up until earlier this year.  At this point the stock looks to have downside to the $49-51 area and as such may be a decent bucket 2 short opportunity

 

 

Get latest updates on

SET THE MARKET Live at 9am ET Daily

Watch More:

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Serge’s Daily Trading Tips

Want my tips and tricks to the markets? Subscribe and learn more about trading and investing, get an upper hand on the markets and on the path to a steadier trading and investing process. By subscribing you can expect to get anywhere from 2-4 new videos each week with clear, actionable, and relevant market commentary directly in your inbox. Not to mention you’ll be the first to know when we have upcoming Live Training Sessions. Enter your name and email and welcome to The Steady Trader family.

 

Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. Read our Full Disclaimers HERE.

Facebook Twitter
Member Login

Get Serge’s Daily Trading Tips

Subscribe now and get clear, actionable, and relevant trade ideas!

By giving your contact info you agree to receive future emails from The Steady Trader including educational and promotional content. By providing your mobile phone number and clicking on the above “Subscribe” button, you agree to receive automated promotional messages from us via SMS. By opting into our SMS Program, you agree to our Terms and Conditions and Privacy Policy.