Tuesday, January 17, 2017

End of Day Post

The markets lost a little ground coming out of the U.S. holiday, but not enough to really gauge any sort of change. The S&P and INDU are still above lower support levels...well within their ranges. The Nasdaq did move lower as well, but still only one day below a new high set last Friday.

Nothing new to report with only one trading day complete after the holiday. We did see a drop in the Empire State Index from 7.6 to 6.5, showing some slowing in manufacturing. However, we still have a few more numbers left to see this week.

If we continue to see some slowing in the economic numbers over the next couple of weeks, then it should reduce the possibility of another rate increase by the Fed. It's too early to tell with only one day past us this week, but we should take it into consideration moving forward.

See you on Wednesday's Mid-Week Trading Room Update class!

Have a great night,

Your Maverick Trading Team

Thursday, January 12, 2017

End of Day Post

We had another long-shadowed day, as the markets regained most of their losses. We have seen this pattern of intraday retracements for about a week now in the S&P and INDU...and today was no different. There hasn't been enough change to the market patterns over these last few days, which we can use to our advantage. However, we could see a test of the highs tomorrow, which might create some opportunities.

Keeping a balanced portfolio, with some short-term sideways, could prove profitable through earnings season. Not much has triggered over the past few days, so don't expect much follow through in either direction until the markets break out (up or down). Just make note of the earnings dates on any new trade ideas.

See you on this Sunday's live Trading Room class!

Have a great night,

Your Maverick Trading Team

Tuesday, January 10, 2017

End of Day Post

The markets continued to show sideways action at their current levels. The INDU and SPX continued to build high-basing patterns, while the Nasdaq continued to push higher. We haven't seen much change to volatility or volume in the last couple of weeks. We don't expect any real market direction without a catalyst.

There are some good trades out there, so continue to take advantage of what triggers. Be aware of earnings results picking up as we move towards the end of this month and into February. We will see 2017's first FOMC statement in about three weeks. Keep this in mind when selecting the time frames of any new trades that you are entering.

See you on Wednesday's Mid-Week Trading Room Update class!

Have a great night,

Your Maverick Trading Team

Thursday, January 5, 2017

End of Day Post

It has only taken two days for the markets to get back to previous basing levels as we begin 2017. We were looking to see if momentum could carry us higher, but the markets seem reluctant to move much higher from here. We didn't expect a "major" market move this week; however, a clear direction would have been nice.

Take advantage of basing patterns in the short term. Make sure that anything directional has a theta advantage (credit spread or diagonal combos).

There are some good trades out there, but make sure that you allow them to trigger before entering anything directional. Build your portfolio slowly over the next few weeks. Take into consideration earnings and the next FOMC statement later this month.

See you on this Sunday's live Trading Room class!

Have a great night,

Your Maverick Trading Team

Tuesday, January 3, 2017

End of Day Post

All three majors gapped higher today, but didn't move much higher from there. The 2017 trading year started out strong, as all markets gapped up from last week's/year's close, moving back into higher basing ranges.

Today's volume almost doubled the prior five trading day's average. This was to be expected after the extended holiday season. With only one trading day posted in 2017, it becomes very difficult to make a decision on market direction. However, today's gap higher does take away from a straight move lower based on last week's move. This isn't to say that we don't move lower from here, but take into consideration the comparative volume...if we don't see at least that amount on the next push lower, then we shouldn't put much faith in it.

We just started the week/year, so stay patient and let's see where we go from here.

See you on Wednesday's Mid-Week Trading Room Update class!

Have a great night,

Your Maverick Trading Team

Thursday, December 29, 2016

End of Day Post

The markets closed flat today after a small move lower yesterday. Market volume is still well below average, but we did see a small increase in yesterday's move lower. Although all three majors moved lower yesterday (by less than 1%), we are still in a strong uptrend. We haven't come close to threatening any major support levels. With just one more day left in the trading year, we don't expect any sort of major confirmation in either direction.

The markets will be closed on Monday, January 2, in recognition of the holiday. Take your time in scanning and building a watch list. We don't expect to see much opportunity until later next week, depending on how the markets react to the New Year.

We will NOT have a Trading Room this Sunday due to the holiday. Instead, we will see you next Wednesday, January 4, for the Mid-Week Update.

Happy New Year, everyone!

Your Maverick Trading Team

Tuesday, December 27, 2016

End of Day Post

All three majors opened higher today as we came out of the first of two extended holiday weekends. We saw a small surge of buying come into the markets late on Friday's session, which could be the reason that we gapped higher today. However, all three of the majors failed to capitalize on last week's surge.

We still have three (3) more trading days left in the year. However, with another extended holiday weekend just around the corner, we shouldn't put much value in this week's move.

The INDU made another push towards the 20,000 level today and we could see a close above it this week. Without a substantial amount of volume behind a close at that level, we don't want to take the risk of buying in too early.

Be patient and enjoy the holiday season. There haven't been any substantial changes to market sentiment in the last 10 days. With just a few trading days left in the year, we don't expect anything different.

See you on Wednesday's Mid-Week Trading Room Update class!

Have a great night,

Your Maverick Trading Team