Scalper1 News
Major averages fell on mixed volume with the S&P 500 closing back below its 50dma and the NASDAQ Composite resting just above its 50dma. With the majors just a little more than -2% off their peaks, the markets could easily fall a few percent further if the choppy, sideways move that started in late 2014 continues. That said, new “actionable” stocks for the watch list have been plentiful, so continue to keep close watch on such names. Should the market find a relatively shallow floor in this extended sideways move, such stocks could present actionable buy points. Meanwhile, a good number of tech juggernauts have posted strong earnings reports for the quarter thus have gapped higher including GOOGL, PCLN, AMZN, EBAY, NFLX, and FB, though AAPL disappointed, and BIIB nosedived sending the biotech group, which had been one of the leading industry groups, lower. Futures are trading lower as the Chinese Shanghai Composite Index SHCOMP ended down 8.5%, its worst daily percentage fall since February 27, 2007. Fears are mounting that Chinese authorities will slow their market manipulations in propping up their markets. Analysts say the selling came as investors fear the government is curbing its buying of blue-chip stocks to test whether the market can support itself. As always, keep stops tight if you are holding any long positions, and take profits where you have them in context with the chart. Scalper1 News
Scalper1 News