** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished mixed as of the most recent closing prices. European markets are mixed today. Core CPI (MoM) to be released before market opens.
Economic Calendar
SPY - Yesterday gaped up breaking the down trend. This gap provided support for the afternoon down move.
1-) Neutral - This scenario suggests market will move sideways respecting yestereday´s high and low and not moving much. If it does that, trading will be a little bit more difficult. Choose well the trades I´ll be entering, cause it is unlikely to have momentum at the open.
2-) Bullish - After breaking a trend line down, the expectation is for it to move higher. If yestereday´s high is taken out be prepared for a strong up move. Favor long trades and go for longer profit targets.
3-) Neutral Bearish - This scenario suggests that there was no conviction in the trend break, so start looking for shorts, but be careful for it not to be a trap. If it continues lower into scenario #4, will be in great position
4-) Bearish - if this is a fake break again, then things might get ugly. Don´t think this is a very probable scenario, but it is possible. This would be more of an evolution of scenario #3.
Long Term Bias: Neutral
Short Term Bias: Neutral / Bullish
Accuracy: 95%
AM Stock Selection Sheet download
Updated at 7:25
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Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk.2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00
1.Educational purpose material only. Use this information at your own risk.2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00