** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished sharply lower today with shares in Hong Kong leading the region.. European markets are sharply lower today with shares in France off the most.
- 8:30 - Initial Jobless Claims - Bearish expectation
- 10:00 - Existing Home Sales - Bullish expectation
Economic Calendar
SPY - Market had a bearish reaction to Bernake Speech yesterday, dropping sharply and breaking the small up trend.
1 - ) Neutral (45%)- After a strong down move a sideways move is expected, but it is a bit unclear were the supports for a this move would be. Look for gap fillings, but take profits faster on long trades.
2-) Bearish (40%) - Would be the follow through of yesterday move. This could put the market into a oversold level too fast and some kind of bounce. Watch for momentum plays and short trades.
3-) Bullish (15%) - Having a bullish reaction after this strong down move would show buyers strength, but it is unlikely to happen. This is the 3rd time we have a failed down trend break and market can not hold the level, this is why I don´t believe much this will happen today.
Long Term Bias: Neutral
Short Term Bias: Bearish
Accuracy: 85%
AM Stock Selection Sheet download
Updated at 7:45
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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