11/15/2017 Recap - members only

Markets: opened down almost 1%. We knew where the important lines were. We drew the white box to mark it. Once it was lost, it triggered a technical bearish pattern that had 2540ish in its sight. The actual headline that caused it was the political shenanigans from Republicans to jam a repeal of the mandate from Obamacare.

Mid day and after a bounce we get another headline that of Rep Ron Johnson opposing the tax plan and the bulls lost a lot of wind. Nevertheless, the day ended up above the lows. Here is the small caps ETF to show how we are now close to a previous crime scene where prices have been well-consolidated. chart

#Sectors: Here is a visual for today. There were two bright spots. chart

#AAPL: -1.5% today and in need of a bounce. Else it could have another red day before its bounce. chart

#Banks #XLF: They did well today which is strange on a day where bonds rally. This speaks volumes to what we've been saying that banks are fundamentally cheap. chart

#CSCO: How to read a chart crayon style - has upside potential (cup handle drawn) BUT hit resistance and stalled. NOW needs to use the neckline as SUPPORT to plow ahead and fill the potential. Else it falls back to what should be support below. BTW it's up after hours on a decent earnings report chart

Posted to Create Income with Options … on Nov 15, 2017 — 4:11 PM

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