10/31 Recap

Slow day before Powell speaks this week. We had some news of escalation in the Middle East where Yemen declared War on Israel today but overall pretty uneventful day in markets. Pinterest was the big star overnight up 18% today on earnings, today we have AMD earnings after the close which will move alot of things with it.

The dollar continues to pressure equities up here near 107. It really looks like it is basing for another leg up, but stock bulls would prefer to see this breakdown soon.

The SPY remains below the 8 ema but it is putting in a nice hammer so far today on the daily. As oversold as we’ve been, this needs to start building over the 8 day very soon if bulls want to save the market.

The IWM is really trying to bottom here look at the RSI, look at the candle putting in today, this is a place to swing small caps with a small risk big reward mentality and just use a tight stop if it breaks the recent lows of 161.67.

Trends

EDR continues to see alot of unusual action for a name that size, it saw another huge trade in this session as rumors swirl about it going private. Aside from megacap tech names, TLT continues to be a really popular bullish name. Lots of bullish activity on Unity over the 1 month timeframe even with small caps so out of favor, that is notable.

1 Week