Seeking Alpha

Stocks poised for weaker open

  • Stock futures point to a moderate opening decline following disappointing earnings reports from Google and IBM last night, and ahead of results before the bell from GE, Goldman Sachs, Morgan Stanley, and Chipotle, among others.
  • Failing to respond to yesterday's rally in the States, Europe is moderately lower and Asia was little-changed overnight.
  • The 10-year Treasury yield is up one basis point at 2.65% and gold is down 0.4% to $1,299 per ounce.
  • Index ETFs: SPY, QQQ, SH, DIA, SSO, SDS, PSQ, VOO, IVV, SPXU, UPRO, TQQQ, SPXL, QID, RSP, DOG, SQQQ, QLD, DXD, RWL, EPS, UDOW, SDOW, DDM, BXUB, QQEW, QQQE, TRND, SFLA, BXUC, QQXT, SPLX, BXDB, TNDQ
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Comments (7)
  • cfetrader
    , contributor
    Comments (829) | Send Message
     
    My fellow traders, let us brace ourselves for a drop in S&P 500 futures to 1770, as given by the extended Fibonacci ratio of 1.618. To obtain this target value simply use the Fib. chart tool starting from the last reaction wave at 1803.25 and ending at the high of 1857.
    17 Apr 2014, 07:10 AM Reply Like
  • quabbin
    , contributor
    Comments (125) | Send Message
     
    cfe....hope you are correct.
    Tough casino to bet against.
    17 Apr 2014, 07:47 AM Reply Like
  • cfetrader
    , contributor
    Comments (829) | Send Message
     
    The Bulls offered us Bears today a fantastic opportunity to buy low inverse S&P 500 ETFs, such as SPXS & SPXU. Many thanks. The Fib target has now been lowered to 1765.86.
    Max=1863,75 ; Min=1803,25 ; DSPX=Max-Min
    Target=Min-0.618*DSPX
    17 Apr 2014, 04:07 PM Reply Like
  • cfetrader
    , contributor
    Comments (829) | Send Message
     
    Today a good opportunity presented itself for buying S&P 500 inverse ETFs, such as SPXS & SPXU at low prices. The S&P 500 futures target value has now been changed to 1765.86.
    17 Apr 2014, 04:26 PM Reply Like
  • pagreen1966
    , contributor
    Comments (652) | Send Message
     
    We've had 3 up days in a row and we are approaching the Easter weekend when historically some folk will want to free up some cash for spending so we should expect a pullback.

     

    As long as it is on low volume and the indexes don't close on the low of the day I hope that next week we should see the long term uptrend re-establish itself.

     

    Just hope the rest of the earnings season is more positive!
    17 Apr 2014, 07:29 AM Reply Like
  • TruffelPig
    , contributor
    Comments (4077) | Send Message
     
    Lol. The stocks thought it over and decided that they don't feel to drop today. First, nice weather! Second, Mama Yellen has promised a good breakfast. Third, bull riding today as day activity.
    17 Apr 2014, 07:30 AM Reply Like
  • Kmoney01
    , contributor
    Comments (60) | Send Message
     
    Only 5% on that fib rating. That would bring the dow to 15,500. Sounds about right. If it can't break up it will break down giving everyone a buying opportunity.
    Uneasy european markets will help accelerate such Macro predictions. If your portfolio can't handle a 5% drop you need to diversify from index funds to individual stocks.
    17 Apr 2014, 07:52 AM Reply Like
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