Market Traction Update September 17th


The market is trying to absorb the new tariff information and what it could mean for a longer trade war.

The NASDAQ stocks seem to be taking the brunt of most of the news.

Dow Jones Industrials and the SPX are down slightly and seem to be taking the news in stride.

For the ideas we discussed last week, NBL broke above trigger but did not close above.  Today we may get the close, but we had a big run up and sell off, so this is something we have to keep an eye on if we do get into the position.  A reversal like this suggests that there is not enough bullish money flow to push the stock higher.

IBM has gotten above our trigger price of $147.66 and has traded up to $149.30 on Friday.  Today it is settling in but still above entry price.

In Disney(DIS), we had a trigger below $110.09.  The stock rallied and sold off on Friday to go below our trigger.  Today the stock followed through and went as low as $108.61 and is still trading around $109.20.

We will keep you posted with any future updates.

Thanks,

Wayne

 

 


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