August 18, 2017
The S&P 500 fell 1.5% today. In all fairness, we have seen one-day sharp drops in the market many times before. Every past drop has been an amazing buying opportunity. However, today’s sharp decline is very different. Let me go over the reasons.
1. Volume was big. This implies institutional investors and hedge funds were selling.
2. This is the first drop in recent history that has taken out a previous drops low. This means on a technical basis, there is a lower-low in place, a bearish sign.
3. A trend line connecting the previous pivot lows throughout 2017 has been broken to the downside. This implies a key technical break.
4. CEO’s abandoning Trump is a huge negative for moving forward business friendly objectives. Whether it is infrastructure spending, tax cuts or a corporate repatriation holiday.
The bottom line is, this may be different than past buy-the-dip opportunities.
Do you day trade, or want to makes thousands of dollars in minutes, check out this live trading action from today.
August 17, 2017
One trade was on the S&P 500 Emini futures contracts, and another was for those trading the stock, $SPY. What happened minutes after they entered these trades? Read what members in the room said first hand at the time…
“that was the easiest 2,300 bucks i ever made, thanks!”
“pure awesomeness Nick… $1475 profit in minutes.”
“Amazing!!!! Nick, You da Man!!!”
“Nick, nice trade!! Thanks”
“Nick I came into the day slightly in the red on my SPY short. Covered at 243.60. Would have covered sooner it it wasn’t for your guidance. Thank you…”
August 17, 2017
Leading domestic firearms manufacturer Sturm Ruger & Co Inc (NYSE:RGR) has been declining since June 12, 2017. At that time, the stock hit a high of $68.80 a share. Today, RGR stock is trading around $48.15 a share which is over $20.00 lower than its June peak. The stock remains in a weak technical position by trading below its 50 and 200-day moving averages. Traders should note that the next major support level for RGR stock will be around the $45.00 level. It should be noted that this level was where the stock was defended in February 2015. Often, these levels will be defended when retested again.