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Posted 9:30 AM ET - Yesterday the market took a breather. The news has been fairly light and the SPY is compressing near the upper end of its range. Tech stocks and small caps are strong on a relative basis. Thursday's losses will be pared on the open and the S&P 500 is up 14 points. Heated tariff rhetoric between China and the US has not dampened investor spirits. The world's largest economies are battling it out. Europe imposed additional tariffs on US goods and the market did not flinch. If these "taxes" become reality it will take many months before …
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Posted 9:30 AM ET - PRE-OPEN MARKET COMMENTS THURSDAY - The narrative has not changed much overnight. The market has been able to shoulder negative news and it wants to grind higher. Tech stocks and small caps are leading the charge. The NASDAQ 100 and Russell 2000 are making new highs. Trade war rhetoric is escalating between China and the US. Daimler trimmed forecasts and cited Chinese tariffs on US cars as the reason. The market is down a little bit on the news, but buyers have been discounting potential trade wars. We've been patiently waiting for clarity and we have …
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Posted 9:30 AM ET - Yesterday we saw how resilient the market is. A trade war between China and the US is unfolding and investors are not deterred. After an initial drop, stocks spent the rest of the day recovering. That reversal paved the way for higher prices this morning and the S&P 500 is seven points higher before the open. We are going to get long today. Trump announced an additional $200 billion worth of goods that could be subjected to new tariffs. China promised to retaliate and they will counter with new tariffs of their own. The world's largest …
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Posted 9:30 AM ET - Trade negotiations between the US and China have broken down. Trump has asked his advisers for an additional $200 billion worth of goods that could be subjected to a 10% tariff. China said that the retaliation would be quantitative and qualitative. They also said that immediate steps would be taken. China's market was down 4% overnight and a trade war looks likely. The S&P 500 is down 30 points before the open. The two largest economies in the world are showing their might. Analysts are worried that tariffs could reduce economic growth. When both sides took …
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Posted 9:30 AM ET - Last week the market showed incredible resilience as it fended off negative news. That is a bullish sign and I only want to trade from the long side. Potential trade wars and higher interest rates are sparking a light round of profit-taking. Once support is established a buying opportunity will present itself. Trump imposed tariffs on most of our trading partners and they are retaliating. China took immediate action and this "tit-for-tat" battle could escalate. At current levels, tariffs won't have a major impact on commerce or the market. I believe that Trump feels he needed …
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Posted 9:30 AM ET - Yesterday the NASDAQ 100 made a new all-time high and tech stocks are led the market rally. Buyers have ignored a number of negative news events this week and stocks have been extremely resilient. This morning we learned that Trump will impose $50 billion worth of tariffs on Chinese goods and that another $100 billion is likely. The S&P 500 is down 10 points on the open and this news will provide a stiff headwind. Two months ago the market was fearful that a trade war could erupt. Negotiations progressed and investors got used to the …
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Posted 9:30 AM ET - The market is extremely resilient. Yesterday the FOMC statement was very hawkish and rates were increased a quarter of a point. Powell said that four rate hikes are likely next year and the Fed plans to aggressively normalize rates. The ECB said it is winding down quantitative easing this morning. Stocks shouldered the news and the S&P 500 is up in early trading. China's retail sales and industrial production were light. Analysts believe that Trump will announce $50 billion worth of Chinese tariffs in the next day or two. This is a little less than the …
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Posted 9:30 AM ET - Let's keep it short and sweet today. The market wants to rally and the dark clouds are parting. The FOMC statement will be released today and the ECB will make its policy decision tomorrow morning. Traders are prepared for tightening by both central banks. Horizontal resistance is at SPY $280. The summit with North Korea went well. We don't have any details and this will be a drawn out process. Rumor has it that Kim wants to move forward quickly and he has demonstrated this through a few unexpected concessions. As long as that denuclearization of …
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Posted 9:30 AM ET - Yesterday the market inched higher ahead of the historical summit with North Korea. Trump and Kim broke the ice and they exchanged niceties. This process will take months to play out and investors are giving both leaders the benefit of the doubt. Tomorrow the FOMC will hike rates and traders will scrutinize the comments. The S&P 500 is above the 100-day moving average and it wants to climb. The summit was short on details and that was expected. I am skeptical and I believe that North Korea will drag this process out. This has been a …
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One Option Trading Blog by Pete@oneoption.com - 1w ago
Posted 9:30 AM ET - During an 18-month long Russian collusion investigation I could not resist the headline. Of course the Russian I am speaking of is Alexander Ovechkin. He was voted the MVP in the Stanley Cup playoffs and he helped fuel the Washington Capitols to a championship. We finally have something Democrats and Republicans can agree on. The market has broken through major resistance levels in the last two weeks and the gains are holding. The focus has shifted to fundamentals and tariffs with our G6 allies have not deterred buyers. Tonight (9 PM Eastern time) president Trump will …
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