News Column

Today's Trading Plan: Quadruple Witching

June 20, 2014

Ryan Mallory

Pre-market update:

Asian markets traded flat.European markets are trading 0.1% higher.

US futures are trading 0.2% higher ahead of the market open. 

Economic reports due out (all times are eastern):
Quadruple Witching

Technical Outlook (SPX):

SPX rose for the fifth straight day and providing follow through to Wednesday's breakout. Volume remained at par yesterday. Today is quadruple witching which can create additional volatility for trading. SPX back in overbought territory. Despite the market being up five straight days the strength of the move is not overly impressive. Only 29 points so far. 1925 remains the breaking point that the bears need to drive price below. The rising trend-line off of 4/14/14 currently sits at 1916. SPX 30-minute chart continues to trend nicely like its daily chart by establishing a new higher-high. It doesn't look like Iraq will play a large role in the market going forward. There doesn't seem to be a lot of evidence that suggests Baghdad will fall to the ISIS. The market doesn't care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 

My Trades:

Closed out NFLX yesterday at $441.37 for a 3% gain. Closed out PAY yesterday at $36.56 for a 0.9% loss. Closed out AMZN yesterday at 327.01 for a 1.5% loss.I added one additional long position yesterday. I reduced my long exposure some by cutting the dead weight in the portfolio.Remain long IR at 60.11, FB at 63.05, RVBD at 20.29, GPOR at 65.33.50% Long / 50% CashJoin me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 6-20-14

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Source: Shareplanner

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