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05/06/2020 Market Recap

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Cobra
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05/06/2020 Market Recap

Post by Cobra »

Very strong bull bar so after lots of hesitations (5 doji, remember?) the market decide to skyrocket high from here? I find hard to believe, I'll need see a strong follow through tomorrow first, because I've noticed lots of top bar was actually a strong bull bar so one strong bull bar doesn't mean anything.
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Cobra
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Re: 05/06/2020 Market Recap

Post by Cobra »

5.png
Called the low in time and reiterated the up bias later. Didn't see the afternoon pullback all the way to the yesterday's close and didn't see huge up before the close (looks like a news).
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JFR
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Re: 05/06/2020 Market Recap

Post by JFR »

Alternatives.

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JFR
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Re: 05/06/2020 Market Recap

Post by JFR »

A good day for the Dow. Some leaders.

Screenshot_20210506_144720.jpg
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Cobra
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Re: 05/06/2020 Market Recap

Post by Cobra »

JFR wrote:A good day for the Dow. Some leaders.

Screenshot_20210506_144720.jpg
Financials leading the charge. The close was suspicious, no apparent news. Is it because of a good NFP tomorrow? But a good NFP means no QE and rate hike, right?

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Re: 05/06/2020 Market Recap

Post by Cobra »

I can easily find so many cases that a single strong bull bar doesn't guarantee a strong up the next day, in fact it's quite opposite in lots of cases. In the chart below, the red arrows point to strong bull bars recently and you can see all had a big red the next bar. So really, I need see a strong bull follow through tomorrow. I admit I don't believe the market could skyrocket high from here, that is I'm biased but at least the chart I show you proves what I said "a single strong bull bar doesn't mean anything" is true.
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JFR
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Re: 05/06/2020 Market Recap

Post by JFR »

Cobra wrote:
JFR wrote:A good day for the Dow. Some leaders.

The attachment Screenshot_20210506_144720.jpg is no longer available
Financials leading the charge. The close was suspicious, no apparent news. Is it because of a good NFP tomorrow? But a good NFP means no QE and rate hike, right?
Financials #1, but they are all somewhat quiet. As I have indicated on here, although Economics was a focus for me at university, I do not follow closely nor try to relate economic news or reports to the stock market. I read a few articles here and there, but for the most part, I get that info on here, from those that follow the events. For me, it all shows up in the charts soon enough for my interests. One trader I know has one "news play," but it is based on acquisitions. I might try it sometime but not now. I have enough to keep me busy.

2021-05-06_19-09-12.png
Yes, nice strong finish, with small bars all day, small shadows, a calm market; I like that. Looking forward to next morning.

2021-05-06_19-26-13.png
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JFR
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Re: 05/06/2020 Market Recap

Post by JFR »

https://www.investors.com/market-trend/ ... vulnerable

From IBD. I subscribed to them for a couple of years. Some good stuff, but I prefer value stocks to growth stocks.
Dow Jones Futures: Market Rally Masks Growth Woes; Roku, NET Stock Lead Earnings Movers As Fed Warns Asset Prices 'Vulnerable'
Dow Jones futures tilted higher late Thursday, along with S&P 500 futures and Nasdaq futures, after the major indexes rose Thursday while growth stocks continued to lag. Amid another rush of earnings from Cloudflare (NET), Roku stock and more, the Federal Reserve late Thursday that many asset prices are "elevated" and "vulnerable to significant declines."

The stock market rally showed gains across the major indexes Thursday, closing near session highs. The Dow Jones hit a record high while the Nasdaq rebounded for slim gains after tumbling below key levels intraday.

A big catalyst: German Chancellor Angela Merkel opposed President Biden's call to waive intellectual property rights for coronavirus vaccines from the likes of Moderna (MRNA) and partners Pfizer (PFE) and BioNTech (BNTX)
Once in a while, I check MarketWatch or IBD, etc. to get a read on the market, but not all that often.
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JFR
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Re: 05/06/2020 Market Recap

Post by JFR »

I read that shareholders were expressing unhappiness to Buffett about returns on Berkshire stocks.

My gawd, methinks, give your head a shake.

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