GoPro Inc GPRO Showing Signs of Bullish Activity 10-2-19
Go Pro Inc GPRO Stock Chart 10.2.19
GoPro Inc GPRO stock price exploded higher the last three trading sessions on increased volume. All good signs for a bullish recovery. But the price action that interests me the most is the spike in volume at new lows (red circle on the chart.
Smart money stepped in and bought discounted shares. The next rally off those lows could have unfolded as "short covering" but we see a pause and another rally.
Again solid bullish price action.
However the stock has breached or approached the 200 day simple moving average and failed, three times. This is where most traders lose. They chase the charts instead of waiting for the opportunity/risk equation to fall back into line.Don't be a sucker.
Be patient, wait for a pause so you can manage risk in exchange for what could be the next bullish wave.
I'm stalking a pause of 3-5 days near the 200 sma and then initiating a new trade with 50% of my intended position. This is a position trade. Longer term hold.
The SPY ETF
The chart of the SPY ETF needed to hold $294 support yesterday and failed miserably after the manufacturing news came out. Ultimately we got an outside day reversal, which is very powerful
Two sides of the market got caught.
Typically these setups open lower then reverse, in this case higher. $294 is the number to watch. My tape reading game plan says to monitor the open price, the open range. The long-term order flow remains bullish, but the short-term tape is heaven for active traders.
Which means you need a reference point to determine your bias (buyer or seller)> I gave you mine. If we're below the open price and the open range after 10 am, I am looking short.
If we're above, I will trade for cash flow and exit all trades into momentum. Here's a list of stocks to game plan on the short side.
Have a profitable day.
Pete
SPY ETF Chart 10-2-19
GoPro Rally Breaks Through 200-Day Moving Average
GoPro, Inc. (GPRO) shares rose nearly 10% during Tuesday's session, extending the stock's impressive one-month rally to more than 50%.
While there has been little in the way of tangible news, other than the occasional M&A chatter, Longbow analyst Nikolay Todorov believes that today's Hero 8 Black launch has been a catalyst over the past few weeks.
investopedia.com/gopro-stock-rallies
E-Trade, Ameritrade, Interactive Brokers slammed as Schwab drops trading commissions
Shares of discount brokerages plunged Tuesday, after Charles Schwab Corp. said it’s planning to drop commissions on U.S. stocks, exchange-traded funds and options, effective Oct. 7.
marketwatch.com/sschwab-drops-trading-commissions
A former congressman pleads guilty to insider trading
reuters.com/video/former-congressman-pleads-guilty
The Fed Now Has a Reason to Cut Rates Again
When the Federal Reserve first lowered interest rates in July and then a few weeks ago, it was hard not to think that perhaps the central bank was bowing to pressure from the White House.
Although there were signs that the economy was slowing, there were few true red flags that suggested the wheels were falling off the cart.
bloomberg.com/fed-interest-rates
Health-care stocks are in their longest losing streak since 2016
The health-care sector just closed out a third straight month in the red, its longest losing streak in three years. A fourth monthly decline would be its worst stretch since 2011, and one trader says there could be more pain ahead.
