Global Stock Markets Rise-Political Tensions Ease
SPY ETF Chart 8.29.19
Despite the positive news coming out of China, the SPY ETF continues a 10 point range-bound price action.
The volatility is terrific if you have discipline to be patient. I've had a few coaching calls this week with traders taking some unnecessary losses because of a lack of focus.
We are in a short-term traders heaven, which means a short-term bias is needed.
If you're not day trading it's tough to trade with conviction right now. Here's the key point I want to make. It's okay to be in cash. If the stock market doesn't line up with your edge. Stay on the side.
Don't put money in harms way without an edge and 100% conviction. Getting profitable BEGINS with learning to NOT lose.
You must learn to protect your capital (with real trades, not paper trades) so you gain the experience to learn how to win.
This lesson is short but one of the most important you can learn.
Pete
Fitbit Inc FIT Stock Chart 8.29.19
European stocks climb as China cools trade tensions and Italy solves political crisis
China Commerce Ministry spokesman Gao Feng cooled trade-war tensions on Thursday by saying the country would not immediately respond to the latest tariffs imposed on it by the U.S.
He added that China remained in contact with Washington and that discussions should move toward removing tariffs to prevent escalation. The comments, sparking hopes of a calm resolution between the world’s two largest economies, triggered a surge in European stocks.
marketwatch.com/european-stocks-climb-2019-08-29
Elon Musk: Computers will surpass us ‘in every single way’
Tesla CEO Elon Musk on Wednesday said that computers are getting smarter than humans in more and more spheres and that the trend will continue.
“We will be far, far surpassed in every single way. I guarantee it,” Musk said to Jack Ma, chairman of Alibaba, at the World Artificial Intelligence Conference in Shanghai.
cnbc.com/elon-musk-computers-will-surpass-us
Is the Trump Recession Overblown?
Economic indicators aren’t even pointing to a mild recession. Here's how the floor could collapse.
Based on the data for the U.S. economy’s performance, concerns about a recession in the near term seem overblown. Consumer spending constitutes about 70 percent of overall economic activity, and it is providing a firm foundation, fueled by accelerating wage growth and a healthy job market.
The labor market’s strength is diminishing, but it is still strong. More jobs are added each month than are needed to keep up with population growth, unemployment is at a decades-low rate, and the rate of employment is on an upward trend.
bloomberg.com/trump-recession-severe
Fitbit Watch with Alexa: A Challnger for Apple Watch?
Shares of consumer technology company Fitbit (FIT) rose 5% today. Fitbit stock is currently trading at $3 per share, still 57% below its 52-week high of $6.96. So, what drove the stock higher today?
