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oops....$1.80 for 10 gallons not 18 dollars
That makes two of us Off Board this morning! POOF
How bear market rallies trap dip buyers, and frustrate buyers...
https://finance.yahoo.com/news/morning-brief-june-23-100044415.html
Ske will be providing the future momentarily, after he finishes feeding the dog.
I'm going back to bed for a while... I have an important client visit today and need to be "awake"
I have plenty of dough to deploy, as I only nibbled yesterday- all starters 'cept REGN, which I have about half a position.
Miami, Florida
76°F
C 88°
76° Precipitation: 0%
Wind: 3 MPH
Humidity: 80%
Partly cloudy Thu 23, 6:16 AM
Good Morning, yes Friday should be a busy volatile day!
I'm off here very soon. Heading out to
help with my "Special Needs" adult grandson.
Probably not back until late afternoon!
Have a Good One
REV $100 Invested In Revlon Right Now Would Be Worth This Much If Stock Gets Back To All-Time High
https://stockcharts.com/h-sc/ui?s=REV
Shivdeep Dhaliwal, Benzinga
Jun. 23, 2022, 04:00 AM
Retail-investor buzz has been building around Revlon Inc (NYSE: REV). The latest news is that Indian conglomerate Reliance Industries is mulling a purchase of the ailing cosmetics maker, which recently filed for bankruptcy under Chapter 11, facing heavy debt.
Shares of the 90-year-old company shot up over 34% on Wednesday.
The Investment
If the surging Revlon stock price prompted an investor to invest in the struggling company, they should note that the shares touched an all-time high of $560.60 way back on April 21, 1998.
If an investor entered Revlon stock by investing $100 on Wednesday when the stock closed at $8.40, here’s how much they would have if it went back to its record peak again.
The investor would turn a profit of 6,573.81% and the $100 would have transformed into $6,673.81.
Norway announces 50 basis point hike >
https://www.cnbc.com/2022/06/23/norway-announces-50-basis-point-hike-to-interest-rates-largest-for-20-years.html
Wouldn't we all! You find some paying over 10%, make a list
and several will be interested!
Morning Red
Reporting today:
ACN
APOG
DRI
FDS
FDX
GMS
MEI
SWBI
Hi BottomBounce,
Thank you for stopping by.
Unfortunately, this stock does not meet the criteria of this board, noted in the intro (click at the top of the page).
We deal in fully reporting, "big board" stocks like AMZN, DIS, TSLA, GE, IBM. AMD, etc.
Your stock is a penny stock (.22)- not allowed. Its financials are scant, has very poor institutional participation, no apparent earnings and no analyst ratings.
Come on back with your major public company play. It doesn't have to be a winner, it can be a company out of favor but it must be a fully reporting, "big board" listing.
Why stock-market volatility may rise Friday due to Russell rebalancing
Christine Idzelis - 8h ago
MarketWatch
Investors are bracing for a heavy day of trading Friday due to the rebalancing of the Russell U.S. equity indexes, an annual reconstitution that comes amid elevated volatility in the stock market.
Global index provider FTSE Russell kicked off the rebalancing process on May 6, or so-called rank day, to ensure the indexes accurately reflect the U.S. stock market. The reconstitution, scheduled to take place after the market’s close on Friday, tends to be among the biggest trading days of the year, Steven DeSanctis, an equity strategist at Jefferies, told MarketWatch last month as the process was getting underway.
About $12 trillion in investor assets are benchmarked to the Russell U.S. indexes, according to a FTSE Russell statement in early June. The larger trading volume tied to the rebalancing could exacerbate stock market volatility, which has been running high as investors cope with soaring inflation, rising interest rates and concerns over a slowing U.S. economy.
Volume will likely surge heading toward the closing bell Friday, according to Jay Woods, chief market strategist at DriveWealth, a broker-dealer on the floor of the New York Stock Exchange.
“It’s all about the close,” Woods said by phone Wednesday. “That closing trade is the most important trade for all these mutual funds and ETFs” ahead of the rebalancing as it serves as a gauge of their performance, he said.
The CBOE Volatility Index was trading around 29 Wednesday afternoon, well above its 200-day moving average of 23.5, according to FactSet data, at last check.
The U.S. stock market opened lower Wednesday, but the Dow Jones Industrial Average the S&P 500 and Nasdaq Composite were showing gains in afternoon trading, according to FactSet data.
Meanwhile, the Russell 2000 Index which consists of small-cap stocks in the U.S., was up modestly Wednesday afternoon, FactSet data show, at last check. The index has slumped more than 24% this year through Tuesday.
Under the Russell reshuffling, a “good chunk” of Facebook parent Meta Platforms Inc.’s shares are set to move to the Russell 1000 Value Index from the Russell 1000 Growth Index, according to a Jefferies note dated June 5. Meta’s shares have dropped around 53% in the 12 months through Tuesday, FactSet data show.
Growth stocks have been pummeled in 2022. The Russell 1000 Growth Index has plunged almost 29% this year through Tuesday, with its losses exceeding the Russell 1000 Value Index’s 14% drop, according to FactSet.
Read: Meta Platforms poised to become ‘value’ stock in Russell reshuffling this month, says Jefferies
As part of the rebalancing, several energy companies were slated to move up to the large-cap-focused Russell 1000 Index from the small-cap-focused Russell 2000 Index, according to the preliminary results highlighted in FTSE Russell’s June 3 statement. They included Antero Resources Corp. Chesapeake Energy Corp. Ovintiv Inc. PDC Energy Inc. Range Resources Corp. and Southwestern Energy Co.
In its June 5 report, Jefferies pointed to “big sector shifts” in the Russell 2000 Value Index, where energy is expected to see its weighting drop while becoming a larger part of the Russell 2000 Growth index. The shift comes as energy stocks skyrocketed this year, though the sector has sold off this month.
For example, the S&P 500’s energy sector has jumped more than 33% in 2022, but has fallen around 14% so far in June, according to FactSet data based on Wednesday afternoon trading.
“With the recent selloff in energy, the cyclicals are the laggards in June,” said DeSanctis, in a Jefferies research note dated June 20. “The sector is seeing selling pressure come from the ETFs, and maybe even value managers, as the group’s weight falls significantly in their indexes due to FTSE Russell rebalancing.”
US MARKETS
Market Close Report: NASDAQ Composite index closes at 11,053.08 down -16.22 points
CONTRIBUTOR NASDAQ.com
PUBLISHED
JUN 22, 2022 4:45PM EDT
Wednesday’s session closes with the NASDAQ Composite Index at 11,053.08. The total shares traded for the NASDAQ was over 5.28 billion. Declining stocks led advancers by 1.09 to 1 ratio. There were 2302 advancers and 2512 decliners for the day. On the NASDAQ Stock Exchange 5 stocks reached a 52 week high and 169 those reaching lows totaled.
The NASDAQ 100 index closed down -.16% for the day; a total of -19.05 points. The current value is 11,527.71.
The Dow Jones index closed down -.15% for the day; a total of -47.12 points. The current value is 30,483.13. Dow Inc.(DOW) had the largest percent change down (-4.75%) while UnitedHealth Group Incorporated(UNH) had the largest percent change gain rising 1.95%.
Another good way of looking at it.
A lot of Dems are coming out against it, like Manchin, and economists too.
careful keeps ya going
I like dividens in the 12, 14% range
that will drive everything down
hope ya make it
IMO...50% of normal folks have a small car the gets around 35 mpg with a 13 gallon tank.....at .18 cents per gallon thats 18 dollars for 10 gallons.....not helping those that live in that realm....
Exact same here Red ! I’m not a rocket scientist or trading guru…. But, this quote has always stuck with me ~~~ even more so as I age: It’s not what you make…. It’s what you KEEP!
Pick a stock symbol…. Any stock, any sector, etc. ~~~ now look at 6 month chart ! 98 out of 100 very red !!!
FINAL
S&P 500 - 0.14%
NASDAQ - 0.15%
DJIA - 0.16%
OXY Added @ 55.90
https://stockcharts.com/h-sc/ui?s=OXY
Mkt doing nothing..
S&P 500 + 0.02%
NASDAQ - 0.08%
DJIA - 0.01%
MATX An add @ 69.50
https://stockcharts.com/h-sc/ui?s=MATX
See ya tuffy. Have a good evening!
PXD Bot some @ 230.50
https://stockcharts.com/h-sc/ui?s=PXD
Losing strength here, wobbling, are we going down, which floor?
COP Started back in @ 93.50
https://stockcharts.com/h-sc/ui?s=COP
NOK A starter @ 4.70
https://stockcharts.com/h-sc/ui?s=NOK
>The Great Unwind: Where Next?
Back Test
authored by Sven Henrich via Northman Trader
Having fun yet? Worst H1 start to a year since 1932. A macro picture as complex as we’ve seen in all our lifetimes and central bankers stumbling to fix their mistakes of the past while at risk of making more policy mistakes as we speak.
But this article is not about macro, but rather it’s a KISS article, keep it simple stupid, and this is where technicals can help in giving context to all that has happened.
on ZH https://www.zerohedge.com/markets/great-unwind-where-next
RYI Took some @ 22.30
https://stockcharts.com/h-sc/ui?s=RYI
CNBC PRO
Bear Market Behavior: Is This the Bottom?
What we can expect to see after Tuesday's gains.
Stocks got a nice pop on Tuesday, but history shows gains such as these this year are typically followed by predictable outcomes.
Dan Niles sees no bottom in sight for stocks as earnings could be 'absolutely horrible'
TUE, JUNE 21 2022
Here are Tuesday's biggest analyst calls: Apple, Nike, Palantir, Exxon, Charles Schwab, Micron & more
TUE, JUNE 21 2022
It's a date tonight!
Got in ARCH @ 154.27
CNBC WED, JUN 22, 2022
(morning news)
1. Wall Street set to gave back much of Tuesday’s gains
U.S. stock futures fell Wednesday, pointing to an open that would give up most of the prior session’s strong rally ahead of Day One of Federal Reserve Chairman Jerome Powell’s economic testimony on Capitol Hill. The Dow Jones Industrial Average rose 641 points, or 2.15%, on Tuesday to kick off the holiday-shortened week. The S&P 500 and the Nasdaq gained 2.45% and 2.51%, respectively. Tuesday’s bounce came after the S&P 500 had its worst week since March 2020, the month the Covid pandemic was declared.
2. It’s Day 1 of Fed chief Powell’s economic testimony
Powell is set to deliver the Fed’s twice-yearly monetary policy report to the Senate Banking Committee on Wednesday and the House Financial Services Committee on Thursday. The Fed chief will give prepared remarks and face questions from lawmakers. Soaring inflation and whether the central bank is doing enough to stop it will no doubt be a major focus of the hearings. In a preview last week, the Fed said that fighting inflation is “unconditional.” The Fed raised rates 75 basis points at its June meeting and forecast a hike of a similar magnitude at its next meeting in July.
3. Biden is expected call for temporary federal gas tax suspension
Oil prices dropped 4% to around $105 per barrel on Wednesday, hours before President Joe Biden’s expected afternoon announcement calling for a temporary suspension of the federal gasoline tax of 18.4 cents per gallon. However, a gas tax holiday faces significant opposition in Congress, including among many Democrats. Gas prices remain near $5 per gallon nationally heading into the thick of the summer driving season. Biden has pulled numerous levers to try to lower prices, including a record release of barrels from U.S. strategic reserves, production waivers, and pressuring OPEC countries and U.S. energy companies to boost output.
4. Rising rates boost demand for riskier adjustable-rate mortgages
Traders rotated into bonds Wednesday, pushing the 10-year Treasury price higher and its yield down to around 3.2%. Bond prices and yields move in opposite directions. Last week’s jump in yields to 11-year highs after the Fed’s biggest interest rate hike since 1994 stoked demand for adjustable-rate mortgages. Those home loans are considered riskier because they generally offer lower fixed rates for five, seven or 10 years and then adjust to whatever the future current rates are, which can be higher. Mortgage applications to purchase a home rose 8% last week, though they were 10% lower than they were during the same week last year. Refinance demand fell 3% last week, and it was 77% lower than the same week one year ago.
5. Bitcoin holds above a key level it went below Saturday
Bitcoin on Wednesday held above $20,000, but it was trading lower. The world’s biggest cryptocurrency on Tuesday fought its way back from Saturday’s plunge to below $18,000, falling below the key $20,000 level for the first time since December 2020. At its low point Saturday, bitcoin was about 74% below its all-time high of more than $68,000 in November, which was the month of the Nasdaq’s last record high. The overall crypto market capitalization is roughly $950 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021.
Matthew J. Belvedere
@Matt_Belvedere
I've always liked his opinionated work, uses interesting comparisons
which grab our attention
U.S. Sectors & Industries Performance
AS OF 02:07 PM ET 06/22/2022
Sector Last % Change
Communication Services
5 Industries
+1.50%
Consumer Discretionary
11 Industries
+0.96%
Consumer Staples
6 Industries
+0.37%
Energy
2 Industries
-2.76%
Financials
7 Industries
+0.41%
Health Care
6 Industries
+2.38%
Industrials
14 Industries
+0.14%
Information Technology
6 Industries
+0.58%
Materials
5 Industries
-0.45%
Real Estate
2 Industries
+2.92%
Utilities
5 Industries
+1.60%
DJIA: 30,737.66 +207.41 (0.68%) | NASDAQ: 11,167.798 +98.496 (0.89%) | S&P 500: 3,795.14 +30.35 (0.81%) —Markets close in 1 hr 52 mins
Interesting. I'll have to read this AH.
I'm looking for plays.
Presently bidding ARCH to start building a position again
OfTwoMinds<>Our No Win "Kobayashi Maru" Economy'
June 22nd, 2022
Star Trek's Kobayashi Maru training exercise tests officer candidates' response to a no-win scenario: any attempt to rescue the crippled ship's crew results in the destruction of the candidate's ship, while standing by and taking no action results in the loss of the Kobayashi Maru's crew.
Captain Kirk famously defeated this no-win scenario by reprogramming the simulation to "change the conditions of the test." This can be viewed as either cheating or as creative problem-solving via "thinking outside the box."
The Kobayashi Maru is a very apt description of both the U.S. and the global economies, which are currently running a real-world no-win scenario called "Profits, Infinite Growth, Low Inflation, Full Employment." (PIGLIFE). To win in the PIGLIFE scenario, you need permanent expansion of GDP, consumption, profits and employment and a permanently low limit on inflation. Anything less and you lose.
FULL @https://www.oftwominds.com/blog.html
This dividend fund is down only 3% this year vs. the S&P's 20% decline.
Here are the manager's top picks
https://www.marketwatch.com/story/this-dividend-fund-is-down-only-3-this-year-vs-the-s-ps-20-decline-here-are-the-managers-top-stock-picks-11655908863
AP Newswire: Powell: Fed aiming to avoid recession amid inflation fight
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession.
Testifying to the Senate Banking Committee, Powell faced skeptical questions from members of both parties about the Fed's ability to tame inflation, which has surged to the top of Americans' concerns as congressional elections near.
Democrats wondered whether the Fed’s accelerated rate hikes will succeed in curbing inflation or might instead just tip the economy into a downturn. Several Republicans charged that the Powell Fed had moved too slowly to begin raising rates and now must speed up its hikes and endanger the economy.
While the Fed's primary goal now is to reduce inflation, Powell stressed, he still hopes to achieve what he has called a “soft landing” — a reduction in inflation and a slowdown in growth without triggering a recession and high unemployment.
“I don't think we need to provoke a recession,” Powell said on the first of two days of testimony as part of the Fed’s semiannual report to Congress. “But we do think it’s absolutely essential that we restore price stability, really for the benefit of the labor market as much as anything else.”
He said the pace of future rate hikes will depend on whether — and how quickly — inflation starts to decline, something the Fed will assess on a “meeting by meeting” basis.
The central bank's accelerating pace of rate increases — it started with a quarter-point hike in its key short-term rate in March, then a half-point increase in May, then three-quarters of a point last week — has alarmed investors and led to sharp declines in the financial markets.
Powell's testimony comes exactly a week after the Fed announced its three-quarters-of-a-point increase, its biggest hike in nearly three decades, to a range of 1.5% to 1.75%. With inflation at a 40-year high, the Fed's policymakers also forecast a more accelerated pace of rate hikes this year and next than they had predicted three months ago, with its key rate reaching 3.8% by the end of 2023. That would be its highest level in 15 years.
Concerns are growing that the Fed will end up tightening credit so much as to cause a recession. This week, Goldman Sachs estimated the likelihood of a recession at 30% over the next year and at 48% over the next two years.
A senior Republican on the Banking Committee, Sen. Thom Tillis of North Carolina, on Wednesday accused Powell of having taken too long to raise rates, saying the Fed’s hikes “are long overdue” and that its benchmark short-term rate should go much higher.
“The Fed has largely boxed itself into a menu of purely reactive policy measures,” Tillis said.
Tillis, like many Republicans, also blamed President Joe Biden’s $1.9 trillion financial stimulus package, approved in March 2021, for being excessively large and exacerbating inflation. Many economists agree that the additional spending contributed to rising prices by magnifying demand even while supply chains were snarled by COVID-related shutdowns and labor shortages were driving up wages. Inflation pressures were further worsened by Russia's invasion of Ukraine.
Biden is expected on Wednesday to call on Congress to suspend U.S. gas and diesel taxes to reduce the sting of high fuel prices, which are averaging nearly $5 a gallon. Many economists are skeptical that consumers will see the full benefit of a tax holiday on the 18.4 cent per gallon gas tax.
The public's anxiety about inflation has weakened Biden’s approval ratings and raised the likelihood of Democratic losses in November. While taking some steps to try to ease the burden of inflation, the president has stressed his belief that the ability to curb inflation rests mainly with the Fed.
At Wednesday's hearing, Sen. Elizabeth Warren, a Democrat from Massachusetts, challenged Powell's rate hike plans and asked whether they would reduce gas or food prices, some of the highest-profile drivers of inflation. Powell acknowledged that they wouldn't.
Warren said that Biden's efforts to fight inflation, such as trying to clear clogged supply chains and increasing the use of antitrust rules to break up monopolies, would more effectively fight higher prices.
Fed rate hikes, though, can only slow demand, which will raise unemployment and weaken growth, Warren said.
“You know what’s worse than high inflation with low unemployment?” she asked. "High inflation and a recession with millions of people out of work.”
“I hope you consider that before you drive the U.S. economy off a cliff," Warren added.
At a news conference last week, Powell suggested that a rate hike of either one-half or three-quarters of a point will be considered at the Fed’s next meeting in late July. Either one would exceed the quarter-point Fed hikes that have been typical in the past, and they reflect the central bank’s struggle to curb high inflation as quickly as possible.
Anticipating additional large rate hikes ahead, investors have sent Treasury yields sharply higher, making borrowing costs for home purchases, in particular, more expensive. With the average 30-year fixed mortgage rate up to roughly 5.8% — nearly twice the rate just a year ago — home sales have weakened. Credit card users and auto are also being hit with higher borrowing costs.
In projections they issued last week, Fed officials forecast that while the economy will slow sharply this year and next, it will continue to grow. They also forecast, though, that the unemployment rate will rise a half-percentage point by 2024, an increase that economists say could lead to a recession.
Powell also said Wednesday that the Fed isn't yet seeing any signs that inflation is moderating in a meaningful way, even though some price measures, excluding gas and food, have slowed a bit in the past four months.
“We're looking for that,” he said. “We're not seeing it yet.”
Personal Finance links: difficult comparisons
https://abnormalreturns.com/2022/06/22/personal-finance-links-difficult-comparisons/
LOL< Well, Teaching an Old Dog new tricks is possible but
won't happen overnight!
Patience is the key. But, I learned what little I know in
a chat room with lots of help, and a great teacher.
Lessons were before class started!
Several of us dummies were there....LOL
Powell Promises the Fed is 'strongly committed' to fighting inflation
with MORE rate hikes
https://www.foxbusiness.com/economy/powell-promises-fed-strongly-committed-fighting-inflation-more-rate-hikes
We're green...
S&P 500 + 0.54%
NASDAQ + 0.68%
DJIA + 0.43%
I'll just listen to you guys talk now :)
IMHO>That's the Best way to do it, fancy and exotic,
are higher risk, and do mean more screen time
I now have 2 oz of cab with breakfast and 2 oz with dinner. What a stickler!
I bemember the days I just tossed it down the hatch, lol.
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DISCLAIMER:
1. DO THE MATH!!! - Before placing any trade, do the math. Where is the trigger? Where is the proper stop based on the chart setup? How many shares should I buy? This is easy to figure out. You never want to lose more than 1% of your trading account balance on any given trade. So, if you have a $30,000 account, your maximum acceptable loss on any given trade should be $300. If the stop is .20 cents below the entry price (again, based on the chart setup), then you should not buy more than 1500 shares (for the purpose of this lesson I have left commissions out of the equation for simplicity).
2. PAY YOURSELF!!! - Once you have a small profit (I use a dime as a rough personal guideline) sell part of your position and move your stop to breakeven on the rest. You will have very few losing trades if you do this, and the losses you do have will be small.
3. STOP TRADING!!! - What do I mean by this? If you hit your daily goal (everyone should have one and make it realistic) stop trading. Afternoons are tougher to trade than mornings anyway, so take the money and run....tomorrow is another day.
4. STOP TRADING!!! - Didn't we go over this already? Well, this one has another meaning. If you lose 1/2 the amount of your daily goal, stop trading and come back tomorrow. For instance, if your goal is to make $500 a day, and you are down $250 on the day, quit for the day. This is the best way to avoid falling into a 'trading death spiral'.
DOW 30 HEATMAP
http://www.stockmarketdrama.com/dow30heatmap.php
http://finviz.com/futures_charts.ashx?p=m5
This is a great free site to get some good info about technical analysis.
www.informedtrades.com/trades.php
http://stockcharts.com/school/doku.php?id=chart_school
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns
Charting tools
http://www.stockcharts.com
http://www.chartpatterns.com
http://stockcharts.com/education/IndicatorAnalysis/
http://www.investopedia.com/categories/technicalanalysis.asp
http://www.candlesticker.com/Default.asp
http://candlestickforum.com/PPF/Parameters/16_332_/candlestick.asp
http://www.incrediblecharts.com/technical/candlesticks.htm
http://www.chartpatterns.com/
http://www.investopedia.com/university/technical/techanalysis8.asp
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators
http://www.freestockcharts.com/
http://www.barchart.com/
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