Market Action Summary: 1/14/19


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S&P 500 Overview: Direction Unclear at Key Level

  • S&P 500 at potential resistance but internals have improved amid hunt for value.
  • Market hoping for best-case outcomes with Brexit, U.S. shutdown.
  • Volatility, bond, yen price action suggests fear has passed for now.
  • Index traders can wait for break to downside, but need confirmation.
  • Fed beating dovish drum with no recession in sight.

Value Hunt Underway in New Names

Bullish Options Activity in Energy Space

Don’ Watch List

  • Citigroup (C) rallies on strong profits.
  • JPMorgan Chase (JPM) may outperform this year. Watch earnings tomorrow morning.
  • Wells Fargo (WFC) reports tomorrow morning
  • Bank of America (BAC), Goldman Sachs (GS) report Wednesday morning
  • Morgan Stanley (MS) reports Thursday morning

Russell’s Watch List:

  • REGN, FB may break resistance lines and run into earnings 2-3 weeks from now.
  • General Motors (GM) potential turnaround, golden cross coming.
  • Goldman Sachs (GS) has a lot of bad news priced in.
  • Palo Alto Networks (PANW) pushing resistance after strong earnings.
  • Banks interesting as yield curve begins to steepen. Citi (C) predicts strong lending.
  • Exelixis (EXEL): Watch for potential pullback, bounce near $22
  • Coupa (COUP): Watch for breakout after Jan. 15 presentation.
  • World Wrestling (WWE): May run away from 50-day MA.
  • ZS, PS, DOMO making new highs in New Year, after strong earnings.

Indicator of the Week:

  • Two lines of Easy Language helps you find recent IPOs:
    If BarNumber > 1 AND LastBarOnChart then
    Plot1(BarNumber, “BarNumber”);
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David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.