{"id":27950,"date":"2018-10-08T14:26:19","date_gmt":"2018-10-08T19:26:19","guid":{"rendered":"https:\/\/insights.tradestation.com\/?p=27950"},"modified":"2019-02-20T22:17:11","modified_gmt":"2019-02-21T03:17:11","slug":"market-action-summary-10-8-18","status":"publish","type":"post","link":"https:\/\/www.tradestation.com\/insights\/2018\/10\/08\/market-action-summary-10-8-18\/","title":{"rendered":"Market Action Summary: 10\/8\/18"},"content":{"rendered":"<p><a href=\"https:\/\/tradestation.omnovia.com\/register\/10341530197945\">Click here<\/a>\u00a0to register for the webinar, which begins at 4:30 p.m. ET.\u00a0There will be no Market Action next Monday, October 15.<\/p>\n<p style=\"text-align: center;\"><em>Trade options like a star, and get commission rebates! Potential $495 value!<br \/>\nVisit us in Chicago on <a href=\"https:\/\/www.tradestation.com\/promo\/options-stars\/\">October 19<\/a>.<\/em><\/p>\n<h3>S&amp;P 500 overview<\/h3>\n<ul>\n<li>S&amp;P 500 holding January high, 50DMA<\/li>\n<li>Bond selloff not bearish for stocks over longer term.<\/li>\n<li>Bad news of higher rates now priced in. Earnings less priced in than before. Calendar is therefore potentially bullish.<\/li>\n<li>New leadership emerging in industrials, financials.<\/li>\n<li>Odds may favor continued uptrend given momentum, technical patterns, economy, earnings calendar.<\/li>\n<\/ul>\n<h3>China Problems Increasingly Known:<\/h3>\n<ul>\n<li>10\/4: Bloomberg reports possible espionage chips in iPhones, AWS.<\/li>\n<li>10\/4: JPMorgan cuts China to neutral (after going bullish on emerging 7\/30)<\/li>\n<li>10\/4: VP Mike Pence accuses China of election meddling<\/li>\n<li>10\/5: IPG Photonics (IPGP) craters on weak China business.<\/li>\n<li>10\/7: China PBOC cuts RRR to spur growth<\/li>\n<li>10\/8: Stocks crash as market smells blood in water, Caixin says manufacturing weakest in a year.<\/li>\n<li>Much of this was covered in July on <a href=\"https:\/\/www.tradestation.com\/insights\/2018\/07\/25\/can-china-spend-its-way-out-of-trade-war\/\">Market Insights<\/a>.<\/li>\n<\/ul>\n<h3>Troubles in Tech:<\/h3>\n<ul>\n<li>10\/1: SIA&#8217;s monthly chip sales for August show smallest gain since Jan 2017.<\/li>\n<li>10\/3: Tim Cook of AAPL bashes FB\/GOOGL on privacy<\/li>\n<li>10\/4:\u00a0Bloomberg reports possible chip espionage in iPhones, AWS.<\/li>\n<li>10\/4: Deutsche Bank warns of cyclical weakness in semiconductors<\/li>\n<li>10\/8: Raymond James sees chips slowing.<\/li>\n<li>10\/8: WSJ says GOOGL concealed security breach, fearing regulation.<\/li>\n<li>On top of these issues, interest rates are rising and other sectors offering growth.<\/li>\n<\/ul>\n<h3>Selected Posts from Market Insights:<\/h3>\n<ul>\n<li>10\/3: <a href=\"https:\/\/www.tradestation.com\/insights\/2018\/10\/03\/how-long-can-the-party-last-in-this-latin-lender\/\">Itau Unibanco (ITUB) Nov 14 calls sold<\/a><\/li>\n<li>10\/4: <a href=\"https:\/\/www.tradestation.com\/insights\/2018\/10\/04\/emerging-markets-more-like-diverging-markets\/\">Breakdown of China-Brazil divergence<\/a><\/li>\n<li>10\/5: <a href=\"https:\/\/www.tradestation.com\/insights\/2018\/10\/05\/bulls-want-a-gusher-from-south-american-oil-giant\/\">Petrobras (PBR) Oct 16-17 call spread<\/a><\/li>\n<li>Check out past <a href=\"https:\/\/www.tradestation.com\/insights\/category\/events\/earnings\/\">earnings recaps<\/a> for ideas into results.<\/li>\n<\/ul>\n<h3>Don&#8217;s Earnings Watch List:<\/h3>\n<ul>\n<li>10\/11: Delta Air Lines (DAL): Nice pullback in cyclical name w\/ strong earnings track record. Support \/ Resistance @ $51 \/ $58<\/li>\n<li>10\/11: Walgreen Boots (WBA): Hit by Amazon\/Pillpack fears, yet lifted by buybacks, dividends. Attention to focus on guidance.<\/li>\n<li>10\/12: JPMorgan Chase (JPM): Will be closely watched as economy gains.<br \/>\nSupport \/ Resistance @ $112 \/ $118<\/li>\n<li>10\/12: Wells Fargo (WFC): Should benefit from steepening curve.<br \/>\nSupport \/ Resistance @ $52 \/ $55.50<\/li>\n<li>10\/12: Citigroup (C) still negative for year, with strong earnings history.<br \/>\nSupport \/ Resistance @ $69 \/ $75<\/li>\n<li>10\/12: PNC Financial (PNC): Rally potential on strong results, higher rates.<\/li>\n<\/ul>\n<h3>Russell&#8217;s Watch List:<\/h3>\n<ul>\n<li>RRC, CHK may gain from natural-gas build.<\/li>\n<li>PRU, MET breaking 200DMA as curve steepens.<\/li>\n<li>XPO pullback w\/continuation potential<\/li>\n<li>JWN coming off 50DMA after strong quarter.<\/li>\n<li>NKE, AMZN at bottom of ranges.<\/li>\n<li>JEC\/FLR: Industrials w\/continuation potential.<\/li>\n<li>Techs pullbacks to consider: SQ, CRM, TWLO, ETSY, OKTA<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Click here\u00a0to register for the webinar, which begins at 4:30 p.m. ET.\u00a0There will be no Market Action next Monday, October 15. Trade options like a star, and get commission rebates! Potential $495 value! Visit us in Chicago on October 19. S&amp;P 500 overview S&amp;P 500 holding January high, 50DMA Bond selloff not bearish for stocks [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":25714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[87,2,35],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Action Summary: 10\/8\/18 | Market Insights<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tradestation.com\/insights\/2018\/10\/08\/market-action-summary-10-8-18\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Action Summary: 10\/8\/18 | Market Insights\" \/>\n<meta property=\"og:description\" content=\"Click here\u00a0to register for the webinar, which begins at 4:30 p.m. ET.\u00a0There will be no Market Action next Monday, October 15. 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S&amp;P 500 overview S&amp;P 500 holding January high, 50DMA Bond selloff not bearish for stocks [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tradestation.com\/insights\/2018\/10\/08\/market-action-summary-10-8-18\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeStation\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-08T19:26:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-21T03:17:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2018\/08\/tradestation-award-e1547581633449.png\" \/>\n\t<meta property=\"og:image:width\" content=\"520\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"David Russell\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeStation\" \/>\n<meta name=\"twitter:site\" content=\"@TradeStation\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Russell\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/2018\/10\/08\/market-action-summary-10-8-18\/\",\"url\":\"https:\/\/www.tradestation.com\/insights\/2018\/10\/08\/market-action-summary-10-8-18\/\",\"name\":\"Market Action Summary: 10\/8\/18 | Market Insights\",\"isPartOf\":{\"@id\":\"https:\/\/www.tradestation.com\/insights\/#website\"},\"datePublished\":\"2018-10-08T19:26:19+00:00\",\"dateModified\":\"2019-02-21T03:17:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.tradestation.com\/insights\/#\/schema\/person\/d2279ba57f90e3b47887f2503ce142d4\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.tradestation.com\/insights\/2018\/10\/08\/market-action-summary-10-8-18\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.tradestation.com\/insights\/2018\/10\/08\/market-action-summary-10-8-18\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/2018\/10\/08\/market-action-summary-10-8-18\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.tradestation.com\/insights\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Market Action Summary: 10\/8\/18\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/#website\",\"url\":\"https:\/\/www.tradestation.com\/insights\/\",\"name\":\"Market Insights\",\"description\":\"Fresh market commentary and actionable trade ideas.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.tradestation.com\/insights\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/#\/schema\/person\/d2279ba57f90e3b47887f2503ce142d4\",\"name\":\"David Russell\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/443bdca82f0006231c5179581e4310ed?s=96&d=mm&r=pg\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/443bdca82f0006231c5179581e4310ed?s=96&d=mm&r=pg\",\"caption\":\"David Russell\"},\"description\":\"David Russell is VP of Market Intelligence at TradeStation Group. 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