A note to new members:
The Watch List comes out every Sunday, along with the Sunday Video Newsletter, both of which present an overall view of the week ahead, along with high probability trades for your consideration. Whether you intend to swing or day trade, these tools will reinforce your goals.
Watch List performance as of market close on Wednesday, continues to reinforce the strategies used in the trading room. By applying the 9ema rule, especially when fundamentals are already considered (thanks to Investors Business Daily), a trader increases his/her probabilities of a successful trade. Consider these methods produced greater than 80% winners when the general market was drifting lower during the month of April.
The Nasdaq performance has garnered most of our attention, As the index rises to ever higher levels, our stock picking has focused on stocks that trade on this index.
The NDX 60 min remains above the 9/20ema, so we are bullish until that changes.
The same goes for SPY. As long as price action remains above the 9/20ema on this 60 minute chart, we will remain bullish, short term.
The Big Picture is bullish as investors and traders favor equities over bonds. Long term indicators continue to rise. Use the 60 minute charts discussed above for shorter time frames.
Futures are marginally red this morning.