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  Jeff Bailey   11/18/20,  9:11:27 PM
Semi HOLDRs (SMH) last tick in extended session was $34.90.

 
 
  Jeff Bailey   11/18/20,  9:10:32 PM
SIRI last tick in extended session was $5.58.

 
 
  Jeff Bailey   11/18/20,  9:09:55 PM
Pivot Matrix for tomorrow at this Link

 
 
  Jeff Bailey   11/18/20,  6:08:28 PM
Closing Internals at this Link

 
 
  Jeff Bailey   11/18/20,  5:24:32 PM
SIRI prints 269,000 at $5.69.

 
 
  Jim Brown   11/18/20,  5:14:27 PM
MRVL guiding revenue up +5% to +7% for Q4.

 
 
  Jim Brown   11/18/20,  5:13:05 PM
TSCO is mentioned positively in this weekends Business Week.

 
 
  Jeff Bailey   11/18/20,  5:12:22 PM
Sirius (SIRI) $5.73 ... here a daily interval bar chart with a conventional (BLUE) and "fitted 38.2%" at this Link

 
 
  Jeff Bailey   11/18/20,  4:50:15 PM
Sirius Satellite trade update alert For those that did take a partial profit in the extended session at $5.31, I want to Cancel the market order to sell at $4.82 at this time.

Keep stop on remainder of position as profiled at $4.65.

May look to sell the rest of the position tomorrow, then reduce risk with an extended call option play with any profits from the underlying.

 
 
  Jim Brown   11/18/20,  4:48:24 PM
COCO restating guidance to 18-21 cents from prior 21 cent level.

 
 
  Jeff Bailey   11/18/20,  4:38:42 PM
Sirius (SIRI) $5.62 now. I would'a jumped through the TV if we had gotten filled at $4.74 at the close.

 
 
  Jim Brown   11/18/20,  4:37:06 PM
Alert - ADSK earnings = +0.38, est +0.35 beat, guidance higher

 
 
  Jeff Bailey   11/18/20,  4:36:23 PM
Sirius Satellite (SIRI) news alert Mel Karmazin (ex COO of Viacom) reportedly named CEO of SIRI.

 
 
  Jim Brown   11/18/20,  4:33:04 PM
SIRI rumor that a Viacom officer has defected to SIRI

 
 
  Jeff Bailey   11/18/20,  4:32:36 PM
Day trade sell 1/2 of your SIRI bullish position alert ... sell 1/2 of of what you bought for the day trade in SIRI here at $5.31.

 
 
  Jim Brown   11/18/20,  4:31:53 PM
MSCC earnings = +0.13, est +0.12 beat

 
 
  Jeff Bailey   11/18/20,  4:31:36 PM
Sirius Satellite (SIRI $4.72 -4.64% ... stock surging to $5.48 in extended session.

 
 
  Jim Brown   11/18/20,  4:31:25 PM
GPS announcing $750 million buy back

 
 
  Jim Brown   11/18/20,  4:31:05 PM
GPS earnings = +0.28, est +0.28

 
 
  Jim Brown   11/18/20,  4:30:52 PM
ADSK announcing 2:1 split

 
 
  Jim Brown   11/18/20,  4:30:35 PM
MCDT earnings = +0.04, est +0.01 beat

 
 
  Jim Brown   11/18/20,  4:22:32 PM
Alert - DIS earnings = +0.25 headline, +0.19 after items, est +0.18

 
 
  Jim Brown   11/18/20,  4:22:07 PM
Alert AMZN - Banc America issues a sell rating for Amazon.

 
 
  Jeff Bailey   11/18/20,  4:19:45 PM
Current OPEN MM Profiles at this Link

Today's Activity ....

Closed out the three (3) TSN April $15 Calls (TSN-DC) at the bid of $2.30 ($0.70, or +43.75%).

Day trade long, and carrying over Sirius Sattelite Radio (SIRI) at the offer of $4.71, stop $4.65 and target of $4.82.

 
 
  Jim Brown   11/18/20,  4:08:25 PM
SRNA earnings = +0.35, est +0.21 includes sale

 
 
  Jim Brown   11/18/20,  4:07:20 PM
MRVL earnings = +0.22, est +0.21

 
 
  Jim Brown   11/18/20,  4:06:39 PM
DITC earnings = +0.29, est +0.21

 
 
  Jim Brown   11/18/20,  4:04:33 PM
ELBO earnings = +0.30 , est +0.29 big warning!

 
 
  Jeff Bailey   11/18/20,  4:04:11 PM
Buy Program Premium ... DIA $106.00, SPY $118.71, QQQ $39.30.

 
 
  Linda Piazza   11/18/20,  3:52:40 PM
It looks as if the day might end with the OEX having produced a doji, with that doji being at the top of the recent consolidation range the OEX has been building. While a doji at the top of a steep climb has the potential to serve as a reversal signal, it isn't as significant when it comes in the midst of a consolidation zone. It indicates uncertainty--the same thing the consolidation zone is indicating. Of course, we could see a big move in the next few minutes that change the complexion of that candle, but that's what's there now. Unfortunately, it's of little use to those of you trying to make decisions about your plays.

 
 
  Jeff Bailey   11/18/20,  3:48:06 PM
Sirius Satellite (SIRI) update alert $4.71 -4.84% ... will stick an offer at $4.74 toward the close.

If not filled, will HOLD OVERNIGHT, with stop at $4.65, and target of $4.82.

 
 
  Linda Piazza   11/18/20,  3:44:40 PM
A lower high after that bounce from the five-minute OEX 100/130-ema's.

 
 
  Jonathan Levinson   11/18/20,  3:44:27 PM
Following its stairstep higher, QQQ now looks comfortable between 39.20-.30. However, the short cycle oscillators look toppy and a lower wavelet high seems to be shaping up. Look for volume to confirm the break, but the 30 and 60 min channels continue to rise, still suggesting a bullish bias.

 
 
  Linda Piazza   11/18/20,  3:32:53 PM
The problem with late-opex-week maneuvers is that they seduce you into entering plays. Symmetrical triangle breaks to the downside, H&S forms, but then breakaway gap to the upside above a trendline and important MA's. None was a solid play and the OEX just chops around, at least so far. The OEX now appears to be bouncing from the five-minute 100/130-ema's, so there's still a chance that the breakaway gap and bounce from the retest of support have preceded a move higher. However, as I said earlier, it's not a play I favor.

 
 
  Linda Piazza   11/18/20,  3:23:33 PM
The OEX now tests that five-minute 100-ema. If it's going to bounce, now is the time. Otherwise, this is just more chop on an opex Thursday.

 
 
  Jonathan Levinson   11/18/20,  3:17:17 PM
The persistence of QQQ near the highs has the 30 and 60 min cycle channels trading in tandem now to the upside, with combined resistance up to 39.38. The choppy short cycle oscillators are joining the party as well, and above 39.20, this is a very bullish picture.

 
 
  Linda Piazza   11/18/20,  3:17:14 PM
I'm not much inclined to suggest any kind of play for the end of the day, going into close on an opex Thursday, but for those who are so inclined, a bounce from the descending trendline off the day's high and the five-minute 100-ema at 565.95 might make a decent bullish entry. We may have already seen the beginning of that bounce, with the last five-minute candle's punch down to 566.09. This is not a play that I believe in strongly, especially since yesterday's climb was met with strong selling and especially since I'm a believer in opex shenanigans.

 
 
  Jeff Bailey   11/18/20,  3:15:21 PM
03:00 Internals at this Link

 
 
  Linda Piazza   11/18/20,  3:08:27 PM
Uh-oh. No more upward traction than downward.

 
 
  Jeff Bailey   11/18/20,  3:04:53 PM
03:00 Market Watch at this Link

 
 
  Linda Piazza   11/18/20,  3:02:26 PM
Although that breakaway gap was filled, as usually doesn't happen, it was a sign that should have been heeded. Bulls, watch this morning's 567.12 high for first resistance.

 
 
  Jeff Bailey   11/18/20,  3:00:18 PM
Semiconductor HOLDRs (SMH) $34.78 +1.38% ... breach yesterday's high.

 
 
  Jonathan Levinson   11/18/20,  2:57:26 PM
The upside break of 39.20 occurred on light volume, but session highs are printing nonetheless at 39.29 as I type. I expect the volume to come in on a move above 39.30.

 
 
  Linda Piazza   11/18/20,  2:57:08 PM
The OEX again pauses near the top of the recently built consolidation zone.

 
 
  Linda Piazza   11/18/20,  2:55:54 PM
The OEX appears to be bouncing from that descending trendline off today's highs. Not only did it gap above that trendline, but it also gapped above the five-minute 100/130-ema's. Bears, watch your stops. This may go no further than anything else has today and the OEX currently isn't even above the top of the recently-built consolidation zone, but this looks like a test of yesterday's high in the making.

 
 
  Jeff Bailey   11/18/20,  2:54:42 PM
Two more buy program premiums last 5-minutes .... was getting coffee.

 
 
  Linda Piazza   11/18/20,  2:53:04 PM
A breakaway gap on the OEX's five-minute chart as the OEX breaks above the descending trendline formed today. That's not good news for short-term bears without a quick reversal. Breakaway gaps are not always filled, however, and the OEX is filling that gap. This isn't usual behavior for breakaway gaps, so like everything else today, evidence is mixed.

 
 
  Linda Piazza   11/18/20,  2:46:55 PM
While the SOX is moving up, the TRAN is moving down, testing 3600 support as I type.

 
 
  Linda Piazza   11/18/20,  2:45:33 PM
The SOX has moved about a point above its 200-sma.

 
 
  Marc Eckelberry   11/18/20,  2:44:29 PM
James, I can attest to how great a company Netflix is. Reminds me of Amazon when it was attacked in the early days by Barnes and Noble. Blocbuster's service is no way near Netflix, IMHO.

 
 
  Jonathan Levinson   11/18/20,  2:43:28 PM
At this point, a break above 39.20 or below 39.10 could spark a move- We've had less than a 10 cent range for over one hour.

 
 
  James Brown   11/18/20,  2:41:46 PM
Here's another one if you like to play the gaps. Netflix (NFLX) is up 13.2% to $11.87 and jumping over resistance at the bottom of its October gap down. Resistance at $11.50 should now act as support.

Yesterday the company raised its guidance on stronger than expected subscriber growth after the company cut its prices to attract new customers.

Considering that NFLX short interest measures more than 50% of the float this could easily turn into a short-squeeze if the stock maintains its new bullish posture.

 
 
  Linda Piazza   11/18/20,  2:41:46 PM
The OEX is still basically trading sideways, despite the different formations that morph from one to the other.

 
 
  Jeff Bailey   11/18/20,  2:40:54 PM
Morgan Stanley (MWD) $53.52 +0.54% ... today's low finds some support at the still trending lower 200-day SMA ($52.79).

 
 
  Jeff Bailey   11/18/20,  2:38:16 PM
Semiconductor HOLDRs (SMH) $34.60 +0.81% ... pressing onward. Right back where oil "popped" yesterday.

 
 
  Jonathan Levinson   11/18/20,  2:36:59 PM
Volume is so low that my tick-driven indicators have not changed in the slightest on QQQ. Still watching 39.00-39.30 for a break.

 
 
  Linda Piazza   11/18/20,  2:34:30 PM
H&S on the OEX's five-minute chart, neckline at about 565.25-565.30. It's a continuation-form one, though, and you know how I feel about those. Still, this is in the bears' favor, as long as it's not rejected.

 
 
  Jeff Bailey   11/18/20,  2:31:39 PM
SIRI ... seller sure didn't like that $4.75 level and DAILY S2 did he? That's the key intra-day level between day trade bulls and target.

Need oil to close near lows of session, give traders a sense of optimism toward the close.

 
 
  James Brown   11/18/20,  2:30:10 PM
A reader asked so here's more on Google (GOOG)

When looking at GOOG a trader can make note of several things.

1) The stock is extremely overbought running from $100 to $200 in two months time. This was caused by an imbalance between supply and demand. Now that the last lock up this Tuesday has added another 150% to the float there should be a lot more supply.

2) The short-term (five-day) trend appears to be one of lower highs as shareholders sell into strength.

3) Traditionally the top and bottom of a gap tend to act as support or resistance. In this case the top of the gap near $164 should as act support. Once broken it should turn into resistance. If GOOG breaks into the gap it has a good chance of filling it. While one could argue the $160 level is round-number, psychological support I would suspect that the next support level is the bottom of the gap near $150.

4) It may be noteworthy that the Point & Figure chart is in a sell signal with a vertical count pointing to the $130.00 level.

...Let's not forget GOOG's warning today that their current pace of profits are not sustainable going forward.

 
 
  Jeff Bailey   11/18/20,  2:29:40 PM
Forest Labs (FRX) $40.66 -0.04% .... back near session high.

 
 
  Jeff Bailey   11/18/20,  2:28:11 PM
Pfizer (PFE) $27.88 -0.39% ... session low.

 
 
  Jeff Bailey   11/18/20,  2:25:49 PM
SIRI $4.70 -5.05% ....

 
 
  Linda Piazza   11/18/20,  2:25:42 PM
Well, this still isn't exactly a plummet to the downside.

 
 
  Jeff Bailey   11/18/20,  2:23:16 PM
Sirius (SIRI) $4.75 ... little "pop" into near-term zone of resistance.

turn up the volume, if not the music here. Need some volume

 
 
  Jeff Bailey   11/18/20,  2:20:57 PM
December Crude (cl04z) $46.05 -1.68% (30-minute delayed) .... back near session low of $45.65.

 
 
  Linda Piazza   11/18/20,  2:20:13 PM
The OEX now tests the lower support of the new and broader symmetrical triangle it formed today. Of course, the triangle has narrowed toward its apex, so it would be difficult for the OEX to move far without testing either the upper or lower boundary. Unless there's a swift break of either support or resistance soon, I'm beginning to lean toward the pin-them-to-a-number scenario for the rest of the day. The OEX is inching below that new triangle's support as I type, so I'm waiting to see if there's a swift break now. Those in bearish trades from earlier need to see that swift break and follow through, or they should probably consider exiting due to the non-movement.

 
 
  Jeff Bailey   11/18/20,  2:17:06 PM
Bullish day trade long alert .... for Sirius Satellite Radio (SIRI) $4.71 -4.84% at the offer of $4.71, stop $4.65, target $4.82.

 
 
  Jeff Bailey   11/18/20,  2:15:32 PM
let's try a long....

 
 
  Jeff Bailey   11/18/20,  2:14:16 PM
02:00 Internals at this Link

 
 
  James Brown   11/18/20,  2:12:27 PM
Bank of America has downgraded Sirius Satellite Radio (SIRI) to a "sell" rating. Shares of SIRI is down 4.8% to $4.70.

 
 
  James Brown   11/18/20,  2:10:50 PM
A CSFB downgrade to "under perform" has sent Salesforce.com (CRM) to a 14% decline. The move has broken CRM's four-month up trend.

 
 
  James Brown   11/18/20,  2:08:10 PM
Goldman Sachs has upgraded Dow-component Altria Group (MO) to an out perform and shares are up 2.7% following yesterday's rally. Shares are nearing major resistance at the $60.00. A breakout over $60 would be a new all-time high.

 
 
  Jonathan Levinson   11/18/20,  2:07:18 PM
Stepping away for 20 minutes here.

 
 
  James Brown   11/18/20,  2:06:41 PM
Ouch! Claires Stores (CLE) is down 17.2% to $22.10 on huge volume. This morning the company reported Q3 numbers that missed estimates by 2 cents followed by management guiding lower for the fourth quarter.

 
 
  Jonathan Levinson   11/18/20,  2:05:22 PM
Gold is clawing its way back up, currently -1.90 at 443, with silver -.091 at 7.579 and HUI -2.26% at 239.60.

 
 
  James Brown   11/18/20,  2:04:45 PM
Medtronic (MDT) is down 7.8% and breaking down under the $50.00 level and its 200-dma on heavy volume. Several firms have downgraded MDT after yesterday's disappointing earnings report.

 
 
  Linda Piazza   11/18/20,  2:04:31 PM
I think the OEX has just widened into a broader symmetrical triangle, with a new upside resistance at about 565.15-565.25 and a downside support at about 565.57. For anyone in any play, consider the possibility that indices could get nailed near current levels into the close, with this being the last day that SPX options trade (but settlement tomorrow morning).

 
 
  James Brown   11/18/20,  2:03:19 PM
The oversold bounce in InfoSpace (INSP) is getting a boost after Raymond James upgraded the stock to a "strong buy". Shares recently broke down on heavy volume but shares are now up 4.4% to $46.29.

 
 
  Jeff Bailey   11/18/20,  2:02:25 PM
02:00 Market Watch at this Link

 
 
  James Brown   11/18/20,  2:01:43 PM
Oil refiner Sunoco (SUN) is up 0.88% and breaking out over the $78.00 level to hit new all-time highs.

 
 
  Jonathan Levinson   11/18/20,  1:59:17 PM
The 30 and 60 min cycle channels have gone flat on the sideways price action, with resistance down to 39.30 for both channels and 30 min support down to 38.99, 60 min support at 38.88. The short cycle oscillators are chopped up and directionless as well, and at this point I'm watching the 39.00-39.30 range for signs of a high volume break.

 
 
  Jeff Bailey   11/18/20,  1:59:12 PM
Applied Materials (AMAT) $17.41 +0.46% ... bids green above DAILY Pivot ($17.26)

 
 
  Jeff Bailey   11/18/20,  1:58:43 PM
Semiconductor HOLDRs (SMH) $34.51 +0.61% ... best levels of the session.

 
 
  Jeff Bailey   11/18/20,  1:57:34 PM
QQQ $39.17 +0.15% ....

 
 
  Linda Piazza   11/18/20,  1:57:00 PM
So far, the Nasdaq hasn't been able to break back through 2100 or the descending trendline off the day's highs, but it's still trying and within kissing distance of both.

 
 
  Jeff Bailey   11/18/20,  1:56:23 PM
December Heating Oil (ho04z) 1.440 +2.02% (30-minute delayed) ... session high.

Major indices didn't seem to care.

 
 
  Jonathan Levinson   11/18/20,  1:53:54 PM
The 2-day QQQ chart would look like a reverse head and shoulders hunchback formation, if it wasn't at the top of the daily cycle upphase.

 
 
  Jonathan Levinson   11/18/20,  1:46:23 PM
Session high for ten year bond futures here, TNX -3.1 bps at 4.113%.

 
 
  Linda Piazza   11/18/20,  1:45:43 PM
Nasdaq rises to test 2100 again, at 2098.26 as I type, below the descending trendline that's been forming off today's highs, but rising to test it, too.

 
 
  Linda Piazza   11/18/20,  1:43:13 PM
Careful, OEX bears. The OEX comes back to retest that broken support yet again. If it's successful in breaking higher, we could soon see a retest of yesterday's high.

 
 
  Linda Piazza   11/18/20,  1:42:22 PM
The OEX broke to the downside out of its coiled triangle early this afternoon, and the VXO broke to the upside out its coiled triangle shape. Neither has moved far.

 
 
  Mark Davis   11/18/20,  1:41:57 PM
Here comes your stop-running push Linda... to the upside

 
 
  Linda Piazza   11/18/20,  1:40:47 PM
Jane may have mentioned the TRIN's 0.98 level again, but I thought I'd mention on the options side, too, that it continues moving up, as it has been since yesterday morning.

 
 
  Linda Piazza   11/18/20,  1:38:49 PM
The OEX inched down after breaking through that triangle's support, then inched up to retest the broken support and now inches down just a little further. So far, it's working the way bears want it to work, but they need more than inching movements.

 
 
  Linda Piazza   11/18/20,  1:31:35 PM
Nothing much is happening with the OEX since it broke below the triangle on its intraday chart. We're heading into the stop-running time of day, with little evidence as to which stops might be run. Only aggressive traders determined to enter a bearish trade should have entered new bearish plays today, but for those who did and who might be nervous heading into the stop-running time of day, consider whether you just want to close the position for a small loss and watch. Perhaps the OEX will drop during that stop-running time of day and perhaps the drop will hold and the OEX will break through support and do it so quickly that you never have a chance to re-enter. Perhaps it will head the other way just as violently. We don't know that, but we do know that the OEX didn't drop immediately after breaking through that support, so that formation must not have been particularly significant.

 
 
  Jonathan Levinson   11/18/20,  1:31:02 PM
Gotta love op-ex week. QQQ is up .02 for the day at 39.13.

 
 
  Jonathan Levinson   11/18/20,  1:19:49 PM
Back just in time to see QQQ breaking below 7200-tick SMA support at confluence of 39.10-.12. 30 min channel support is at 39.00, with 60 min support at 39.88. If price stays below 39.12 for 10 more minutes, the 30 min channel will arc back to a downtick.

 
 
  Linda Piazza   11/18/20,  1:16:46 PM
Mark, it would be nice if the trend did change. I'm all to aware, though, that the OEX has entered a zone that kept it trapped in a consolidation pattern through several weeks early this year. Sure hope we don't see that kind of trading established again.

 
 
  Linda Piazza   11/18/20,  1:15:20 PM
This OEX break out of the triangle consolidation pattern (to the downside) looks much more impressive if its viewed on a one-minute chart! It's obviously not an impressive break at all just yet, and bears should be ready to exit if the OEX should immediately reverse course and head up again. Depending on a trader's style, a stop might be set an account-specific amount above 566.25, or above the last five-minute high at 567.12 or even at some other level, such as yesterday's high. Remember that there was only the scantiest of evidence (ugly advdec line, drop out of the neutral triangle, etc.) to support a bearish entry, and it was mentioned only for those determined to enter bearish at some point today. Don't hold onto this play too long if it goes against you, as evidence is mixed and has been all day.

If the OEX can't bounce quickly, we may soon see our test of the descending trendline off Friday's high, at about 564.90, and then of the 563.75-564 region. Waiting to see if there's an immediate bounce to retest resistance.

 
 
  Mark Davis   11/18/20,  1:11:40 PM
Linda your stop-running push could be a trend changer today

 
 
  Jeff Bailey   11/18/20,  1:08:43 PM
01:00 Internals at this Link

sure doesn't look like a bunch of buy program premium would have been generated today. Does it?

 
 
  Linda Piazza   11/18/20,  1:02:57 PM
Those in bearish OEX positions should probably expect a bounce attempt from 563.75-564. If the OEX should drop straight through that level, the 15-minute Keltner chart would then suggest a downside target of 558.82. Not all Keltner targets are achieved, but that tells us where to be prepared for strong support. The first place is that 563.75-554 level.

 
 
  Jeff Bailey   11/18/20,  12:59:39 PM
12:55 Market Watch at this Link

 
 
  Linda Piazza   11/18/20,  12:56:07 PM
The OEX has spent today coiling, too, and is currently testing downside support. If the OEX breaks to the downside, it will soon test support, and if it breaks to the upside, it will soon test resistance, but those who lean to the bearish side and who are determined to enter today might use a downside break as an entry, understanding that 563.75-564 might present strong bounce potential. I think the advdec line looks ugly, but lower crude costs sure don't help the bearish case. I wish I saw stronger evidence one way or the other, but I just don't.

The OEX is breaking through now to the downside.

 
 
  Jonathan Levinson   11/18/20,  12:55:28 PM
Stepping away for 25 minutes here.

 
 
  Jeff Bailey   11/18/20,  12:54:50 PM
December Heating Oil (ho04z) updated 5-minute chart at this Link

 
 
  Linda Piazza   11/18/20,  12:49:49 PM
The VXO is coiling up today. I'm watching to see a VXO breakout is helpful in anticipating or corroborating a move in the OEX.

 
 
  Linda Piazza   11/18/20,  12:48:29 PM
I returned to find the OEX trading out in a straight line from where it had been when I left, the Nasdaq trading just under 2100, the TRAN a few points over 3600, and the SOX just under its 200-sma. I counted on you guys to get everything moving while I was gone!

 
 
  Jeff Bailey   11/18/20,  12:41:27 PM
Sirius Satellite (SIRI) intra-day chart with QCharts' DAILY/WEEKLY Levels turned on, as well as my lower 5-MRT at this Link

 
 
  Jonathan Levinson   11/18/20,  12:41:24 PM
QQQ has stalled on very weak volume just below the upper resistance line at 39.20-.23.

 
 
  Jeff Bailey   11/18/20,  12:31:07 PM
Bullish day trade be ready alert .... I'm looking at Sirius Satellite Radio (SIRI) $4.72 -4.68% bullish trade.

DAILY S2 is at $4.75 and 5-MRT RED #2 at $4.73. Just easing back from that little intra-day zone.

SIRI fell to RED #5 just after the open. Lower high came at RED #4 ($4.60).

I don't know if I'll issue a signal today, but might get a 2%-3% gain on this one toward the close.

 
 
  Jonathan Levinson   11/18/20,  12:24:30 PM
Crude continues to sink, down down 2.29% at 45.775, a new low. QQQ bounced from 39.12 and is heading back to the top of its narrow flag range. A break above 39.23 on volume targets 39.31 next.

 
 
  Jeff Bailey   11/18/20,  12:18:56 PM
S&P 100 (OEX.X) 565.90 +0.03% .... right back at its DAILY Pivot.

 
 
  Jeff Bailey   11/18/20,  12:17:49 PM
December Heating Oil (ho04z) 1.3875 -1.69% (30-min delayed) ... did find sellers at WEEKLY R1, back to test DAILY Pivot.

 
 
  Jonathan Levinson   11/18/20,  12:16:48 PM
Session lows for CAD, euros and silver futures here. Nymex crude is now down 1.92% to 45.95.

 
 
  Jeff Bailey   11/18/20,  12:16:22 PM
12:00 Internals at this Link

 
 
  Jonathan Levinson   11/18/20,  12:14:13 PM
The Fed has announced a bill pass in the amount of 1.251B, which is a permanent market operation that adds 1.251B to today's 1.75B in repos for a total of 3.001B in liquidity added by the Fed.

 
 
  Jeff Bailey   11/18/20,  12:05:21 PM
12:00 Market Watch at this Link

 
 
  Jeff Bailey   11/18/20,  12:02:15 PM
Buy Program Premium ... OEX 566.44, QQQ $39.16.

 
 
  Jeff Bailey   11/18/20,  12:01:43 PM
Current OPEN MM Profiles at this Link

For the PFE Dec. $25 Puts (PFE-EX) $0.15 which we SOLD against the long PFE Jan. $25 Puts (PFE-ME), I want to buy those back if we can for $0.05. If we can do that, then the Jan. $25 puts are almost "free" and we can sit and wait and see if we get any type of further negatives.

 
 
  James Brown   11/18/20,  11:57:39 AM
Copper prices are up again today following yesterday's breakout over the $1.40/lb. level. Volume has been rising on the rally here.

Meanwhile Phelps Dodge (PD) is struggling to breakthrough resistance in the $99-100 region, which is starting to look like a potential double-top.

Southern Peru Copper (PCU) spiked higher yesterday but couldn't hold its gains. PCU is also struggling with resistance right now.

 
 
  Jonathan Levinson   11/18/20,  11:57:12 AM
Session low for silver here, -1.42% at 7.561. Crude oil is trading -1.44% at 46.175.

 
 
  James Brown   11/18/20,  11:55:11 AM
Comcast Corp (CMCSA) is up 2% and breaking out over seven-month old resistance at the $30.00 level. The stock has been upgraded to "out perform" by RBC Capital this morning.

 
 
  Jonathan Levinson   11/18/20,  11:54:42 AM
A pop above the session high for QQQ will target yesterday's high at 39.31, which is conveniently lined up with upper Keltner resistance for both the 30 and 60 min cycle channels. A break above that level, again with a surge in volume, would turn the entire range from 38.88-39.31 into a consolidation flag, and could set the stage for another blast higher. A break below 39.10 is the first step toward invalidating it, but ultimately it will take a failure below current 60 min channel support at 38.80 to get bears out this part of the woods.

 
 
  James Brown   11/18/20,  11:51:20 AM
Golden West Financial (GDW) is pulling back a bit. Shares have broken their simple 10-dma and are testing support at $118.00.

 
 
  Jeff Bailey   11/18/20,  11:50:45 AM
December Heating Oil (ho04z) intra-day chart on 5-minute intervals with QCharts' DAILY/WEEKLY Pivot levels turned on. Link

Morning low comes right at DAILY Pivot, which also marks yesterday's "pop" higher.

You "know" every short just below $1.38 will be a partial buyer to squar things up a bit. Now its time to see what buyers above WEEKLY R1 are going to do.

 
 
  James Brown   11/18/20,  11:49:35 AM
Google (GOOG) is not looking healthy. The current pattern with the short-term lower highs looks bearish. Watch the $164 level for a breakdown.

 
 
  Jonathan Levinson   11/18/20,  11:37:14 AM
QQQ has pulled back in what appears to be a small bull flag with resistance at 39.20 and support at 39.10. A break below support will invalidate the bullish interpretation of the pullback, while a break above the day high of 39.23 on volume should confirm a breakout.

 
 
  Linda Piazza   11/18/20,  11:25:41 AM
I'll be away for about an hour. Watch those averages posted in my 11:20 post as possible benchmarks.

 
 
  Jonathan Levinson   11/18/20,  11:21:01 AM
Session low for euros here at 1.2977, with the CAD down a whopping 1.12% and gold trading 442 after hitting a low of 440.20. HUI is down 1.93% at 240.39, XAU -1.55% at 108.63.

 
 
  Linda Piazza   11/18/20,  11:20:13 AM
It looks as we could use these 15-minute averages as benchmarks today, bullish above and bearish below: Link

 
 
  Linda Piazza   11/18/20,  11:10:27 AM
Although far from bearish, the TRIN still trends slowly upward. The VXO gapped up this morning, although it's down from the day's high. The advdec line is trying to rise, but has been far more bearish than yesterday's. However, crude has dropped to $45.90, and that may be more important than the others. Still mixed evidence. Without the drop in crude, I'd probably be learning toward the bearish side, but right now I'm not leaning either direction.

 
 
  Jeff Bailey   11/18/20,  11:06:22 AM
11:00 Internals at this Link

 
 
  Jonathan Levinson   11/18/20,  11:04:47 AM
39.10-.12 QQQ is now support, and the short cycle upphase now in progress suggests that it should hold if retested from here.

 
 
  Linda Piazza   11/18/20,  11:00:43 AM
Bulls and bears are clearly confused this morning, resulting in these mixed signals. The OEX is rising to challenge the inverse H&S on its 10-minute chart. That right shoulder is now a bit out of proportion to the rest of the formation, and it's a bit difficult to determine the exact neckline, but it may be that the OEX just hit that neckline at 567.12 and is now pulling back from that level.

 
 
  Jeff Bailey   11/18/20,  10:59:48 AM
10:55 Market Watch at this Link

 
 
  Jonathan Levinson   11/18/20,  10:58:46 AM
30/60 min channel resistance is next at 39.25 QQQ.

 
 
  Jeff Bailey   11/18/20,  10:56:25 AM
Buy program premium ... OEX 566.83 , QQQ $39.12 ... oil moving lower.

 
 
  Jonathan Levinson   11/18/20,  10:55:37 AM
QQQ is taking its time on the approach to 39.12 as the wavelet oscillator reaches overbought. The short cycle oscillators are just starting to turn up, but it will take a trending wavelet move to do that, which will require a break above 39.12. If it fails, look for a retest of 39.00 intraday confluence on the way to 38.90.

 
 
  Jeff Bailey   11/18/20,  10:48:22 AM
Dow Jones Home Construction (DJUSHB) 707.98 +0.19% .... has been hugging the upper-end of my rising regression channel the past 4 sessions. Similar to what it did in late September before the pullback into lower end at 590.

Earlier posted U.S. Market Watch may have had percentage gain incorrect. That happens a lot for the DJUSHB early morning.

 
 
  Jeff Bailey   11/18/20,  10:45:03 AM
Buy Program Premium OEX 566.41 , QQQ $39.09

 
 
  Linda Piazza   11/18/20,  10:44:02 AM
Here's what I see: the OEX is smack in the middle of the recent consolidation zone. It turned down from the top of that zone again, attempting a minor upside breakout but soon moving down again. Yet as it moves down, it forms a possible inverse H&S. TRIN has been on a gradual upward slant since yesterday morning, but has dropped significantly off today's highs. Mixed evidence everywhere. The advdec line is way off yesterday's, though, a bearish development.

 
 
  Jonathan Levinson   11/18/20,  10:38:26 AM
QQQ is testing short cycle channel resistance at 39.08 on the way to the session high of 39.12, with 30 and 60 min channel resistance lined up at 39.24. If bulls can hold at or above 39.12 for 10 minutes or better, then the short cycle will turn up, targeting the 30/60 min channel tops next.

 
 
  Jeff Bailey   11/18/20,  10:37:13 AM
Buy Program Premium OEX 566.18 , QQQ $39.05.

 
 
  Linda Piazza   11/18/20,  10:37:08 AM
The OEX is rounding up into a right shoulder for a potential inverse H&S.

 
 
  Jim Brown   11/18/20,  10:30:12 AM
Weekly Natural Gas Report = -6 Bcf , (last 3,327Bcf )

 
 
  Jeff Bailey   11/18/20,  10:29:20 AM
December Live Cattle futures (lc04z) 85.50 -1.97% (30-minute delayed) ... Nasty looking head and shoulders top on PnF chart to begin with, with neckline 86.0. Had recently exceeded its bearish vertical count of 83.50 with trade at 82.50 earlier this month.

 
 
  Jonathan Levinson   11/18/20,  10:26:19 AM
Session low for gold, down 3.90 at 441.

 
 
  Jeff Bailey   11/18/20,  10:26:07 AM
McDonald's (MCD) $29.87 -1.71% ...

 
 
  Jeff Bailey   11/18/20,  10:25:27 AM
Tyson (TSN) $16.45 -2.77% ... the "mad cow" might explain this weakness.

 
 
  Jeff Bailey   11/18/20,  10:24:47 AM
CNBC reporting possible case of mad cow disease found in U.S. Department of Agriculture saying beef did not get into the food supply.

 
 
  Linda Piazza   11/18/20,  10:24:33 AM
The OEX might be rounding up into the right shoulder for a potential inverse H&S.

 
 
  Jonathan Levinson   11/18/20,  10:23:30 AM
Session lows for euros here. QQQ has just held 38.90 again, but the bounces this morning have been failing at lower highs. A break above 39.02 should invalidate the possible bearish descending intraday triangle.

 
 
  Jeff Bailey   11/18/20,  10:23:07 AM
10:00 Internals at this Link

Yesterday's Internals at this Link

 
 
  Linda Piazza   11/18/20,  10:19:30 AM
Unfortunately, I still see mixed evidence, a potential inverse H&S, coupled with a downturn just where you would have expected a downturn at the top of the congestion zone.

 
 
  Jonathan Levinson   11/18/20,  10:19:21 AM
QQQ just cracked 38.90 but is back above it. Note that session lows are breaking for crude oil and equities together- this is the binary dollar trade working in reverse now, with strength in the dollar bringing down prices in USD-denominated assets.

 
 
  Jim Brown   11/18/20,  10:18:07 AM
Speech by Fed Governor Bies
Fair Value Accounting Link

 
 
  Jonathan Levinson   11/18/20,  10:18:03 AM
Session low for Nymex crude here at 46.525, -.325.

 
 
  Jonathan Levinson   11/18/20,  10:11:54 AM
Session lows for R2K, but QQQ held at a session low of 38.90 just now. Our range is 38.90 to 39.12.

 
 
  Jeff Bailey   11/18/20,  10:09:09 AM
I'm so tempted to sell a naked call against the DIA $106, but after the pain experienced with the SMH $32.50 calls, hesitant.

 
 
  Linda Piazza   11/18/20,  10:08:32 AM
The OEX retests the descending trendline off Friday's high.

 
 
  Jeff Bailey   11/18/20,  10:07:33 AM
Buy Program Premium .... OEX 565.56 , QQQ $39.00

 
 
  Jeff Bailey   11/18/20,  10:07:02 AM
10:00 Market Watch at this Link

 
 
  Jeff Bailey   11/18/20,  10:03:11 AM
Buy Program Premium .... OEX 565.59, QQQ $38.96.

 
 
  Jeff Bailey   11/18/20,  9:59:32 AM
VIX.X 13.21 (unch) .... DAILY Pivot levels 12.52, 12.90, Piv = 13.14 13.52, 13.76

 
 
  Jonathan Levinson   11/18/20,  9:58:25 AM
The euro has just broken below 1.30 to a new session low of 1.2996.

 
 
  Jonathan Levinson   11/18/20,  9:56:15 AM
The Fed has just added $10B in 14 day repos and $2.75B in overnight repos against expirations of $8B in 14 day and $3B in overnight repos for a net add of $1.75B today.

 
 
  Linda Piazza   11/18/20,  9:54:51 AM
The OEX is pausing just below the H&S that the OEX built yesterday at the top of its climb. It's moving back down to retest its five-minute 100/130-ema's and maybe the 10-minute ones, too, and it's possible that it is going to build a right shoulder, making the potential inverse H&S one with an ascending neckline. If that formation weren't there and if the Keltner support weren't just below, I'd be suggesting a bearish entry here, but there's just too much mixed evidence.

I'm stepping away for a few minutes.

 
 
  Jeff Bailey   11/18/20,  9:54:17 AM
Swing trade sell call alert ... I'm going to suggest we take profits in the three (3) TSN April $15 calls (TSN-DC) here at the bid of $2.30.

I'm a bit uncertain as to what the company is doing as far as its hedging position among grains, and will exit here, but look to re-establish as the 21-day and 50-day SMA try to get turned around a bit more.

TSN $16.65 -1.53% Link ... We've also had a nice pop back to where the stock gave a double-bottom sell signal. Might try and pull back toward $15.50 again and over next couple of weeks, for a triangle pattern.

 
 
  Jonathan Levinson   11/18/20,  9:52:05 AM
More on the gold ETF:

BOSTON (CBS.MW) -- The streetTRACKS Gold Shares Exchange Traded Trust (GLD) began trading Thursday morning on the New York Stock Exchange. The first exchange-traded fund tied to a commodity, it trades under the symbol "GLD" with the World Gold Council as the sponsor. Blocks of 100,000 shares are redeemable into gold bullion, and shares should be priced at about 1/10th price of a troy ounce of gold. Shares of the ETF were down 0.2 percent to $44.36 in Thursday morning trade.

 
 
  Jeff Bailey   11/18/20,  9:51:13 AM
QQQ ... daily interval chart with WEEKLY and MONTHLY Pivot retracement at this Link

 
 
  Jeff Bailey   11/18/20,  9:47:59 AM
QQQ $39.03 -0.22% ... battling with its DAILY Pivot early.

 
 
  Jonathan Levinson   11/18/20,  9:46:58 AM
QQQ is starting a small wavelet downphase here from a lower price and oscillator low against yesterday's closing bounce. This session high is taking place from below a session high at 39.12 resistance posted earlier. If that level holds, I expect a retest of 38.90 support if bears can break the small morning confluence of 38.99.

 
 
  Linda Piazza   11/18/20,  9:46:55 AM
During this first retracement of the day, those who were already in bullish plays (haven't seen a good new entry this morning) want to see the OEX maintain support above 564.70-565.70. A drop below that makes this whole move this morning look suspect.

 
 
  Jeff Bailey   11/18/20,  9:45:58 AM
Oil Service (OSX.X) 118.60 +0.63% .... back to trade its rising 50-day SMA here.

Monday's high was 118.93.

 
 
  Jeff Bailey   11/18/20,  9:42:40 AM
Dow Industrials (INDU) 10,576 +0.27% .... right back to where sellers showed up on yesterday's "pop" in oil.

Bulls will press now with stop under yesterday's close. See if they can't press some bears to cover.

 
 
  Linda Piazza   11/18/20,  9:40:47 AM
As I type, Keltner support just beneath the OEX, down to 564.72, looks stronger than resistance, suggesting that the OEX might retest yesterday's highs. The OEX is pausing, though, at the top of its recent consolidation zone. Standard technical analysis suggests one thing (potential bearish entry), but Keltner charts suggest something else (not just yet).

 
 
  Jeff Bailey   11/18/20,  9:40:13 AM
Buy Program Premium ... OEX 566.18 , QQQ $39.06.

 
 
  Jonathan Levinson   11/18/20,  9:39:54 AM
Headline:

9:38am GLD FIRST GOLD ETF BEGINS TRADING ON NYSE

 
 
  Linda Piazza   11/18/20,  9:38:47 AM
The TRAN finds support at its 10-dma today and attempts to move higher again. It's at 3607.29 as I type. If it can maintain a breakout above the Keltner support now at 3606, it has potential upside to 3615.50 and perhaps even to 3626.

 
 
  Linda Piazza   11/18/20,  9:35:06 AM
The SOX opened just under its 200-sma and moves down from there.

 
 
  Linda Piazza   11/18/20,  9:33:18 AM
Still watching the potential inverse H&S on the OEX's 10-minute chart. The OEX moved up this morning to breach the neckline (with its location not completely determined yet where that neckline would be), so it's possible that the OEX will do away with the right-shoulder formation entirely, as has often happened lately. Unfortunately, with the OEX in the middle of its recent consolidation zone, that doesn't give want-to-be bulls a good entry.

 
 
  Jonathan Levinson   11/18/20,  9:32:38 AM
Session high for QQQ here at 39.01. First resistance is at 39.12, on the way to 30 min channel ressistance of 39.23.

 
 
  Jeff Bailey   11/18/20,  9:32:33 AM
Buy Program Premium OEX 566.00

 
 
  Jonathan Levinson   11/18/20,  9:30:33 AM
The 30 min cycle downphase is still in progress, not yet oversold, but the persistence above yesterday's lows is very bullish, suggesting that this decline is merely corrective within the ongoing trending daily cycle upphase. QQQ needs to break south of 38.70 to suggest that yesterday's afternoon selling was more than daily cycle consolidation.

 
 
  Linda Piazza   11/18/20,  9:16:10 AM
Futures are mixed this morning. We're watching the consolidation zone that the OEX has been building over the last few days, with the bulk of prices between 562.25-566.25. A break out of that zone suggests a four-point move, the width of the zone, but traders shouldn't stick around in a play either direction if it's quickly reversed. Futures are mixed this morning and so is evidence of the direction of the OEX.

Some long-term charts suggest an eventual move toward 577-580 but others suggest that the OEX might be near a top for now and ready for sideways consolidation or a pullback. Such a pullback or sideways consolidation wouldn't necessarily mean that the rally is over, although such signs that I'm seeing usually point to an intermediate rather than a short-term top. They're not good market-timing signs, though, and the OEX could well go on to meet that 577-580 upside before rolling down.

Whatever else is true, the OEX is in the middle of that zone it's recently been building, not a good place for a new entry either direction. I noted last night that better (than breakout entries) bullish entries might be had on moves to and bounces from the bottom of the formation and better bearish ones at bounces to and rollovers from the top. As I study intraday charts, here's something I note: Link Those will bullish hopes, then, might watch for a right-shoulder pullback and then confirmation of this formation for new entries, realizing that doesn't give much leeway until the top of the consolidation zone is hit. Because the attempted upside break was hit with such strong selling yesterday, I don't feel particularly comfortable about bullish entries today unless they've got a lot going for them, so I'm going to reserve judgment this morning until I see what market internals look like. The dollar has been bouncing off its overnight lows, but looking corrective when it bounces. Crude is at a crucial point, appearing to want to steady and climb again, but now facing overhead resistance. Lots of iffy stuff there, so traders should want everything they can have in their favor before entering a trade either direction. Because of the nature of yesterday's pullback, with the OEX and some other indices getting slapped back when they tried to break out of their consolidation zones, it appears that sellers are still overwhelming buyers at that level, so I'm particularly concerned about bullish plays, but let's watch what develops with that potential inverse H&S.

 
 
  Jonathan Levinson   11/18/20,  8:56:19 AM
Bonds continue to drift lower (TNX rising). I don't expect equities to remain firm for long with the dollar rising and bonds sinking/yields rising. That's my guess based on the binary dollar relationship discussed in recent Futures Wraps.

 
 
  Jonathan Levinson   11/18/20,  8:51:14 AM
Gold has sunk to 441.40, bonds are also at a session low, though TNX is up to 4.151% only. Equities remain weak but not dramatically so, with YM still 10 points in the green.

 
 
  Jonathan Levinson   11/18/20,  8:46:04 AM
Session low for Dec. gold here at 442, -2.70. TNX remains flat at 4.144%, with QQQ up to 38.93.

 
 
  Jonathan Levinson   11/18/20,  8:32:08 AM
Equities are slightly higher, YM 10587 but QQQ is down .19 at 38.92. Bonds are flat, TNX +.2 bps at 4.146%. Gold is up to 444, euros to 1.3026. The market has greeted the data with a yawn so far.

 
 
  Jonathan Levinson   11/18/20,  8:30:41 AM
Headlines:

8:30am U.S. WEEKLY JOBLESS CLAIMS DOWN 3,000 TO 334,000

8:30am U.S. 4-WK AVG. JOBLESS CLAIMS UP 1,000 TO 338,250

 
 
  Jonathan Levinson   11/18/20,  7:51:15 AM
Equities are lower, with ES -1 at 1183.25, NQ -8 at 1566.5, YM -1 at 10573 and QQQ -.21 at 38.90. Gold is down 1.30 at 443.60, silver flat at 7.678, ten year notes -.031 at 112.7656 and euros -.19% at 1.3014. Crude oil is up .075 at 46.925.

We await the 8:30 release of initial claims, est. 333K.

 
 
  Linda Piazza   11/18/20,  7:07:27 AM
Good morning. Overnight performance in global bourses has been mixed, with the dollar's increasing weakness pressuring many, including the Nikkei. Performance in techs has been mixed, too, after AMAT's report last night. Our futures eased during Asian trading, but have been climbing back toward the flat-line level since European markets opened. As of 6:54 EST, gold was down $0.60 and crude, up $0.17. More detail about Asian and European markets follows in succeeding paragraphs.

The Nikkei gapped higher and tried to climb, but then tumbled through the rest of the day. It bounced off its low in the last thirty minutes of trading, but still closed lower by 48.87 points or 0.44%, at 11,082.42. Early in trading, gains had been broad. Many techs had gained, but they ended with mixed performances. Automakers had already dipped lower early in the session, however, hurt by increasing weakness in the dollar, and most closed lower. An exception had been Isuzu Motors, with Mitsubishi Corporation and Itochu Corporation saying they would take a stake in Isuzu.

Other Asian markets turned in mixed performances, with techs mixed throughout Asia. The Taiwan Weighted gained 0.35%, but South Korea's Kospi dipped 1.08%, with investors troubled by the dollar's weakness against the won. Singapore's Straits Times closed lower by 0.67%, and Hong Kong's Hang Seng declined 0.18%. China's Shanghai Composite rose 0.86%.

Currently, European bourses turn in mixed performances, too. Attention focuses on regulatory decisions concerning BT and the European banking sector. Regulators did not call for a breakup of BT, as had been feared, but emphasized that the company would have to abide by the guidelines U.K. telecoms regulator Ofcom proposed. BT gained, even while CSFB downgraded the stock to an under-perform rating. Performance among British telecoms was mixed, with Vodafone and others gaining and Virgin Mobile dropping.

Bank Credit Agricole dropped after receiving broker downgrades after its earnings report. In a statement accompanying its downgrade, JP Morgan noted that French retail banking might be resilient, but had declined in the third quarter. French-Belgian bank Dexia affirmed its talks with Italy's Sanpaolo IMI. A merger or acquisition between the two could create the fourth largest bank in the eurozone, one article noted. Both banks gained in early trading. Meanwhile, an EADS executive ended M&A speculation concerning EADS and Thales, saying Thales was not a takeover candidate for the company. EADS gained and Thales declined.

As of 6:54 EST, the FTSE 100 had gained 12.10 points or 0.25%, to trade at 4,808.00. The CAC 40 had lost 14.32 points or 0.37%, to trade at 3,829.82. The DAX had declined 5.64 points or 0.13%, to trade at 4,177.77.

 
 
  Jeff Bailey   11/17/20,  11:46:18 PM
Aha! when all else fails, get out the PnF chart. Link

Heating oil traders a little perplexed also. Alternating buy, then sell, now buy signal does suggest market participants trying to agree, make that disagree on price right now. However, I'll set upside and downside alerts at $1.44 and $1.29 for now.

Remember the OSX.X chart at 21-day / 50-day SMA observations too.

December heating oil DAILY interval bar chart has 21-day SMA trending lower at $1.438, 50-day SMA rising at $1.402.

Now I can sleep...

 
 
  Jeff Bailey   11/17/20,  11:17:09 PM
December Heating Oil futures (ho04z) ... chart at this Link on same 10-minute intervals we looked at in tonight's (Wednesday's) Index Trader Wrap. Just seeing this tonight, but strength in its WEEKLY Pivot versus December Crude (cl04z) might suggest a bid for oil is coming near-term.

Notice how heating oil traded WEEKLY S2 (like oil did) earlier this week, but now trades its WEEKLY R1, as if stronger, or leading oil's gain.

I'm going to sleep on this tonight and the 10/27/04 Index Trader Wrap Link . See you in the morning.

 
 
  Jeff Bailey   11/17/20,  11:06:41 PM
e-mini S&P (es04z) 1,182.50 down 0.75 points.

December Crude (cl04z) up 6 cents at $46.90.

 
 
  Linda Piazza   11/17/20,  10:11:54 PM
The OEX spent Wednesday firming up the boundaries of a consolidation zone that it's building at the top of its climb. An attempted upside breakout was met with strong selling. That, coupled with the CCI and RSI H&S's on the daily chart, make buying upside breakouts problematic. Some charts suggest eventual upside targets in the range of 577-580, but perhaps there are still too many sellers just above the consolidation zone to reach for that eventual target yet. Those seeking new bullish entries should probably hope for dips to and bounces from the lower end of that recently constructed consolidation zone, near this week's lows, and should be ready to switch sides if an apparent bounce turns tail and breaks lower. They should plan in advance how they'll handle approaches to the top of the consolidation band, with choices including automatically taking profit or employing some method that allows them to participate in further gains, if offered. Likewise, those seeking new bearish entries would have more leeway on bounces to and rollovers from the 566-567 zone. Whether bullish or bearish, watch for market internals that support your decision. Have a plan in mind as to how you'll deal with an approach to the other side of the consolidation zone. As I type, AMAT is not reacting well to its earnings report, as Marc E. reported that it might not do (Futures side of the Monitor). It's possible that the SOX could pull back tomorrow and test the resistance that it recently broke through, seeing if that resistance now serves as support. If the tech-related indices should deflate, that might put future pressure on all indices. We'll look tomorrow morning at how futures are reacting and make decisions.

 
 
  Jeff Bailey   11/17/20,  9:53:11 PM
Forest Labs (FRX) $40.69 -4.52% ... was notably weak today on news that the FDA gave final approval for Ivax Corp. (NASDAQ:IVAX) $14.60 -1.48% to market a generic version of FRX's Celexa 10, 20 and 40 mg tablets.

This news isn't overly surprising, as many expected, but still, FRX sold just over $1.4 billion of Celexa for the year ended June 30, 2004.

From what I have heard from my brother (a FRX specialty drug rep), FRX plans to, and has been cutting price on Celexa, and has been focusing more effort on the FRX's "lates version" of Celexa called Lexapro, which studies showed to have less adverse side effects (nausea, weight gain, insomnia, sexual side effects in women) than Paxil (Glaxo) and Celexa, for the treatment of depression.

Still, the MARKET didn't like this news today.

 
 
  Jeff Bailey   11/17/20,  7:07:16 PM
Pivot Matrix for tomorrow at this Link

Trader's with QCharts' WEEKLY Pivot levels may want to look at last Wednesday's trade in oil towards its close, tie it with the major indices level of trade that day. Perhaps use tomorrow. Will discuss in this evening's Index Trader Wrap.

 
 
  OI Technical Staff   11/17/20,  6:13:52 PM
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