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Today's Trackdown for Tuesday - Oct 26, 2021

SPY Charts and some Technical Analysis

Today's Economic Calendar - The Charts - Opinion - Stock Picks.


Today's Economic Calendar:

9:00 AM ET, S&P/Case-Shiller House Price Index for August. The consensus is for the Composite 20 index to be up 20.1% year-over-year.

9:00 AM, FHFA House Price Index for August. This was originally a GSE only repeat sales, however there is also an expanded index.

10:00 AM, New Home Sales for September from the Census Bureau. The consensus is for 760 thousand SAAR, up from 740 thousand in August.

10:00 AM, Richmond Fed Survey of Manufacturing Activity for October.


THE CHARTS:

(NOTE: Charts are a guide, do other research as well.)

BRIEFING/OPINIONS:

The markets had a nice day on Monday with the S&P making another new high. Momentum is back for the bulls. The MACD and the Money Flow are excellent, but do notice the Stochastics are overbought. 

CHANGES:

None.

NOTES:

We were expecting a sideways range bound market to develop, but resuming the previous uptrend is now a good possibility as well. With the latest advance and recovery rally we are now making new all-time highs again.

Risks: Negative budget or inflation headlines, political uncertainty, and/or Covid fears.

SPY 430 is our strong support level. This level could also be considered a stop area for some traders.


* If you have any questions, opinions, or comments to add please do so! *


IF wanting to gamble: Options trades on these ETFs will give you a way to place your bets. $TQQQ - $SQQQ - $SPXL - $SPXS.

* Beware - levered ETFs are subject to decay and are not for long-term holding. *

    POSITIVES:

    • We are above the 20-day moving average, which is rising.
    • We are above the 50-day moving average, which is rising.
    • We are above the 200-day moving average, which is rising.

    NEGATIVES:

    • The Stochastics are overbought. (Short-term indicator).
    • Think about the Fundamentals, Valuations, Virus news, the Economy, Jobs, Politics, The FED, etc.?
    • Some things out there to worry about still! Or a wall of worry to climb as the saying goes.


    OUTLOOK:

    • Bull market is still going.
    • Longer-term questions to ask: When will the Fed's easy money and the stimulus sugar run out?
    • Will higher inflation cause the Fed to raise rates? Covid still hurting the economy?
    • Supply chain issues?

    • We still say "Use Caution". Do not over risk yourself or over leverage yourself.
    • We are still susceptible to large drops or dips.
    • Look for trading opportunities that could result and have your trading lists ready.

    * Be careful if using MARGIN, be certain of your trades! *

    INDICATORS:

    The MACD is positive. The Stochastics are overbought. The Money Flow is positive.

    MA +/- (slope): The 50-day MA (443.03)(+0.22) and the 200-day MA (416.29)(+0.39)

    The 8-month chart (below).

    We are above the 430 strong support level.

    Next step is to see if a new trend emerges or what type of trading range develops in the near term.


    STOCK PICKS: (For trades and/or investments.)

    • Current trading favorites: AUPH - Aurinia Pharma (BMY is rumored to be buying them out!), CARA - Cara Therapeutics, EPZM - Epizyme, EXEL - Exelixis (A bargain here), HZNP - Horizon Therapeutics (A big winner for us last year), IOVA - Iovance (Accumulate on weakness), KPTI - Karyopharm (Accumulate under $10), SGMO - Sangamo (Dropped to a really cheap price), TGTX - TG Therapeutics (Our Top Pick!).
    • Tech Picks: CRWD - CrowdStrike (Be aware it has a high valuation), DT Dynatrace (Good longer-term hold).
    • Also watching: IMGN, VKTX.

    ** TGTX is a great buy at current levels. Longer-term this will be higher. Accumulate as much as possible. Their pipeline MS drug looks like it will be best in class. **

    * Feel free to share your list/picks in the comments below.


    Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.


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