Bigger Picture
Look ahead: Economic Calendar – for Tue May 8, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Tuesday’s jobs openings report can influence price action if it diverges from last week’s Employment Situation data. Reinforcing the strong report might be enough to duplicate a knee-jerk favorable reaction. But it’s the session’s only potentially influential report at all.
NFIB Small Business Optimism Index
6:00 AM ET
Redbook
8:55 AM ET
*JOLTS
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
3-Yr Note Auction
1:00 PM ET
Saturday Review’s recording (for 5/5/18) …Up?
Thursday morning’s plunge had potential to launch the next major downleg. Then it was recovered. Entirely, that day. Friday extended the recovery, quite a bit, only to end at significant resistance. So, is an even bigger recovery underway, further delaying the next major downleg? Or, is the delay pretty much done?
This weekend’s Saturday Review specifies price action that would identify either resolution, and disqualify the other… You might also be interested in the 11-minute discussion of the “2-Point Strategy” that some subscribers use, either instead of or in addition to stalking larger intraday moves (starting at the recording’s 26:00 minute mark).
The following stock requests were reviewed in this order:
CRM, UA, IAC, WIX, MTCH, ROKU, DIS, BKNG, SQ, NVDA
transcript
Rod David: Welcome to Saturday Review… Please post questions and comments as they occur to you.
Mark Glezer: gm
—————– (05/05/2018 09:31) —————–
Bill G: gm
David B: Good Morning
jp: gm
—————– (05/05/2018 09:53) —————–
ljr ipad: after stocks, can we quickly look at entry/exit strategies. I heard you mention a 2pt exit strategy on your signals earlier in the week (in and out quick) may be useful for me as I can’t be around the market all day. (Mainly first 90 min)
—————– (05/05/2018 10:02) —————–
David B: CRM,UA
—————– (05/05/2018 10:03) —————–
ljr ipad: couple pets from the 3 min high?
ljr ipad: points
—————– (05/05/2018 10:08) —————–
ljr ipad: very helpful
—————– (05/05/2018 10:11) —————–
ljr ipad: IAC, WIX
—————– (05/05/2018 10:12) —————–
ljr ipad: MTCH (earnings)
—————– (05/05/2018 10:14) —————–
ljr ipad: ROKU, DIS, BKNG
ljr ipad: (all earnings related)
—————– (05/05/2018 10:30) —————–
Mark Glezer: SQ about 4-5 months back we discussed 73 potential target. Is it no longer contemplated based on its performance? Just missed on earnings
—————– (05/05/2018 10:42) —————–
ljr ipad: last one: NVDA earnings thurs
—————– (05/05/2018 10:45) —————–
ljr ipad: thx for today. looking forward to new site content. also, can we have the embedded links in the blog posts colour changed back to blue. black doesn’t identify a link well.
—————– (05/05/2018 10:46) —————–
ljr ipad: thx
Mark Glezer: thx much
Bill G: thx
ljr ipad: bye
David B: Thanks
Saturday Review Link
Be sure to join us by 9:30am ET for this weekend’s Saturday Review. After discussing the bigger picture and gaming out strategies for playing next week’s likelier opening setups, we’ll do instant analysis of any stock charts that you request… See you there!
Daily Spot…
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
The opportunity to start forming a bottom was abandoned Friday by the Employment Situation reaction. Fresh lows at 1.1945 keep the trend intact, and all but require at least an intraday low before a reversal would be credible.
Gold Jun Contract (GC, ETF: (GLD))
Flat-to-lower ranging Friday all but ignored the morning’s Employment Situation report, while maintaining the 1316.00 bounce limit to keep alive the downside momentum.
Silver Jul Contract (SI, ETF: (SLV))
Flat-to-lower ranging Friday all but ignored the morning’s Employment Situation report, while maintaining the 16.45 bounce limit to keep alive the downside momentum.
30-year Treasury Jun Contract (US, ETF: (TLT))
An initially favorable knee-jerk reaction probed Thursday’s high up to 144-08. Reversing backdown into Thursday’s range also probed under it to test the 143-07 sell signal. Reversal signals aren’t very credible on the same day as the trend extreme, so delaying a break under 1433-07 would be more bearish.
Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already firming further overnight was confirming the pattern’s backing-and-filling down to the 66.80 area had likely ended the consolidation. Extending intraday to fresh highs attacking 70.00 essentially confirms.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Fluctuating Friday between 2.70-2.72 doesn’t invalidate the attempt to resume the decline, so almost any initial weakness Monday is likely to extend down.
Look ahead: Economic Calendar – for Mon May 7, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Warren Buffet’s Berkshire Hathaway annual meeting is Saturday. Monday’s highlight will likely be the afternoon’s Fed speakers. Multiple opportunity for headlines are unusual for a Monday afternoon.
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
TD Ameritrade IMX
12:30 PM ET
Tom Barkin Speaks
2:00 PM ET
Consumer Credit
3:00 PM ET
*Robert Kaplan Speaks
3:30 PM ET
*Charles Evans Speaks
3:30 PM ET