20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
US stocks moved up modestly last Friday, culminating in the best week for the market in almost one year. Results were bolstered by cautious optimism about upcoming second quarter earnings despite concern about the global economy. Certain analysts thereby imply that companies will be able to deliver growth in profits despite the lack of significant improvement on the economic front. A lack of negative news flow from
In the four trading days last week, the DJIA moved up 5.3%, the S&P500 rose 5.4%, and the Nasdaq gained 5%. The limited recovery came towards the end of the second quarter, which witnessed the Dow sliding 10% and the S&P500 falling 12%, partly due to concern of a slowdown in
Google (GOOG) renewed its Internet Content Provider license to operate its site in
On Friday, market breadth was positive while volume was thin. On the New York Stock Exchange, advancing stocks were ahead of declining ones by almost four to one, on volume of about 880 million shares. On the Nasdaq, advancing stocks beat losers by three to one, on volume of 1.61 billion shares.
Alcoa (NYSE:AA) was the Dow’s best performer last week gaining 9.4% ahead of its second quarter earnings report. Certain stocks linked to the global growth cycle, such as Caterpillar (NYSE:CAT) up 9% last week, also performed well. Last Friday, the DJIA rose 0.6% to 10,198, the S&P500 was up 0.7% to 1,078, and the Nasdaq inched up 1% to 2,196.
In addition to Alcoa, companies reporting this week include JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), and General Electric Co. (NYSE:GE).
The weaker demand for government debt drove rates higher on Friday. Treasury prices retreated, pushing up the yield on 10-year paper to 3.06% from 3.02%. Earlier in the year, investors purchased Treasury paper as the market faltered. Despite economic forecasts that another recession was not considered likely, risk-averse investors sought a safe haven in US government securities.
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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