Bulls Struggling to Hold Gains

1:30pm (EST)

The market is mixed as we head into the second half of trading as the blue-chips are up while both the S&P 500 and Tech are trending lower. Futures were pointing towards a nice pop at the open but the Nasdaq has been weak for much of the session after a positive open. Apple (AAPL, $587.49, down $17.74) and Google (GOOG, $606.29, down $18.31) were leading the Tech sector lower, as both try to hold down the $600 level.

As far as economic news, Retail Sales rose 0.8% in the month of March. Excluding autos and gasoline, the core reading was up 0.7%, versus forecasts for an increase of 0.5%. The Empire Manufacturing Index came in at 6.56, which was well below expectations for a print of 18 while the Housing Market Index for April came in at 25, versus expectations for a reading of 29. And finally, Business inventories were up 0.6% in February, matching expectations.

Citigroup (C, $34.07, up $0.66) is up 2% after reporting better-than-expected earnings but missing on sales. The company reported a profit of $1.11 a share on revenue of $19.4 billion. Wall Street was expecting $1 a share on revenue of $19.8 billion.

As we head to press, the Dow is up 90 points to 12,939 while the S&P is up less than a point to 1,370. The Nasdaq is down 21 points to 2,990.

One of our current trades was stopped out today. Lululemon Athletica (LULU, $73.02, down $0.49) traded higher at the open and our Hard Stop was triggered. We made a nice 25% return in under 2 weeks and we may be back to play this name again, soon. Subscribers, check the Members Area for the updates.

Comments are closed.

CFTC Disclosure:

GOVERNMENT REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH Momentum Options Trading, LLC CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CIRCUMSTANCE. THERE IS SUBSTANTIAL RISK IN TRADING. A LOSS INCURRED IN CONNECTION WITH FUTURES TRADING CAN BE SIGNIFICANT. WE MAKE NO CLAIM REGARDING PAST OR FUTURE PERFORMANCE. WE MERELY TRACK EVERY TRADE AND SHOW THE PERFORMANCE OF ALL TRADES THE SYSTEM OR NEWSLETTER PRODUCES. SIMULATED TRADING IS DIFFERENT THAN TRADING REAL MONEY. HYPOTHETICAL RESULTS ARE NOT REAL RESULTS. PLEASE CONTACT YOUR BROKER ABOUT THE RISK OR TRADING STOCKS, OPTIONS OR FUTURES. ALL COMMUNICATIONS ARE OPINIONS NOT ADVICE.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Blog

Bulls Struggling to Hold Gains

CFTC Disclosure: