Keep Momentum Going

Good morning folks, 
We had bearish oil numbers yesterday and remarkably oil not only stopped going down but it actually manged to bounce. We have been talking about the fact the if we were going to see any stabilization in the markets we needed oil to at least stop going down. The fact that it was able to do that off of a weak inventory report is a good sign. 

This does not mean that the all clear bell is ringing and we can resume buying every dip. There are still a lot of reasons to remain on the cautious side.This morning we are looking at a gap up and as I have said many times before, these are my least favorite days to trade. 

Mario Draghi helped lift the markets yesterday with his dovish tone but the reality is the central banks are running out of bullets around the globe and at some point all the debt that is being created has to be addressed. 

The action in financials yesterday was a bit concerning. DB MS GS  C JPM BAC all look terrible from a technical standpoint with each of them closing at nearly the low of the day. Could there be a snap back play in the sector? Sure there could, but so far, the sell off 
looks fairly controlled. (with the exception of DB) 

Earnings are coming in and guidance has been less than spectacular. Jobless claims have started to tick up, its not a dramatic uptick but this is a trend we do not want to see continue.

SLB reported earnings yesterday and announced a 10 billion share buy back program, announced that they are keeping their dividend where it is.
Schlumberger (SLB) warned about its full-year results, saying customers are abruptly cancelling projects. The world's largest oilfield services company plans to cut 10,000 jobs

GE and SBUX both reported and both missed on top line revenue.

In this weeks video we talked about NFLX and watching the action since it is one of the FANG stocks that have been helping keep the market propped up. Even with some positive action in the markets and a fairly decent earnings report it is struggling to stay above 100.

I will still be watching the volatility plays and some of the leveraged ETF's for those quick hit scalps. XIV, UVXY, GUSH, DWTI, UWTI, LABU, LABD 

The TROV snap back swing worked out perfectly with a 3 entry on Wed. Since it was a swing, I did share my entry with the chat room when I took the position and I shared my trading plan. All my targets were hit.   I scaled out at 3 separate targets on the way up and I hold a small lotto position for my last remaining target. 

The chat room is not about alerting people so they can follow the trade but more about holding people accountable to their trading plan. The most consistent problem I hear from new traders is "I have the right plan but I don't follow it " or they don't have a plan at all. If you don't have a plan you are destined to fail and if you lack the discipline to follow your plan having someone hold you accountable could be just what you need. So come check it out http://us22.chatzy.com/TradersDen its free. 
Today's Economic Calendar

8:30 Chicago Fed National Activity Index
9:45 PMI Manufacturing Index Flash
10:00 Existing Home Sales
10:00 Leading Indicators
1:00 PM Baker-Hughes Rig Count