| | | | | Today’s TBUZ TV
I got 2 major things out of last night's speach. Interest rates lower and crude lower. Be sure to listen to today's TBUZ TV for my levels in the market.
"Don't sit down and wait for the opportunities to come. Get up and make them." ~ Madam C.J. Walker
This Week at DTI
Wednesday
- In Person Futures class
- 12pm ET - Genesis (Learn More)
- 8pm ET - Midweek Market Update (Register)
Thursday
- In Person Futures Class
- 12pm ET - Afterburner Alerts (Learn More)
Friday
- 3pm ET - Weekly Wrap Up (Register) Market Review - Chuck Crow HighlightsAlthough the market on Monday did push slightly above the Friday high in overnight trading, by the time we made it to the cash market open on Monday morning, the gains were already being challenged. Before Monday was done we traded below the February low and followed that downtrend into Tuesday. The broader market was not able to recover.
1. MRVL At the start of this week we were watching to see if Marvel Technologies (MRVL) could rally back above 92.08 with broader market support. MRVL did move up in overnight trading, and even after the cash open they bounced a little to 92.88, but they did not have broader market support. The stock made it down to 83.24 on Tuesday. It also made it back up to 91.81. That area of resistance between today’s high of 91.81 and the cash market high on Monday at 92.88 is still valid, even after the broader market drop off. The overall uncertainty, especially in regards to the tech sector, has me a little concerned. However, I do still feel that if this stock moves up past resistance during the cash market it is still a valid earnings play. Three months ago this stock was acting similar. On December 3 the high was a hard fought 98.72. The open on December 4 was 112.33 and the high was 119.88.
The if part is important here. If the broader market can hang on tomorrow, then MRVL could be set up for an earnings rally. Even if it is not as strong as it was in December, this stock could climb. That “if” part looms almost too large though. The risk in the face of the broader market could be an issue.
2. The Broader MarketTaking the broader market into consideration we should look towards the ES futures. ES futures opened this week at 5967.50 and had moved up to 6000.50 prior to the cash market opening on Monday morning. They were trading at 5984.75 at the cash market open. Within the first hour they had dropped to 5930.50. Though they did try to stabilize, by the end of the day the ES had moved down to a low at 5821.75. Aside from being down over 140 points, the low had exceeded the February low which was set on Friday, February 28 at 5848.00. The start of March was not bullish at all. The market then compounded those low points by pushing all the way down to 5744.00 on Tuesday morning. The high on Tuesday was 5884.00. We are considering a long position for a stock reporting earnings at the end of the day on Wednesday. What I would like to see is Wednesday’s market exceed 5884.00 without making a new low. If for some reason the broader market drops to yet another low, then do not try to buy this stock. We need at least the semblance of stability before we push further. 
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Key News and Probabilities
The big news this week will be the employment report on Friday.
Probabilities for the week are mixed. I think we might have some more buying than what the probabilities are showing.
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
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