stock-market-outlook-intraday-midday

Russia-Ukraine continue to dominate and that has stocks tumbling again today but Home Depot Stock (HD) is definitely not helping. Home Depot Stock (HD) is tumbling over $30 today despite excellent earnings and a 15% dividend hike. Obviously investors just wanted an excuse to sell. This certainly is working out well for my trade setup on Friday ahead of those earnings. I think the selling is overdone and plan to place a trade. Members have access to that trade.

Presidents Day Sale now into its final two days

Don’t forget, the discounted membership prices for both new members and existing members looking to renew, end tomorrow at midnight, eastern standard time. I hope investors will take advantage of the discounts.

Let’s look at the stats as markets head out of the lunch hour..

New York Stats:

Volume is average at 2.4 billion shares traded.

New 52 week lows are at 240 while new highs are just 29. This is 9:1 to the downside. This is again very bearish.

Volume is 79% to the downside which is very bearish.

72% of all stocks are falling.

NASDAQ Stats

Volume is average at 2.5 billion shares traded.

New 52 week lows are 595 which is high. New highs are 30. This is 20:1 to the downside and very bearish.

68% of all volume is lower. Obviously bearish.

67% of all stocks are moving lower.

Outlook:

A continuing move lower still appears likely. We should see another bounce attempt this afternoon. I will be buying SPY put options again in any rally. I still think the downside will test at the outside 4222 but 4200 looks far more likely.

TSX Composite Index – Canadian Stock Market Outlook

For those who follow the smaller Canadian Market, the TSX is down 158 points. The TSX is back below 21,000. This has been a yo-yo level for the index as the TSX can’t get enough buyers to keep the index above 21,000. This also advises investors to be careful as above 21,000 much of the market is overvalued or certainly fully valued.
Volume is above average at 238 million shares traded.  Of volume 66% is to the downside.
Only 17% of all stocks are rising. Even Canadian banks are lower today. There are 12 new 52 week highs and 95 new 52 week lows which is quite bearish considering the index has held up well over the past several weeks.
Summary
The outlook is negative for the afternoon. The TSX will close lower. I am focused on the weakness in Canadian banks and looking for some Put Selling opportunities.


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Disclaimer: There are risks involved in all investment strategies and investors can and do lose capital. Trade at your own risk. Stocks, options and investing are risky and can result in considerable losses. None of the strategies, stocks or information discussed and presented are financial or trading advice or recommendations. Everything presented and discussed are the author’s own trade ideas and opinions which the author may or may not enter into. The author assumes no liability for topics, ideas, errors, omissions, content and external links and trades done or not done. The author may or may not enter the trades mentioned. Some positions in mentioned stocks may already be held or are being adjusted.

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