Oil prices go negative for the 1st time in history!

On Monday, April 20th, 2020 WTI oil futures for the May contract actually went negative and closed at -$37.63 a barrel!  Yes negative $37!!  The contract expired Tuesday 4/21/2020 and any traders that were still long the crude contract at that time had to take physical delivery and anybody who was short that contract had to make the delivery of crude.

Because of the global supply glut of oil due to the Coronavirus / Covid19 and many OPEC nations still pumping millions of barrels out of the ground, there are few places to store oil these days.  There is also a price war between Saudi Arabia and Russia going on, so that added fuel, no pun intended, to the fire.

Currently the June contract for oil is sitting at $15.70 (Crude Oil Futures).  Gas prices dropped to a 10 year low.  The United States Gasoline Fund  dropped to 10 year lows last month at $8.19 and have since rebounded to $11.31 ($UGA).

According to Robert Yawger, director of energy at Mizuho Securities USA, "Supply is threatening to overwhelm storage in coming weeks, and the flood of crude oil shows no signs of abating.  It tells you that storage is fully accounted for and if you want to take delivery of oil you better have a place to put it or a pipeline to put it on, or otherwise you’re really screwed,” he said.

The oil glut is likely to continue for the foreseeable future with low demand and less people driving gasoline powered cars.

Low oil prices are here for a while and at some point down the road oil futures contracts should start to stabilize a bit.

Recommended Books for Learning How to Daytrade

People always ask me what books I recommend for learning daytrading.

I personally recommend that you read these two books front to back, back to front, and front to back again!  They need to be in your arsenal.

Toni Turner A Beginner's Guide to Daytrading Online

Steve Nison The Candlestick Course

They are both very well written and lay things out in easy to read terms for beginners.

I personally used these two books when I was starting out.  You can read them independently of each other or pick up Steve's book to read when you are about halfway through Toni's book.

Sure, there are plenty of YouTube videos teaching trading techniques and setups, but having it in print form and being able to reference it will reinforce techniques better.


This is not an exhaustive list of books, but these 2 should help you get started on your journey to Daytrading success!


















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What stocks should you buy in a down market?

With the market in 10% correction territory, which stocks should you look at to start building a position or safe havens to turn to during a downturn?

While there is no fail-safe investment, healthcare, specifically big pharma plays, gold, utilities and consumer staples, are good ones to look at during this volatile market.

The $SPY, which is the S&P 500 ETF, is down 10% over the last month.   Can we bounce from here?  Sure.  Maybe we do.  Maybe we don't.  So let's take a look at a few stocks and ETF's that may be a good investment during these turbulent times.    

First off, from a daytrader's perspective, the $UVXY, is a great trading vehicle.  When the market is going down this a great way to bet against the downside of the market.  This is a risky trading vehicle, so as always, do your own due diligence.  

Let's face it, people get sick whether the market is going up or down.  A couple big pharma names that I like are Pfizer ($PFE) and Merck ($MRK).  Both are well established companies, have good pipelines, and pay a dividend.  

Many people flock to gold during times of crisis as it is a safe haven for the most part.  I like to own the physical gold;  bars, coins, etc.  A decent way to play gold is Barrick Gold Corporation ($ABX), which just bought Randgold Resources ($GOLD), which has seen a pullback in the last couple trading days due to higher fuel costs.  

Utilities are always a good play during market corrections because hey, everybody has to keep the lights on no matter what.  $XLU the Utilities Select Sector SPDR ETF and Dominion Energy ($D) are another good way to ride out the downturn.  Also, the Consumer Staples ETF, the ($XLP).  Think of brands like Tide, Cheerios, Crest toothpaste, etc.  Just because the market is down, doesn't mean you don't brush your teeth! :)  The XLU, XLP, and $XLRE were the only 3 positive sectors yesterday, 10/24/18.  

Hopefully, this will help you to find stocks and specific sectors that you can profit from during these difficult times.

I utilize Trade Ideas to find all of my trades during the day. Whether you are looking for earnings runners or want to see the latest stock making big moves right now, you can customize and create scans that reflect your trading style. The software works for day traders, swing traders, and long term investors.

They are offering a 5 day trial of their custom stock scanning software for $8.88 starting October 29th.  

Follow me on Twitter @StocksUnhinged

Kodak Gets in on the Blockchain Craze

Shares of Kodak ($KODK) soared 150% on news that the 138 year old company was getting in on the Blockchain bandwagon.

The company said it is creating a platform for photographers to upload their work , utilizing the Blockchain technology to create "the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can license within the platform".

Once photographers upload and license their work they can sell confidently and securely on the Blockchain platform.

Kodak is also launching an ICO, or Initial Coin Offering on January 31, 2018 that will be called KodakCoin so photographers can manage their image rights more efficiently.  From the company: "With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure Blockchain platform."

The company insists this isn't a publicity stunt.

This is all fine and good, but isn't there another company out there that does something similar to this already?  Yea, that's right, it's called ShutterStock ($SSTK)!  https://submit.shutterstock.com/

With all of the companies changing their name to incorporate "Blockchain" into it, cough cough, Long Island Iced Tea Corp $LTEA to $LBCC, at least Kodak is a long recognized brand that seems to be in it for the right reasons and not just to capitalize on the Blockchain / Cryptocurrency craze.

This is unreal!!  I am truly having a Kodak moment right now!

Technical Analysis

$KODK has traded 69 million shares as I write this.  That's including after hours trading.  Average daily volume for this stock is 243,171 shares.  This is the most volume this stock has seen since the company reemerged from bankruptcy in September 2013.

Let's take a look at some of the upside levels to watch for potential resistance tomorrow.  The stock currently gapped up into $9.50 after hours and was unable to break through.  Potential levels of resistance that I would pay attention to are $10, $11.70 - $12 area, then lots of price action around the $15.30 area, then if the stock really moves tomorrow, the $21 area.  If this thing really wants to move in the morning, we shouldn't encounter too much trouble until the $15 area.  Of course always watch your $1/2 and whole dollar areas as they are always psychological areas of resistance and support.

If it gets above $21 tomorrow I will revisit the chart.

Update 1/9/18 6:45pm:

Shares of $KODK just hit $10.10!!  That puts it up over 231% on the day!!!

Check out the new Blockchain channel on Trade Ideas  

I utilize Trade Ideas to find all of my trades during the day. Whether you are looking for earnings runners or want to see the latest stock making big moves right now, you can customize and create scans that reflect your trading style. The software works for day traders, swing traders, and long term investors. It also has over a dozen built in channels that specific setups, sectors, options, and much more!

You can download Trade Ideas here http://bit.ly/2xzWDct I suggest purchasing the Premium annual version as that includes our Artificial Intelligence engine Holly. http://bit.ly/TIPremiumAnnual

If you want to break it down into small monthly payments, then purchase the Premium Monthly version. http://bit.ly/TIMonthly  

Also, check out our new Web version.  http://bit.ly/TIWebVersion  Prices will be increasing 20% in the 1st Quarter of 2018, so buy now before the price goes up. 

Follow me on Twitter @StocksUnhinged

$WATT Surges 170% After FCC Approves its Wireless Charging Platform

$WATT Surged more than 170% since yesterday's close on news that the FCC approved their wireless charging platform.

The technology works by allowing wireless devices to be charged from up to 3 feet away from the transmitter using RF signals and can charge smaller devices like smartphones and earbuds.   The transmitter is called "WattUp".  This will be a huge positive change free from cords to charge our wireless devices moving forward.

Last night when the news broke, $WATT shot immediately up to $14.50.  This morning during pre market trading it went as high as $18.85.  There was some profit taking at the open and the stock sold off to a low of $15.30.  Around 1:15pm the stock broke the high of the day and continued its ascent to a brand new all time high of $24.10 on all time high volume of over 43 million shares.

With this great news and no resistance in sight, we should see a continuation move even higher.

Check out the new Blockchain channel on Trade Ideas  

I utilize Trade Ideas to find all of my trades during the day. Whether you are looking for earnings runners or want to see the latest stock making big moves right now, you can customize and create scans that reflect your trading style. The software works for day traders, swing traders, and long term investors. It also has over a dozen built in channels that specific setups, sectors, options, and much more!

You can download Trade Ideas here http://bit.ly/2xzWDct I suggest purchasing the Premium annual version as that includes our Artificial Intelligence engine Holly. http://bit.ly/TIPremiumAnnual

If you want to break it down into small monthly payments, then purchase the Premium Monthly version. http://bit.ly/TIMonthly  

Also, check out our new Web version.  http://bit.ly/TIWebVersion  Prices will be increasing 20% in the 1st Quarter of 2018, so buy now before the price goes up.    

I also use Benzinga to find the news on stocks as they move in conjunction with Trade Ideas scanners.  



Follow me on Twitter @StocksUnhinged

$EGBN Down Almost 25% on Negative Insider Loan Scheme Article

Eagle Bancorp, Inc. ($EGBN)

$EGBN shares plummeted more than 30% at one point during the trading day to $46.20 after an article circulated written by research firm Aurelris Value saying "insiders treat Eagle as their own private piggy bank."

The stock was down about 10%, trading around $59.50, until about 1:30pm when the article starting making the rounds on the trading desks. After that, many short sellers really piled into the name and drove the stock down to a low of $46.20 by 3:30pm, before rebounding slightly above that level to end the day at $49.95 or down 24.5%.

 

Among the many things discussed in the article, there are large insider loans that have financed the CEO's personal companies, but haven't been disclosed.

  

Another thing which is apparent to traders/investors who monitor unusual insider transactions is that Eagle Bank hasn't had 1 single insider purchase in the last 12 months.  Also, during that time the CEO has sold over $10.8 Million worth of stock!  

The article by Aurelris Research certainly doesn't offer many reasons to buy this stock. Many other investors and traders will certainly continue to monitor the situation and wait for some official word from the company on this matter. If these issues are deemed to be true, then many more short sellers will pile into the stock and it could be trading in the single digits soon.


I would suggest reading the rest of the article to find out what their research has brought to light. The future certainly looks cloudy at Eagle Bank.

I utilize Trade Ideas to find all of my trades during the day. Whether you are looking for earnings runners or want to see the latest stock making big moves right now, you can customize and create scans that reflect your trading style. The software works for day traders, swing traders, and long term investors.

You can download Trade Ideas here http://bit.ly/2xzWDct I suggest purchasing the Premium monthly version as that includes our Artificial Intelligence engine Holly. http://bit.ly/TIMonthly If you want to save more money, then purchase the Premium Annual version http://bit.ly/TIPremiumAnnual



Follow me on Twitter @StocksUnhinged

Tracking Bitcoin and Other Crypto currencies and Coins all in one place

Where can you go to track Bitcoin and other Crypto currencies and coins in real time?

Stocktwits offers an up to the minute price for Bitcoin, Ethereum, and a few others. 

Poloniex.com offers real time pricing of Bitcoin, Litecoin, Ethereum, Dash, Stellar, Ripple and many others.  If you want to trade Crypto currencies all you have to do is create an account and you can start trading.  

My favorite is the new Yahoo webpage dedicated to 108 Crypto currencies and coins.  You can also sort by name of instrument, price, dollar amount changed, % change, market cap, or volume.  They don't offer any integrated trading but you can see what each one is doing in very near real time.

I hope you have found this list helpful and that it will help you keep up with all of the Crypto currencies and coins out there!



I utilize Trade Ideas to find all of my trades during the day.  Whether you are looking for earnings runners or want to see the latest stock making big moves right now, you can customize and create scans that reflect your trading style.  The software works for day traders, swing traders, and long term investors. 

You can download Trade Ideas here http://bit.ly/2xzWDct  I suggest purchasing the Premium monthly version as that includes our Artificial Intelligence engine Holly.  http://bit.ly/TIMonthly  If you want to save more money, then purchase the Premium Annual version  http://bit.ly/TIPremiumAnnual

Check out my Twitter page @StocksUnhinged