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  1. Home
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On My Radar This Morning: Twitter

This is not a market for big, aggressive trades right now.
By JAMES "REV SHARK" DEPORRE
Aug 20, 2019 | 10:59 AM EDT
Stocks quotes in this article: SE, TWTR

There isn't any significant macro-economic news driving the market action today. What is occurring is some technical selling as the indices approach the significant technical overhead that I outlined in my prior post.

The bullish scenario is that this mild weakness is just consolidation that will set up a foundation for a more vigorous attack on the 50-day simple moving average resistance. Some back-and-fill coupled with some pessimism is a good recipe for a strong move on any hint of positive news.

There is unlikely to be any major news on China trade in the next few days but there is very likely to be some market-moving news out of the Jackson Hole meeting that starts on Friday. Whatever the market does next will be blamed on that news.

In the meanwhile, there isn't much going on out there. A few earnings reports like Home Depot HD and Sea Ltd (SE) are generating some movement but as far as chart setups there just isn't much going on right now.

One name on my radar this morning is Twitter (TWTR) which is bucking the trend and is on the verge of a new 12-month closing high. It has formed a solid high-level base and is now pushing at the upper end of the range. I have a position and will be looking to add if it can close near its intraday highs.

There are a few other things I'm interested in buying but there is no urgency to do much right now. We have another week or so of summer vacation and the action is likely to stay thin and random. This is not a market for big, aggressive trades right now.

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At the time of publication, James DePorre was Long TWTR.

TAGS: Investing | Markets | Stocks | Trading | Media

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