Daily Profit Compass March 30

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Tickers discussed: SPDR Sector Review Strategy and Tactics

The Daily Profit Compass provides the stock market analysis for the day. Key levels and trading locations for the indexes are provided, along with trading plans and timely commentary to keep you on the right side of the trade.

Earnings

News Flow

  • Trump capitulates on Easter re-open plans; extends social distancing guidelines until the end of April
  • Dr. Fauci says Covid-19 deaths could hit 200K
  • Volatile overnight session sees futures rally from off 2% to slightly green as of 5.30am
  • Euro Money Center Banks suspend Divvys and buybacks at the request of the ECB.  Cash is King
  • FOMC now considering yield curve controls.
  • BOJ goes on an ETF buying binge in Japan
  • Oil crashes to 17 yr low.
  • JPM says worst for equities is over.
  • Breaking News: Germany thinks the recession could be worse than 2008.  Wow….really going out on a limb there. Germany was headed toward recession BEFORE Covid was on the radar

Observations and Miscellaneous Ramblings

  • Oil sets up for a generational trade.   I am not a huge oil trader but I will play one now.  Oil has has a massive uni-directional move with no bounce. Even catching a 38% fib bounce will be a massive trade. Looking out further if we can anchor a long-term trade at or even remotely close to the bottom it could be epic.  It wont be easy and likely half the planet is thinking the same thing, but that doesn’t mean its wrong or that we cant participate on some level.  If any of you have crystallized ideas on oil , please send them my way and I will share them with the group. Thanks
  • Further Commentary:   I offered a bunch of commentary on markets in the Weekend Profit Navigator. If you missed it, find it HERE

 

SPDR Sector Review

For each SPDR sector I give the bull / bear pivots, targets and commentary. I have done this in each individual chart annotation. Refer to those annotations for trade ideas and key levels. Set yourself some alarms both on the bull and bear sides for a heads up on a trade entry.

In general, lots of charts have price being rejected off the 20ema and / or 38% fib levels. This is typical of bear market action. That said, stay open and flexible for a window – dressing bull move into month and quarter end.   Dont assume anything. These jokers have shown time and time again they can do anything they want.

 

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