Why did the market sell off? Are stocks now oversold?

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Why did the market sell off? Are stocks oversold? Will bonds drop or rise? What can we expect tomorrow from GDP? PLUS, my hottest long signal and coolest short trade! Get it all here now!

For today's Trade of the Day, we will be looking at a daily price chart with the 50-Day and 100-Day Exponential Moving Average (EMA) for Analog Devices, Inc. stock symbol: ADI. The 50-Day and 100-Day EMA indicator lines can provide buy and sell signals when used together. 50-Day EMA line Above 100-Day EMA = Price Uptrend = Buy signal 50-Day EMA line Below 100-Day EMA = Price Downtrend = Sell signal As the chart shows, on June 2nd, 2020, the ADI 50-Day EMA, crossed above the 100-Day EMA. This crossover indicated the buying pressure for ADI stock exceeded the selling pressure. For this kind of crossover to occur, a stock has to be in a strong bullish trend. As you can see, the 50-Day EMA is still above the 100-Day EMA meaning the 'buy' signal is still in play. As long as the 50-Day EMA remains above the 100-Day EMA, the stock is more likely to keep trading at new highs and should be purchased. Our initial price target for ADI stock is 185.00 per share.

I'll be using a pivot number today of 4375 on the ES (S&P 500 futures). Looking at SHAK, it needs to break below 80 to enter the second ½ of our position. Since this is a long-term play I was very happy yesterday it finally started giving up share value. As far as the general market today, the real key for me is to get through about 11am Eastern to see if the buying that is happening in Germany stays strong. A number that would tell you the trade is over is a QQQ reading below 359. I set an alert already so that if the QQQ goes below that, we'll look at what I would expect to be a profitable strategy on a December QQQ trade. ~ TBUZ

Have you seen SLI? Roger called this lithium play out on 9.17 at ATP. Notice where it traded then, how it traded last week, and how it's trading this week. I think it has more room with the volume that picked up in July. Another stock I like: ORCL. I think it's going to $110 after it rests between $95- $100.

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