Daily Archives: February 3, 2017

NFP Report and Dodd-Frank Repeal Propel Banks Stocks (XLF) Higher

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The combined impact of a better-than-expected non-farm payroll gains and the prospect of a Trump repeal of Dodd-Frank financial regulations goosed the Financial Select Sector SPDR Fund (XLF) +1.3% in early trading.

That said, let’s notice on the enclosed near-term Point & Figure chart, that current strength is pushing up towards a test of very powerful resistance at a quadruple high-print of 23.80.

A climb to a 23.90 print will trigger a new buy signal that will project to new high targets of 24.60 and 25.20. Only a print of 23.00 will compromise the constructive P&F set-up.

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Originally published on MPTrader.com.

AutoNation

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Another chart I’ve cited as an intriguing short idea is AutoNation, which is down a bit more than 2% today. I think we’ve got a clean triple top on our hands.

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On a wholly separate note, here’s the S-1 for hotly-anticipated IPO Snap, Inc. ¬†They lost over half a billion dollars on $400 million in revenue, which is quite a feat. And yet people cannot wait to buy into the disappearing dick-pics champion.