Bull Bear Plays 10-2-2017
What I’m Watching
$CMP – Goldman upgraded from neutral to buy with a price target of $76
$RGEN – First Analysis Sec upgraded from equal-weight to overweight with a price target of $47
$ZYNE – Cantor Fitzgerald upgraded from neutral to overweight with a $4 to $17 PT increase
$NVDA – Citigroup raised price target from $185 to $210
$PBYI – Stifel raised price target from $110 to $130
$YY – BofA raised price target from $89 to $101
$WDC – Robert W Baird downgraded from outperform to neutral w/ a PT decrease of $120 to 93
$VNOM – UBS initiated with a sell rating, and a price target of $18
*Note, a bearish outlook doesn’t necessarily mean I’m considering a short position, I may be looking for it to bottom out before going long.
Neutral – What I’m Trading
$ES_F – I remain neutral on this beast, because I trade it, sometimes several times per day. However, CFTC S&P 500 speculative net positions went from 101.3K last week, up to 119.7K, a sizable win for bulls, and a heartbreak for bears. However, the above noted CFTC bullish outlook can end up being moot, as in this trap ’em game, you don’t know what’s going to happen with $ES_F, but you should be ready for most set-ups the last 10 years or so have given us; including the changing of directions multiple times throughout the trading day. That’s what I’ve based my algo on.
$ES_F Crushed It On a Tragic Day
Almost an 11 point range today. My system made one long trade in the morning, as shown in the below chart, and it never looked back. This morning as I was walking to my mailbox I discovered some dog had taken a nice big poop on my (synthetic) lawn, so of course I began to draw conclusions for the rest of my day, plus the horrific Vegas incident put me in a very down mood. Even though the day was full on melancholy, fortunately my trading day turned out okay. That’s all for now; here’s to hoping tomorrow is an awesome day in every way!
P.S.I sent up prayers for everyone that was impacted by this horrific tragedy in Vegas. Something needs to be done about this!
About Raffi Sosikian
Passion for the markets. Bores wife constantly with market talk. Long term value investor. Trader (algo) of only one instrument – Spoo (E-mini S&P 500 futures). Higher than a 78% win rate over the last 10 years of backtested data. Average win is 3.45 times the average loss. 20 years experience. Coder. MBA. Now offering private funds/qualified purchasers his $ES_F trading service based solely on performance ($0 management fees).