U.S stock market opened lower on Wednesday, Dow Jones Industrial Averages down 0.05% while tech sector opened higher with 0.02% advance but immediately sold by the bear. The market still waiting for the tax-reform result while tapping political week as President Trump continuing trip in Asia. While the tax-reform is good for medium to big companies, it will hurt small companies. Traders might look for short opportunity in the small-cap sector if tax-reform passed.
Asian stock market mixed on Wednesday. Nikkei down 23.78 points (-0.10%) to 22,913.82, Shang Hai Composite up 1.33 points (+0.04%) to 3,414.91 and Australia ASX 200 up 1.92 points (+0.03%) to 6,016.27. European stock market also trade directionless. DAX Germany up 0.01%, FTSE UK up 0.11%, and Euro STOXX 600 down 0.25%.
Dow Jones Industrial Average (INDU)
The bull is on a winning streak in Dow Jones Industrial Averages index this week. The index notches record high each day and showing no sign of weakness yet. There is no reason to look for short position under the current situation, and it is better for traders to wait until exhaustion pattern formed.
Hint: The upward movement accompanied by declining volume.
Hertz Global Holding (HTZ)
HTZ drop sharply in the previous day trading session. The market seems to price in a worse than expected result before 9th November earnings report after market close. There is chance for traders to look for long position near the daily SMA 200 on bounce hope. But, it looks like traders might see a break below the averages instead and shift to downtrend.
AA – The share prices hit its daily SMA 50, look for bounce upside.
WFC – The bear pushes the price lower toward the daily SMA 200. Traders might consider placing long position near the averages on bounce confirmation.
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