Overnight Overview 5/29/15

The recent choppy market action has kept strong overnight edges at bay. Thursday was no exception. Below is a look at the Odds Sheet as it stood near the close.

2015-05-29 image1

Thursday was the 2nd day in a row with an all-white Odds Sheet. All-white means nothing met the Overnight Edges standard min criteria for a possible long or short trade. With the EdgeFinder also blank there just was not a good reason for me to take an overnight position. So I sat out once again.

That turned out to be the right decision as ES gapped down again – this time 3.50 points. NQ had an even more difficult night as it gapped down 10.50 points.

While action has been dull lately, tonight could bring about some interesting odds. I have already sent a special report to subscribers detailing why.

Good luck if you trade tonight, and rest easy!

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

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Overnight Overview 5/28/15

I’m going to keep this short today because there was very little worth discussing from Wednesday. Below is a look at the Odds Sheet as it stood near the bell.

2015-05-28 image1

All-white means nothing met the Overnight Edges standard min criteria for a possible long or short trade. It is also a strong hint that I will not be trading. I saw nothing else last night that compelled me to take a chance on an overnight trade. So I sat out.

The market had a little bit of a rough night as ES gapped down 3.50 points and NQ gapped down 4.75 points this morning.

Good luck if you trade tonight, and rest easy!

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

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Overnight Overview 5/27/15

The market got thumped on Tuesday, which led to some interesting overnight edges to consider and a difficult decision. Below is a look at the Odds Sheet as it stood near the close.

2015-05-27 image1

As you can see, 3 of the 8 index securities we track met the min criteria for a possible long trade. But ES is what I trade, and it fell just shy. There were a few bullish studies we covered in the trade discussion room that nearly pushed me over the edge and got me to trade. But after some agonizing, I sat this one out.

As often happens when I agonize over a trade, it did not matter much anyway. ES gapped up this morning a very mild 1.75 points. More aggressive traders that took NQ positions would have made out a bit better as that gapped up 7.25 points to open the day.

Good luck if you trade tonight, and rest easy!

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

Get Overnight Overviews and other blog posts delivered via email - join the Overnight Edges mail list.

Overnight Overview for 5/26/15

Friday saw very quiet trading ahead of the long weekend. Overnight evidence was also muted. Below is a look at the Odds Sheet as it stood near the 4:15 pm EST futures close.

2015-05-26 image1

The NASDAQ 100 index securities both met the Overnight Edges standard min criteria for a possible long trade. But they were alone. ES is what I trade, and its Odds were close, but did not quite get there. An Average Profit Factor of 1.30 is required and ES came in at 1.29. The EdgeFinder did nothing to push me over the edge and compel me to take a chance. And with a 3-day weekend on tap I generally like to see strong evidence before taking any positon. So it was a pretty easy decision for me to sit this one out.

That worked out well for me as I avoided a 6.25 point gap down in ES to open the week.

May has been a very quiet month for my overnight trading. That happens sometimes. I find signals tend to come in bunches, rather than a steady stream. A lack of signals does not make me ansty. Patience is an important part of trading. A lack of signals will often mean that the market environment is not strongly favorable for a particular strategy. So the worst thing you can do with information like that is to loosen criteria and begin trading that strategy more aggressively.

Good luck if you trade tonight, and rest easy!

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

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Overviews from 5/21-5/22

Last week was a quiet one for the market in general. It was also a quiet week for my overnight trading. Below are the Odds Sheet from Wednesday and Thursday afternoon.

2015-05-21 image1

2015-05-22 image1

The Wednesday night sheet was all-white. That means nothing met the Overnight Edges standard min criteria for a possible long or short trade. It is also means there is an extremely high chance I will not be trading that night. And I did not. And it did not really matter, as ES gapped down 1 point to open the day on Thursday.

Thursday saw some fairly strong Seasonality numbers that caused 2 of the 4 index securities we monitor to meet their min long criteria. But ES is what I trade, and it’s Odds just weren’t there. And neither was its ETF counterpart – SPY. Additionally, the EdgeFinder showed some bearish evidence. So I did not look to take an overnight trade Thursday night either.

That turned out to be a good thing as ES gapped down 3.50 points to open the day on Friday.

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

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Overnight Overview 5/20/15

Tuesday was a quiet trading day with moderate looking Odds. Below is a look at the Odds Sheet as it stood near the close.

2015-05-20 image1

NQ was the lone highlighted security because it was the only one that met the Overnight Edges standard min criteria for a long trade. But it had no confirmation from the other securities. Additionally, the EdgeFinder showed 1 bearish study and 0 bullish. So there was not a clear and compelling directional edge based on what I saw. Therefore, I sat out.

The night saw futures move moderately higher. ES opened 1.25 points higher and NQ gapped up 5.50 points.

Good luck if you trade tonight, and rest easy!

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

Get Overnight Overviews and other blog posts delivered via email - join the Overnight Edges mail list.

Free Intro to Overnight Edges Webinar

I wanted to let you know that I will be giving a special webinar on Tuesday that focuses on overnight trading.  It is free to attend.  All you need to do is register.

Tuesday, May 19, 12:00 p.m EST

At the webinar, I will present:

  • An introduction to overnight trading
  • How I use the Overnight Edges daily odds & research to select trades
  • Tips for finding the best trades and creating an overnight strategy.

I will also be happy to answer any questions you may have in relation to overnight trading.  As you are likely aware, I do not do these webinars very often.  So register now, and join me tomorrow!  I am looking forward to it!

Tuesday, May 19, 12:00 p.m EST

Rest Easy,

Rob

Overnight Overview 5/18/15

Friday saw a flat market and a pretty flat Odds Sheet as well.

2015-05-18 image1

Only NQ met the min criteria for a possible long trade and saw its Averages highlighted in green. Nothing else confirmed. The EdgeFinder showed both bearish and bullish studies. There simply did not seem to be a strong directional edge. So I sat out.

Sitting out allowed me to avoid a small 2.00 point gap down in SPY this morning.

Good luck if you trade tonight, and rest easy!

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

Get Overnight Overviews and other blog posts delivered via email - join the Overnight Edges mail list.

Overnight Overview 5/14 – 5/15

A little overview catch-up from last week. Wednesday night I did not capture a screenshot of the Odds Sheet. But it was mostly white and other signals were mixed so it was an easy decision for me to sit out. Thursday did see a big gap up, but there was very little indicating that was a high probability event. So I have no regrets about not taking a position Wednesday night.

Thursday night’s Odds Sheet is below.

2015-05-15 image1

The strong seasonality stood out here. But Price Action and Internals did not confirm. ES is what I trade and it did not manage to meet the Overnight Edges standard min criteria for a long trade. And neither did its counterpart SPY. So I elected to sit out rather than making a bet based solely on strong Seasonality.

As it turned out it did not matter much. Seasonality barely won out as ES gapped up 1.25 points on Friday.

I’ll be back shortly with an update from the weekend.

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

Get Overnight Overviews and other blog posts delivered via email - join the Overnight Edges mail list.

Overnight Overview 5/13/15

Tuesday saw a mild market decline, and that led to fairly mild edges for overnight traders to consider. Below is a look at the Odds Sheet as it stood near the close.

2015-05-13 image1

Most of the index securities we track showed modestly bullish Odds. ESis what I trade and it saw Price Action & Internals lean bullish with Seasonality slightly bearish. The NASDAQ securities were the only ones that showed Averages strong enough to meet the Overnight Edges standard min long criteria and appear highlighted in green. The EdgeFinder came up blank, with no compelling studies suggesting a long or short edge. Overall, the evidence just was not strong enough for me to take an overnight trade. So I sat out.

As it turned out the market put in a small overnight rally. ES gapped up 3.75 points this morning and NQ gapped up 13.50 points. So aggressive NQ traders would have made out well. I’ll continue to trade my more conservative criteria and wait fort he next solid opportunity to arise.

Good luck if you trade tonight, and rest easy!

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

Get Overnight Overviews and other blog posts delivered via email - join the Overnight Edges mail list.

Overnight Overview 5/12/15

Monday was a mixed day for the market with 3 of the 4 major indices we track closing lower. The action did not generate a strong and compelling overall picture but there were some edges that appeared worth consideration. Let’s first look at the Odds Sheet below.

2015-05-12 image1

The Odds Sheet had a bullish lean, and 3 of the 8 index securities we track met the min criteria for a possible long trade. But neither ES nor SPY qualified. ES is what I trade and its Odds are the ones I pay closest attention to. Price Action and Internals left the Average Profit Factor a little weak. I also shared a study on http://stocktwits.com/OvernightEdges that made a compelling case for the BEARS. This warned me off of any thoughts of possibly trying a long trade. As I announced on the site and in the trading room, I sat out.

It was a good thing, too. The Odds Sheet odds did not play out. The study I posted did, and ES gapped down 7.25 points to open the day. So I was glad to have sat this night out.

Good luck if you trade tonight, and rest easy!

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

Get Overnight Overviews and other blog posts delivered via email - join the Overnight Edges mail list.

Overnight Overview 5/11/15

Friday saw the market put in a strong rally, but it did not lead t strong overnight edges. Below is a look at the Odds Sheet as it stood near the close.

2015-05-11 image1

All-white means none of the index securities we track met the Overnight Edges standard min criteria for a possible long or short trade. The only good bet under that scenario is that I will not be taking a trade. I only trade when there is a clear edge, and Friday did not provide one. So I sat out.

As it turned out it did not matter much. ES opened with a small gap higher of 1.50 points. I’ll be back later with an overview of Monday’s decision and overnight action.

 

 

New to the Odds Sheets? Check out this video for a detailed explanation.

Get Overnight Overviews and other blog posts delivered via email - join the Overnight Edges mail list.