Oil’s Pullback So Far Is Healthy Consolidation
Despite all the headlines oil's 7% drop has made this week, oil thus far still remains above the $105 level where it broke higher from in late March. As discussed in today's Morning Line-Up Newsletter however, I would not be a buyer here until I see price stabilize. My long target (i closed my longs […]
Chesapeake Energy (CHK) Failing At Important Levels
Yesterday I scribbled about the nice consolidation phase in CHK and how above $34.60 I could be a buyer for a bucket 2 trade, see here http://steadytrader.wpengine.com/chesapeake-energy-chk-attractive-above-34-60/ Today's price action is entirely different and all the more important to note. Today CHK broke below an uptrend line in place since last December, as well as the […]
Altria Group (MO) All-Time High A Fade?
Yesterday MO made a new all-time high and as such closed above last November's high. With earnings coming up on April 20th and the stock having had the massive move up, the question I am asking is whether it is worth trying to fade this potential double-top formation. Fundamentally speaking I can see demand from […]
F5 Networks (FFIV) Still Acting Weak – Ride The Trend
In the chat-room we have been short FFVi for the past 10 days or so and are sticking with our final profit target of $88 so far. It's been a big move down off the highs at $145ish and I'm not trying to pick up pennies after making dollars, but this particular stock remains acting […]
Levels To Watch On SPX, RUT, IYT
Good Morning Again! Here are the levels I am watching on the S&P500, the Russell 2000, and the Dow Transports ETF (IYT). SPX Support: 1320, 50 day moving average (yellow line), 1310, 1300. SPX Resistance: 1340, 1345. I still see a potential final SPX upside target somewhere between 1380 and 1450. RUT Support: […]
I am recording the pre-market video now, will be available here shortly:
http://steadytrader.wpengine.com/video-2/april-2011-2/