WYNN Resorts Double Topping
With the bounce in the broader market during the second half of last week, plenty of strong stocks that had developed solid bases from which to break higher, again began pushing toward the upper end of their trading ranges. Among them, luxury hotel and casino operator Wynn Resorts Ltd (WYNN), which by Friday August 23rd […]
Can Big Tech Hold Up The Market? Unlikely
As the oversold bounce in US equities ensued in the second half of last week, it was the big tech as represented by the Nasdaq 100, or the Powershares ETF (QQQ) leading the joy. Yesterday, Monday August 27th the QQQs again looked to be leading the way as they briefly re-tested their mid-August and year […]
Facebook Breaks To Fresh 52 Week Highs
Social media website Facebook Inc. (FB) last Friday August 23rd staged a beauty of a breakout of more than five percent, pushing the stock not only to a fresh 52 week high but a brand new all-time closing high at $40.55. When I last discussed Facebook Inc. (FB) in this column HERE on July 31st, the […]
Stocks Nearing Bounce Territory
Last Tuesday, August 13th I discussed (HERE) that after such a steep run in stocks year to date a correction of 5% – 10% would be nothing unusual nor anything that longer-term investors would need to concern themselves too much with. Two day later, stocks snapped an important near-term support line. Fast forward six […]
Exxon Mobil, Oversold But Still Wobbly
Oil exploration and production giant Exxon Mobil Corporation (XOM) recently, in late July, bumped up against its long-time area of resistance around the $96.00 mark. What at the time may have looked like a stock with potential to pierce through resistance however once more established itself as the weaker of the two and proceeded to […]
Qihoo’s Vertical Rally Continues
Chinese internet security software firm Qihoo 360 Technology Co. Ltd. (QIHU) had a choppy stock price for the first two years as a publicly traded company. After the March 2011 initial public offering (IPO) the stock dropped for a few months and then began to settle into a percentage-wise wide, but very defined trading range […]
How High Will Gold Bounce?
As gold continues its bounce off the late June lows, some investors are scratching their heads. With at the margin improving economic data both in the US and Europe and notably rising bond yields, shouldn’t the trajectory or gold be lower given that it is not a big fan of economic growth? While the simple […]
Semiconductor Stocks Feeling Heavy
Semiconductor stocks, given their early cyclical nature are a bunch that I watch closely for clues to the broader tape. After a major drop in the early part of the century thanks to the pop of the internet bubble and the commoditization of computer chips, semiconductor stocks as a group had a much more random […]
Tesla Stock’s Waning Upside Momentum
Designer and manufacturer of high-performance electric vehicles, Tesla Motors, Inc. (TSLA) has stood on center stage for the momentum and trend-following investor crowd since at least May when the stock began a vertical incline. Ever since then, those looking to short the stock had to do so on an intra-day basis or the very next […]
Would a 5% – 10% Correction Really Be So Terrible?
As trading action has slowed down thus far in August, I took some time yesterday afternoon to reflect back on the year to date price action in US stocks. The nothing short of pristine upside price action has led to both a sense of complacency on the part of the bulls and fear that even […]