Research In Motion Still Sliding Lower. My Profit Targets:
I've rambled about this over the picturesque head & shoulders pattern in RIMM. In the daily newsletters and chat-room we've actively managed this position and are slowly taking profits. Next area of profit taking is around $52.50, with a final hurray closer to the $50 mark. Scaling into and out of positions, that's how we […]
Why S&P 500 1,300 is important, until it fails…
The simple reason why SPX 1300 is important is because that's where we bounced from today. Two more things I'd like to point out however, that give 1300 a little more resiliency. One, 1300 served as resistance in mid March and two, it's also between the 38.2% and the 50% Fibonacci retracement level.
Is Home Depot (HD) Ready To Rip Higher?
Fundamentally speaking I hear that Home Depot and Lowe's stores are jam packed as folks are doing up their homes. It's not clear what the reasons are for the sudden home improvement spurt. Is it a) people doing up their homes because they feel better about their financial future and hence a positive sign for […]
Today’s pre-market video is ready to watch now:
http://steadytrader.wpengine.com/video-2/april-2011-2/
My ebook is now available: ‘Multi-TimeFrame Trading & Investing
‘Multi-TimeFrame Trading & Investing – A Comprehensive Trading Plan’ (ebook) Pick it up here: http://steadytrader.wpengine.com/trading-plan/
Vmware (VMW) Still Looking To Rock At Higher Levels?
Before I get started, let me say that even though VMW looks good here for a long, I do think it came a little too quick too fast. As such I would l am looking for a little pullback to somewhere around $84-$85, where I will consider buying some for a bucket 2 trade. […]
Good Morning, I will record the pre-market video shortly:
It wil be available here: http://steadytrader.wpengine.com/video-2/april-2011-2/
Netsuite (N) Still Looking Frisky For Further Upside
And…one time in band camp…umm…this tape is getting to me. A quick note on Netsuite (N) here. Note the nice upward trend in place since August 2010, which has led to a narrowing trading range this year. The stock is holding up well even in today's intraday reversal (at least thus far). A move above […]
S&P 500 Inverse Head & Shoulders Pattern?
I'm not going long on this basis along and need more confirmation, but note the inverse head & shoulders pattern in the S&P 500. The SPX currently also sits right at the 50 day moving average (yellow line) and this morning is gapping up 0.7%. I need more confirmation to go long, but for now […]
Chesapeake Energy (CHK) Short-Bet Update
After yesterday's sell-off in CHK I initiated a short position, as discussed here: http://steadytrader.wpengine.com/chesapeake-energy-chk-failing-at-important-levels/ Today the energy sector is getting a bid (XLE is up 0.90%) and CHK is playing along, up 2.25%. Looking at other energy charts like Exxon (XOM), Schlumberger (SLB) and others, the recent supply doesn't make those charts look much more attractive […]