Quick Market Wrap-Up…May Need A Pause
Hi Folks I was in transit all day today and now a little jet-lagged so I will keep this brief. Well, it was another rally day in the markets and we did climb and close above SPX 1320. All summed-up this is now a 5.5% rally in 10 trading days. I mentioned that as a […]
Chipotle Mexican Grill (CMG) Breakout Higher
No doubt CMG has had an amazing run in 2010 and already thus far in 2011…but it looks like it just wants to climb higher. The weekly chart below shows the run, as well as the nice consolidation move that ended late January. Zooming in to the daily chart we see a nice narrowing trading […]
Quick Mid-Day Update…Watch S&P 500 1320
This morning we rabbit-bounced off the 50 day moving average (yellow line in chart below) at 1305 and exploded higher into the 1315 area. If this area does not hold as resistance then look 5 points higher at 1320, which was yesterday's high. If and when we close above the 1320 I see us heading […]
Today’s premarket video is uploaded and ready to watch here:
http://steadytrader.wpengine.com/video-2/march/
Pre-Market Notes – Tuesday March 29th
Pre-Market Notes – March 29th With the SPX right at (but above) the 50 dma, yesterday was a bit of a lazy session. Investors need some rest here to digest the wild swings from the past two weeks. At the same time it is quarter end (3 trading sessions left) this week so I would think the swings […]
Apple (AAPL) Was The Clue To The Late-Day Sell-Off
As discussed yesterday, AAPL was the main stock I watched today for clues whether the market will hold up today. Sure enough, after a failed sell-off attempt late morning, AAPL spent the second half of the afternoon letting sellers dictate the market. Technically today's price action was pretty meaningless for AAPL as well as for […]
What is it about this chart that wants me to short it?
Isn't there just something about this chart that makes you want to short it? maybe that's exactly why we should't
USD/JPY Long Trade Is Starting To Pay Off
Last week (March 21) I discussed a trade in the USD/JPY to the long side. The rationale had to do with a very clear candlestick bottoming pattern. The trade involved buying the YCS, which is a double ETF of the USD/JPY exchange rate. Today, exactly one week later, the trade is starting to look nicely […]
Semiconductors (SMH) May Trade Lower
After trading up in a nice and night upward channel from September 2010 until early March of this year, the semiconductors swiftly sold off by the tune of almost 10% in just eight trading sessions. From quick move down, the SMH has now retraced (moved up) a little over 50%, which also coincides with the […]
Today’s pre-market video is ready to view here:
http://steadytrader.wpengine.com/video-2/march/