Copper Looking Frisky For Further Upside
Copper is often being looked to as a leading indicator for global economic growth. Whether that's true this time around or not is fairly irrelevant for my note here. Looking at the chart below I note a downward-trending channel that Copper is now looking to break out of to the upside. What else? Yesterday Copper […]
Freeport-McMoRan (FCX) Targeting $57.50
FCX is in a longer-term bull-move and now looks to try ending an almost four month-long consolidation phase. Today FCX also pierced above its 50 day moving average on increasing volume. While a 17% up-move in 7 trading days might call for some near-term consolidation, I am targeting $57.50 to the upside with a stop […]
Medtronic (MDT) Looks Like A Short Candidate
Staying with today's theme of looking at trades that find resistance at both the 61.8% Fibonacci retracement and the 50 day moving average, here's another one to look at: MDT bounced off its 200 day moving average just last week and found resistance at the 50 dma and 61.8% Fibonacci retracement level. I see a defined […]
today’s pre-market video is uploaded and ready to watch
http://steadytrader.wpengine.com/video-2/march/
Silver (SLV) Looking For Further Upside
After a two week 'resting' period silver and gold look ready to party at higher levels. Look at the triangle-shaped consolidation pattern in the chart below. I will be long at the market with stops at $33 and targets at $39. It is of course possible this is some sort of double top, but given […]
Molycorp (MCP) Ready To Move Higher
Looking at the chart below you can see the nice consolidation pattern triangle that MCP has formed since early January. Yesterday the rare earth stocks had a huge run and MCP rallied around 17% on the day and right through the 50 day moving average and out of the consolidation pattern. I am happy to […]
F5 Networks (FFIV), A Perfect Fibonacci Setup
If you have followed me trades for more than a day you know that I like to use Fibonacci retracements as one of the measurement tools for entry and profit targets. One of the stocks I have pointed this out repeatedly on over the past two months was F5 Networks (FFIV). After a large drop […]
The Case For Trading & Investing with Multiple Time-Horizons
One of the most crucial realizations I had over the years is that profitable trading opportunities appear in many different timeframes. For instance, you may find that a certain stock consistently bounces or retraces when it hits its 50day moving average and that this trade usually lasts two days for best profitability. At the […]
Goldman Sachs Re-Testing Uptrend From Below
Note the rising blue dotted line in the chart. GS broke through it on March 7th and now is re-testing it from below. I don't want to go as far as saying it's make or break here for GS, especially because of the dividend-happy news from last Friday by JPM, WFC, and today from C. […]
Finding Opportunity In Beaten-Down Stocks
As part of my multi-timeframe approach to managing money I specifically look for strategies that offer a high probability of profits and allow to be traded with a risk-averse setup. Sometimes this means just trading the stock, sometimes this means using options instead, and sometimes it means using both. One of my favorite strategies […]