S&P 500 Futures Level At 1285 Is Key
1285 is a 50% retracement of Friday's sell off. Should that not serve as resistance I will then look at 1288.5ish , which is the 61.8% retracement. If either of those levels end up serving up good resistance it could send the futures down to the key 1260ish level.
INTEL (INTC) Showing Exhaustion Patern
INTC, after finding support just last week near $20.50 now looks to have found it's resistance match near $22. $22 served as resistance several times in 2010 and apparently again now. The past three days have put in weak performance with two dojis and then today's sell-off, all after almost hitting $22, i.e, […]
Important: Ford Is Trading At The Critical $17 Price Level
If you followed this blog in November/December you will remember my chatter about Ford stock. At the time Ford flirted breaking a key price level to the downside at $15.50. Of course looking back the stock ended up putting in a good support level right there and rallied higher. I got stopped out of […]
Transports Are Leading This Tape Lower
In my work I've found that more often than not the transportation stocks (I use the Nasdaq Transportation index, TRAN) have a leading function. Now this is nothing new as any Dow theorist would tell you, but let me show you a chart below of how the TRAN currently looks and what clues it […]
Semiconductors Rallying, Applied Materials Trade Profitable
Semiconductors have overcome some serious technical weakness and today are again smiling in green with the SMH up approx 1%, INTC +0.7%, and Applied Materials (AMAT) +1.9%. I took a long position in AMAT earlier this week as posted here on the blog on the day of. At the time it had displayed […]
Important S&P Levels
These are levels for the futures, but for S&P 500 cash just add 2 or so points. Nearest resistance: 1300 Support levels: 1290, 1278/80, Zone from 1268-1273, 1260, and strong support at 1220-1225
JP Morgan Looking Snazzy. I’m Adding New Capi
Well, the fins are gaining further traction and are up to the tune of 1.75% if we look at the BKX. The leader of this large cap rat pack is JPM which is ripping 3.20%. I took further profits in BAC and added fresh capital to JPM as I think next week could be further uptickage, even […]
Wrapping Up Trading For A Year
I wanted to shoot out a quick message to mention that I'm hanging up my cleats for the year. It's been a good stretch and I thank you all for the support. I'm blessed to have such a great group of friends, family and work colleagues. Below is one last chart for the road. I scalped some JPM to […]
Bank Of America Trades Continue To Be Profitable
Our new BAC long continues to be profitable and yesterday hit it's first profit target. It looks and feels like we will get the santa clause rally to take us higher into year end and one of the stocks participating might just be BAC. AAPL and a few others also look to have further upside potential. […]
Baidu (BIDU) Showing Strength
BIDU put in a long tail yesterday's trading and today is up to the tune of 2.6% right now. Patterns such as these often can build a bottom. I'm not doing a trade here but simply wanted to point out the formation to share what I'm looking at. Just fyi, this formation of a down […]