United States Steel Corp Sniffing At A Key Breakout Attempt
US equities frolicked higher yesterday Monday September 9th on the back of a big rally in Asia and eased concerns around a possible military strike on Syria. Most sectors of the benchmark S&P 500 index acted exceedingly well, among them the materials group, which with yesterday’s 1.50% rally managed to close at a fresh year […]
Starbucks Breaking Out, Again
Coffee retailing giant Starbucks, Inc (SBUX) continues to push higher in unabated fashion. Since its August 2012 lows the stock has rallied more than 50% and this year alone the stock is higher by 21%. When will it all end? I’m not sure that’s a question worth asking yet, although being on the lookout for […]
Google, Still In A Positive Posture
In my last musing about internet giant Google Inc. (GOOG) on May 21 here (http://investorplace.com/2013/05/goog-is-full-right-now-come-back-later/) I went over the near-term overbought conditions of the stock and said it would likely have to either consolidate in price or time (sideways movement) for some time before standing better odds of moving higher again. The stock has since […]
No Reason To Chase Microsoft Stock Higher Here
On April 30th I discussed here (http://investorplace.com/2013/04/microsoft-stock-needs-time-to-digest/) that Microsoft Corporation (MSFT) with its recent near vertical ascent will likely need to consolidate before ultimately having better odds at rising much higher. Four days after my column the stock had pushed to a high of $33.91, where it however ultimately found resistance that led to the […]
PNC At Major Resistance Line
Diversified financial services organization PNC Financial Services Group (PNC) along with the majority of the banking sector had a great run off the November 2012 lows. Specifically the stock is higher by 25% since then and recently again ran into a major resistance/toggle point. The resistance line/area in question dates back to early 2010 and […]
Market Outlook April 11
Yesterday’s broad rally in risk assets squeezed plenty of players that got caught with too many beta shorts from last Friday. The tape continues to be unforgiving to short sellers, just as the S&P 500 marked another all-time high daily closing. On the daily chart of the S&P 500, the breakout was clean past the […]
Apple’s Chart Shows Bullish Tone Heading Into iPhone Announcements
Since my last update on cult stock Apple Inc. (AAPL) on August 6th HERE, the stock has continued its push higher and found resistance in the $500 – $520 area that I laid out at the time. As the company is scheduled to announce two new iPhones tomorrow September 10th, I thought it would only […]
US Dollar Index Readying For Higher Levels Still
The reaction to last Friday’s better-than-expected June jobs report was decidedly positive for at least three assets reflecting growth; stocks, bond yields (and interest rates) and the dollar all jumped on the news. On the chart below I drew all three assets and the resulting picture speaks for itself. Stocks, bond yields and the US […]
Small Caps Via The Russell 2000 Leading The Rally
After breaking its November 2012 up-trend line on the weekly charts the S&P 500 remains in oversold bounce mode as it re-tests the underbelly of said uptrend. Until the S&P 500 breaks past the 1645 – 1650 area (which is only inches away), this index is thus not showing any leadership. If we look toward […]
Gold Readying A Bounce
With earnings season upon us and really kicking into high gear next week, I am keeping a close eye on gold for signs of possible risk aversion trades. As I discussed here (http://investorplace.com/2013/04/go-for-the-gold-but-do-it-quickly/) on April 2nd, the near-term inverse correlation between stocks and gold, upon a sell-off in stocks, is consistent. In other words, a […]