Quick afternoon hit
So far today it’s just been a straight shot higher into the 1310 resistance area on the S&P 500. From a daily chart perspective yes this looks nice but headline risk remains large and with chairman Bernanke having a testimony tomorrow I am keeping my cash pile at 96% and looking to spend more time […]
Two Charts On Silver
The longer-term chart on silver: The nearer-term silver chart: The bottom line: A solid move above the 29.50 mark on silver futures or above 29 on the SLV may become a higher probability trade to the long side, from a pure technical point of view.
Morning Thoughts January 6
We are now 82% cash as of yesterday. Late in the day we added a little FXE for Bucket 2 to the books as the Euro looks oversold in the immediate term. Please watch the morning video for yesteday's recap and more. Here are a few charts we are watching: The banking index (BKX) is […]
Portfolio Holdings January 6
82% cash Bucket 2 Symbol Open D Direction Sectors Avg Entry Stop Target 1 FDX 12/16/2011 long Indu 85.1 80 90 MMM 9-Dec long Indu 81.73 77.5 85 SBUX puts 3-Jan long April 45 strike puts Cons Cyc 2.76 CROX 4-Jan long Cons Cyc 15.97 FXE 5-Jan long Currency 127.47 […]
Updated Close-Up Chart of the S&P 500
Right now we are coming down for a possible re-test of the breakout point from tomorrow;
Wrapping Up A Solid First Week
We are wrapping up the first week of the year. It's been a solid dance floor to swing on as our Bucket 2 positions in the Industrial sector (FDX, MMM) acted well. Our latest Bucket 2 starters from this week (FXE, SBUX, CROX) are still in the process of packing on the freshman 15 and […]
S&P 500 Close-Up Looksy
The S&P 500 continues to trade textbook, technically speaking. On the daily chart here see that the November low hit the 61.80% Fibonacci retracement of the June – September rally almost to the tick before bouncing sharply. Closer-up, on the 30 minute chart looking back to November 28th the same thing. This morning’s slide bumped […]
Two Industrial Stocks Into Year-End
In yesterday’s article I discussed the S&P 500 sectors performance and shed some light on the industrial sector, which I see as a potential outperformer into year-end. Today, let us look at one industrial stock to like and one to dislike into the last few trading weeks of 2012. Should stocks continue to drift higher […]
S&P 500 Close-Up Look
Last week the S&P 500 closed higher just marginally but the intra-week volatility was meaningful. Thursday’s rally found its match just a day later, which forced equities to close at the lows for the day. The 15 minute chart of the S&P 500 shows that on Friday the index retraced back to its breakout point […]
Don’t Trade On Pure Technicals The Coming Days
With the U.S. election just hours away I have received a dozen or so emails asking me how folks should trade the market these next few days. In short, unless you must trade by mandate or have in incurably itchy trading finger it might be best to just sit out and let the elections come […]