Two Stocks, Same Setup (NFLX, BIG)
Now that Tuesday’s trade idea in Yelp Inc (YELP) is moving nicely in the direction discussed, let’s look at two new high probability trade setups. Both Netflix (NFLX) and Big Lots (BIG) saw significant jumps in their stock prices on Tuesday December 4th coupled with equally significant jumps in volume. Both rallies came on company-specific […]
Closed Bucket 2 Position
We closed the Bucket 2 short position in SPY Friday afternoon. A classic bear trap developed post Draghi comments on Thursday that left the charts with a bullish tone at the end of the week. Outside days and bullish reversals are all over the charts. More on this in detail in the morning thoughts on […]
Morning Thoughts August 6
The big upside reversal Thursday afternoon with follow-through on Friday was significant. We closed our SPY short position Friday afternoon and are now positioned a little long SPY. Next upside target on S&P 500 for us is 1405 and we see a good chance the index can hit 1420 in coming days to maybe 2 […]
S&P 500 Close-up Update
Just a quickie close-up look at the S&P 500 here. See the 60 minute chart below. After falling out of the bear flag on June 1st the index quickly fell 3% and found the bouncable bottom at 1267. As of this writing we have retraced exactly 61.8% of the move from the top of the […]
What Kind Of A Market We May Expect This Summer
Over the past week I was asked numerous times what I foresee for stocks during the summer months. The question may be a little too forward to fully answer at this juncture, simply due to the fact that headline and rumor risks are at ultra high levels and that has the potential to shoot risk […]
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;