Banks at important near-term resistance zone
banks are running into initial resistance her after a massive rally off last week's lows. Stocks like MS are up 30% off the lows and the BKX and XLF are up about 12% and coming into their 50 day moving average and resistance line. some consolidation here would be healthy before then possibly heading higher […]
Taking profits in EUR/USD long position
we are long bucket 2 FXE and the eur/usd fx cross now it our target. we want to take full profits here at the open. there is better resistance near 1.39 and 1.40 but 1.38 is more conservative and was the profit target we set at the open of the trade…gotta stick to the rules […]
Trades we want to do upon a higher low confirmation:
if and when we put in a higher low in the major indices we want to buy: MS, AKAM, RIMM, HIG …we are keeping this on our radar…
VIX at a big support level…if it holds watch equities lower…
Boring Tape…Patience is needed
Buying into a 11% rally (SPX) in just 6.5 trading sessions is bad risk/reward. the trading week thus far is boring and is requiring much patience. patience however will get rewarded if we exercise discipline. at this stage our portfolio is fairly flat and we are looking for a little pause/pullback of this rally. until […]
Update on CSCO
our bucket 3 holding in CSCO remains acting well…which is easy in this type of bear market rally, so no selfglorification here. the weekly chart shows resistance right here right now. ditto on the daily chart…the 200 moving average right here…right now the long term target level for us is near $22…but i reiterate…LONG-TERM
A 11% Rally INTO Earnings Season…
…this makes it just a little…or maybe alot…more difficult for companies to rally significantly THROUGH earnings seson. it's something to keep in mind as we are setting up for JPM and GOOG to report tomorrow. what are we doing? trimming off some of our long bucket 3 inventory in CSCO and feeding it to the […]
sold short a little SPY into the close here …
…for a quick bucket 2 try
Gamestop May Soon Work Higher
GameStop Corp (NYSE:GME) is a retailer of video game products and PC games. As the stock has recently made a good move off a near-term bottom despite lousy August video game sale numbers it caught my attention. The weekly chart displays a narrowing trading range dating back to 2009. On the week of […]
Autozone Topside Breakout Potential
With more than 4,600 stores in the US, Puerto Rico, and Mexico, Autozone (NYSE: AZO) is one of the larger U.S. based retailers and is a Fortune 500 company. Its business of selling automotive replacement parts and accessories is doing well and the stock had a monster year in 2010, up more than 70%. […]