Morning Thoughts November 10
Yesterday we witnessed a major reversal. Please note the big gaps on either side of the market here this mornign. Currently as of 8:40AM we have about a 1.4% gap to the downside and about a 2.3% gap to the upside. That sets up clearly defined targets for Bucket 1 trades and possibly Bucket 2. […]
Portfolio Holdings November 10…with Commentary
95% cash, more or less the tape is insanely volatile and that currently makes it senseless to hold any bucket 2 and bucket 3 positions in equities. Our bucket 3 long position in GDX is a) wigh major exposure to gold (a commodity and metal) and b) somewhat of a hedge against lower stock prices […]
MF Global Advertisement
Just flipped through a Bloomberg Markets magazine from earlier this year and found this ad…..just sayin'
Bucket 2: WYNN – we added to the position again
WYNN is looking weak, we added to our bucket 2 short position again this morning. The head and shoulders pattern has taken its sweet time to work out but it it is now looking like it wants to resolve to the downside. We took first profits at $126 and see that if WYNN can close […]
JPMorgan For A Quick Upside Trade
Banks have underperformed the market for the better part of this year and given the current short-term oversold state in the broader U.S. equity markets the banks could offer us a chance at a quick buck here. In the chart below dating back to April note the blue line (financials) underperforming the S&P 500. […]
Retail Holdrs Trust (RTH) – Watching For Upside Momentum
The RTH recorded an inverted hammer on Tuesday, which often can lead to upside momentum if price doesn't fail far below the candle. So far price has held up and on a daily close above 106.80 this could setup for a good but quick bucket 2 trade to the upside. For now we are still […]
Dollar Index Getting It Together Again
From the more 'recent' highs in the dollar index back in June of last year, down to the following lows in December of last year, the dollar rallied back 50% and in January of this year found resistance…which also coincided with the 200 day moving average. Given the technical pattern we predicted a downside price […]
Taking Profits On WYNN Resorts (WYNN) Short
Following our short open on WYNN on June 7th, as discussed here http://www.investorplace.com/44545/stock-to-short-wynn-resorts-nasdaq-wynn/, we are taking full profits today at $132. I still see potential for WYNN to move lower and eventually to our discussed profit area near $130, however: The stock fell quicker than expected and prudent risk management here dictates we take profits, put […]
UK Retailer Tesco (TSCO) Attractive Chart Pattern
We don't trade a ton of European stocks but the chart of UK retailar Tesco (TSCO on the London Stock Exchange) is looking juicy. The inverted head and shoulders pattern not only put in a nice solid bottoming process in March, it also has a nice and defined entry (above 415), stop (below 400) and […]
Morning Look At The S&P500 Chart
Last Thursday the S&P 500 held right at the breakout level, 50% retracement, and 21 day exponential moving average of $1336. Friday's Doji candle and yesterday's constructive bounce (albeit on low volume) is making this chart look fairly stable again. The best thing about it however is that all we need is one meaningfull selloff […]