Bank Of America (BAC) Looks Like It Want’s To Go Higher
Just wanted to quickly point out the wedge developing in BAC (dotted blue lines). On the margin that's bullish for now. In the Chat Room we're discussing entry points and stops right now. We're also considering buying a bucket 3 long-term position and then trade around that position with bucket 1 and 2 trades.
Morning Thoughts December 8
Now the focus shifts to the ECB policy meeting and the EU summit on Friday. Also, China CPI and PPI are due tonight at 9pm EST. The sideways shuffle continues…see the chart below of the S&P 500…the last five trading days… a break in either direction is likely soon….once we get past today's ECB press […]
Portfolio Holdings – Dec 8
95% cash + No Bucket 2 holdings, closed SPY and WYNN shorts yesterday Bucket 2 Symbol Open D Direction Sectors Avg Entry Stop Target 1 GDX 7-Nov long 63.04 56 65.5 RIMM 16-Nov long Info Tech 18.94 Takeover target
S&P 500 – holding 1240?
Bulls likely want 1240 to hold…but with tomorrow's binary outcome potential on the back of the EU summit announcements 1240 is but a thin line in the sand given the cross winds at work here The Nasdaq 100 is just above its 200 and 50 moving averages..holding on for a little support. Nothing major but […]
EUR/USD Head & Shoulders Pattern
I posted this chart earlier today but it is worth pointing out again. What's at work here is a 14 month long head & shoulders pattern in the EUR/USD. If it works out text book it should fall to the 1.20 area at the very least. We may start building a short position in FXE […]
Silver – A Level To Watch
Much like Gold (GLD), Silver (SLV) has a wedge pattern on its chart. Unlike gold however the SLV looks heavy…i.e. the chances of a break lower seem higher than in Gold. A solid daily close below the $29.80 level in the SLV may just give us a better entry level for a downside trade.
Portolio Holdings Nov 8
Bucket 2 Symbol Open D Direction Sectors Avg Entry Stop Target 1 WYNN 31-Oct short cons cyc 133.13 141 128 Bucket 3 Symbol Open D Direction Sectors Avg Entry Stop Target 1 GDX 7-Nov long 63.04 60 65.5
Morning Thoughts November 8
After showing resiliency the second half of last week the market again did so yesterday. The chart of the S&P 500 shows this best: In addition to teh wedging formation on chart yesterday (see blog post from yesterday), there is also horizontal resistance hera at 1261. A good push above here could easily get the […]
Bucket 2: Long-Side On NFLX
We discussed this one last week but now looks at a better entry point given where the broader market sits. The first gap that comes into play here to the upside is from right here right now up to around $110.
Bucket 2: CREE Long
Last Friday CREE broke its 2011 downtrend to the upside and currently ist trying to establish itself above there. It looks juicy for upside with a first target around $34. We will notify subscribers if and when we enter the trade.