Happy Friday
Morning Thoughts Friday October 7
Stocks yesterday again closed at their absolute highs…third day in a row now. Volume was OK but nothing great. Commodities too rallied with Crude Oil again above $80 and copper nearlq 10% off its lows from earlier this week. Gold and silver are trading in a narrow band at the moment and we need to […]
Update on EUR/USD…Long-Side Opportunity
the steep drop from 1.45 down to 1.315 on the EUR/USD cross might have been a little too steep. A 50% retracement of that move would take it up to near 1.384. we are considering a long position in FXE up to the 1.38 target on EUR/USD. also, there is significant divergence in the stochastic […]
Profit Taking In IWM and CSCO
we closed the rest of our B2 long position in IWM this morning. CSCO hit our first profit target this morning and while our long position in the stock is a Bucket 3 we took a little profits…just good risk management and clears the head.
Long FXE (EUR/USD)
we are long FXE for a Bucket 2 trade targeting 1.38. europe news may have reached a near-term negative extreme that could lead the euro to rally a bit here…before eventually then dropping again.
Dollar Index Support Area To Watch
we've discussed the dollar index a ton here over the past few months and noted the breakout of the downtrend resistance line in early September. In conjunction with the EUR/USD previous post on EUR/USD it is conceivable for the dollar to give up more gains in the near-term and an interesting target area to us […]
The Scary Move Of The Swiss National Bank
Yesterday’s move by the Swiss National Bank (SNB) is something everyone should be aware of. Why? Not because it affects everyone whose living costs are in dollars on a personal level but because of what it signals about the global economy. First, what exactly did the SNB do yesterday? The Bank made a incredibly […]
Whole Foods (WFM) Good For Further Upside Longer Term
Whole Foods Market (NASDAQ: WFM) is the leader in organic food retail. The company has around 300 stores in the U.S. and its plans of growing to around 1000 stores are reflected in the growth rate of organic food. Currently organic food is more than 4% of total food sales and over the past […]
Taking First Profits On VMWARE (VMW) Short
Last week I highlighted the extremely bearish day and candle from June 1st in VMW. Read last week's entire analysis here: http://steadytrader.wpengine.com/short-side-opportunity-in-vmware-vmw/ The long tail and intraday failure at a new 52 week high gave us a setup for a high probability short-side opportunity. Fast forward to today, and VMW has followed-through to the downside where […]
Open Table (OPEN) Defined Risk For A Short
Yesterday I blogged about OPEN's weak price action (http://steadytrader.wpengine.com/short-opportunity-in-open-table-open/). While there is support at the $103 mark, yesterday's sell-off left an ugly looking outside (engulfing candlestick) bar. I am putting this short in bucket 2, specifically with a time-frame of no more than 3 days as I am looking for some follow-through of yesterday's […]