EUR/USD At A Potentially Important Point
First blog post of the day here for me, so let me make it a quick one. See the chart below…the EUR/USD is at a three year downtrend line (resistance?). I have no bias as to the next price move here but that is not the point anyway…I am much more interested in looking […]
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 […]
Wells Fargo (WFC) – The Technical Bull Case
WFC along with JPM in my mind are some of the better financials charts out there, at least in comparison to GS and potentially BAC (although BAC is getting at least one leg back up). Let's look at it in two time-frames, weekly charts and daily charts. On the weekly chart below we see a […]
Euro/USD Is Approaching 1.40
Note the quick and steep rally the EUR has staged against the USD over the past three weeks. 1.385 could have served as resistance but the EUR kept rising and is now at 1.40, which should serve as some sort of resistance. Next stop higher would be 1.428, which is the highs from last November. […]
The ‘USO’ Oil ETF Has Major Resistance At $42.30 for Now
The 'USO' Oil ETF has major resistance at $42.30 for now. I am taking some profits here but do believe prices could rise much further after some consolidation. Keep this one front and center as it's likely to move the market for some time.
US Steel (X) Lost It’s Short Term Upside Momentum
As the broader market started pulling back in mid February, X also topped out and has been heading lower ever since. If you remember, There was a nice breakout pattern developing as X jumped above $62. Turns out it was purely technical and as folks noticed that the global economic recovery isn't as strong as […]
BKX Bank Index could Trade lower
A quick look at the BKX Bank Index reveals notable support at the $52 level. A break below could quickly move the index towards the $49 level, which also happens to be the 200 day moving average (red line). How do the component stocks of the BKX look? JPM albeit still longer term bullish now […]
Vmware (VMW) Is Displaying Weakness Worth Noting
Please note the head and shoulders pattern in VMW. the stock was a rally leader last year and currently sits just on top of the 200 day moving average, which makes a short somewhat more tricky. A meaningful pierce through the 200 dma would make a short more attractive. More importantly however to note […]
Russell 2000
Russell 2000 Makes 2 Year High It was the last of the major indices to make a new 2 year highs the past few trading days. . .today it did. And with this the market again proves just about everyone wrong as many called for the mid and large cap and technology stocks' lagging […]
Another Indicator For Weak Growth:
Referring back to the previous post on FRO, note that `forward freight agreements, traded by brokers and used to bet on future transport costs, are anticipating unprofitable charter rates for at least two more years.` Translated that simply means lower global demand for goods and hence services… Take that and combine it with all the […]