Quick end of day thoughts
We took some gains from the rally by selling our entire MS bucket 2 position to the ducks for good profits and did the same with our IWM bucket 2 long position, but only half of it. Tomorrow's non-farm payrolls number looms large and we want to remain nimble going into it. we expect the […]
The Long Side on Finisar (FNSR)
Finisar Corp. (NASDAQ:FNSR) is a provider of so called ‘optical subsystems’ and equipment that connects local area networks, storage area networks and metropolitan area networks. Sector: Communications Industry: Telecommunications On the weekly chart we note two key trend lines. The first is the uptrend from the lows of 2009, which Finisar Corp. (NASDAQ:FNSR) broke […]
Costco (COST) Has Room To The Upside
With close to 600 stores, Costco Wholesale (NASDAQ: COST) is one of the largest membership wholesale retailers. The recent buyout announcement of BJ Wholesale Club (NYSE: BJ) led me to have a closer look at some of its competitors and I promptly found a nice long setup in Costco Wholesale (NASDAQ: COST). On the […]
SOX Semiconductor Index Chart…Fibonacci 61.8%
Check out the 61.8% Fibonacci retracement level that held earlier this week on the SOX. Just something to keep an eye on.
Monday Morning Market Thoughts
Last week's market action was weak, as displayed by bearish engulfing candlesticks on the weekly charts of major U.S. indices. The Russell 2000 is despite choppy action very close to again making lower lows since the beginning of May and the SPX and NDX look very much the same. This morning I am […]
Today’s morning market video us ready to watch here:
http://steadytrader.wpengine.com/video-2/video-june-2011/
Semiconductors Remain Looking Weak
Semiconductors as a group remain looking weak as displayed by the SOX index below and should slide lower. Two things however; 1) the SOX index is no longer as representative of the semiconductor industry as it used to be due to foreign listed competitors adn 2) Intel is back below the $22 level and as […]
Tight Bullish Pattern In Walgreen (WAG)
Note the tight channel, so far considered a bullish flag pattern, in WAG. A trade would trigger to the long side on a daily close above the channel.
XLE At Meaningful Support Area
The XLF is now near the $15 area – a level that could hold as support, as discussed often during recent weeks.
Dominos Pizza (DPZ) Huge Gap Above
Check out the ginormous gap on the chart below. If DPZ starts putting a dent into that puppy you can see, it could work all the way up to $31. Obviously this ain't your run of the mill gap so it a) will take time and b) given the enormity of it should be looked […]