Silver (SLV) Coming Into Support Zone
Silver's real parabolic move started at the end of January. Looking at the below chart I note that the area between $37 and $38 serves as a) the 50% retracement from the low to the high of this move and b) where the 50 day simple moving average comes in. Both of those items often […]
Open Table (OPEN) Option Trade
After announcing earnings last night, as well as the departure of their current CEO/President, the stock is getting punished today…currently down about 14% on the day. The stock rose almost 400% from the beginning of 2010 to just last week and sports a current P/E of 155. As such the stock certainly was and still […]
Apple (AAPL) Is Setting Up For A Long and A Short Trade
Apple (AAPL) has been making lower highs and lower lows over the past six weeks or so, as noted on the daily chart below. Why is this important? AAPL is one of the most widely held stocks and as such one of the most widely followed companies. Its stock price for the past few years […]
Research In Motion (RIMM) Head & Shoulders Playing-Out
As discussed early morning today in the pre-market morning video (http://steadytrader.wpengine.com/video-2/march/), RIMM is in the progress of playing out a classic head & shoulders pattern. See chart below. The target is just north of $51. Several things make this head & shoulders pattern nice in RIMM. Note the consolidation period around the 200 day moving […]
Near-Term S&P 500 Levels That I Am Watching
Support Levels: 1329, 1325, 1320 Resistance Levels: 1336 – 1338, 1345
Trader’s Lunch:
Please Note The Large Gap In The S&P 500 Futures Below
Yesterday's open gap up was around 13 points. I am noting this one front and center because should we start sliding lower this gap can get filled quickly, which would lead us right back to near the $1300 level on the SPX.
INTEL (INTC) Is Still Looking Good On A Longer Term Basis
A 12month chart on INTC shows us the significance of the $22 level and the longer term narrowing trading range (light blue dotted lines)
Critical Juncture Here For The S&P 500 Short Term
We're currently dancing on top of yesterday's open gap. In the Futures that corresponds to just about $1320. We've hit that level twice this morning and keep bouncing, which is to be expected given the bulls' resiliency for two years now. Should we fill this gap however we should be right back near $1320, and […]