We Are Short Silver Again, For A Trade
After scaling out of the short SLV last week for a scratch trade, today we re-entered on the short side. See the analysis from earlier today here: http://steadytrader.wpengine.com/a-look-at-silver-after-last-nights-crash/ After SLV gapped down this morning we went short on a 50% retracement of the open gap, at 44.98. Today's earlier low near $43.50 will be target 1 […]
AMZN On The Run Higher Again
We pointed this out in the weekly newsletter (http://steadytrader.wpengine.com/newsletter/) over the weekend, and today AMZN is off to the races higher again. At some point here soon a pause is due, but just so we've mentioned it…these inverted head and shoulders patterns are pretty to look at but don't work well (as with most things) […]
Market Day Summary May 2nd
The day started with exuberance and joy from the news about BinLadin's death and ended up selling off. Silver got hammered to the tune of 9ish% and major U.S. equity indices sold off roughly 1/5th of a percent each…except the NDX, whch stayed flat. For our part we made good money short Silver be entering […]
Important NVIDIA (NVDA) Dropping Below Key Suport
I have noted NVDA many times the past couple of months and today it has dropped below an important resistance area at $22. This also corresponds to the 50 dma. How this stock closes today will be important to watch.
Oil (USO) Broke Higher And Gas Further Room To The Upside
As posted here yesterday, the USO ETF was on the verge of a break higher out of an upward channel. While the acceleration of the price of oil from here is very much in the hands of current geopolitical events playing out, I will take some profits should we hit $42 on the USO and […]
Open Table (OPEN) Is At An Important Price Level
OpenTable (OPEN) is up roughly 200% in the past 12 months and over the past few weeks has put in a more concerning topping pattern thus far. In December resistance at $83 was broken and now looks to be acting as support. Valuation-wise one could well argue current levels are frothy. Additionally, should prices slide […]
Morning Thoughts December 1st
Yesterday's rally has brought us to levels in equities that give us hope for more upside into year-end and possibly into January/February. The three day rally has brought the S&P 500 up to an immediate-term overbought level. After a pullback to the 1220-1230 level or so we would look to leg into some Bucket 2 […]
Bucket 3 Idea: OIH
OIH is the oil services ETF and currently loooks to be sporting an inverted head & shoulders on the daily chart below. Given the broader market cross currents this is one of those instances where risk management becomes ever more important than usual. We plan to go long for an initial Bucket 3 positon either […]
Afternoon Update – Watching the USD
The dollar remains the most important chart to watch in our opinion and while it too seems to have binary-move potential it will most likely dictate the way the rest of the risk assets go. On the daily chart looking back three years we see a higher low accomplished earlier this year and now some […]
MS bucket 2 long-side is interesting
we may consider a new long position in MS for bucket 2. banks remain underowned and overshorted and as a relative outperformer we like a few select names going into end of November should the performance anxiety hit. right now the stock is still at the 50 day moving average and at the 50% retracement […]