Retail Holdrs Trust (RTH) – Watching For Upside Momentum
The RTH recorded an inverted hammer on Tuesday, which often can lead to upside momentum if price doesn't fail far below the candle. So far price has held up and on a daily close above 106.80 this could setup for a good but quick bucket 2 trade to the upside. For now we are still […]
Dollar Index Getting It Together Again
From the more 'recent' highs in the dollar index back in June of last year, down to the following lows in December of last year, the dollar rallied back 50% and in January of this year found resistance…which also coincided with the 200 day moving average. Given the technical pattern we predicted a downside price […]
Taking Profits On WYNN Resorts (WYNN) Short
Following our short open on WYNN on June 7th, as discussed here http://www.investorplace.com/44545/stock-to-short-wynn-resorts-nasdaq-wynn/, we are taking full profits today at $132. I still see potential for WYNN to move lower and eventually to our discussed profit area near $130, however: The stock fell quicker than expected and prudent risk management here dictates we take profits, put […]
UK Retailer Tesco (TSCO) Attractive Chart Pattern
We don't trade a ton of European stocks but the chart of UK retailar Tesco (TSCO on the London Stock Exchange) is looking juicy. The inverted head and shoulders pattern not only put in a nice solid bottoming process in March, it also has a nice and defined entry (above 415), stop (below 400) and […]
Morning Look At The S&P500 Chart
Last Thursday the S&P 500 held right at the breakout level, 50% retracement, and 21 day exponential moving average of $1336. Friday's Doji candle and yesterday's constructive bounce (albeit on low volume) is making this chart look fairly stable again. The best thing about it however is that all we need is one meaningfull selloff […]
Energy Sector Getting Top Heavy Here
There is no doubt that the tape is feeling heavier since last week's sell-off. One of the sectors that is feeling particularly heavy is the energy sector. I always feel that partticularly for ETFs that nowadays get thrown around as if they are an individual stock, it is particularly important to be aware […]
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The Bears
Are The Bears to Scared To Bounce? Just look at the simple chart of the S&P500 (SPY) below. The fact remains that every single dip got bought more aggressively than the last one over the past . After so many slaps to the head do you think the bears might just be a little shy to […]
Morning Thoughts Dec 9
Today's announcements out of the EU summit will be key and likely the catalyst for either a year end rally or a stare into the abyss. Importantly but very simply, a break above the 1265-1270 area on the S&P 500 will get us long various stocks from our wish list via Bucket 2: SPY, CAT, […]
Portfolio Holdings – Dec 9
No changes from yesterday: http://steadytrader.wpengine.com/portfolio-holdings-dec-8/