Keep In Mind: S&P Futures Gap Below
I haven't heard many people point this out so here it is. Support levels on the S&p 500 indey are $1330, $1320, and $1313. The $1313 level is the bottom of an up open gap from April 20. We are watching this level as potential support. Should it fail, next stop/support area would be […]
INTEL (INTC) Better Entry Level
After the huge move up since its earnigns announcement on April 19th, INTC is now coming into more attractive long-side entry levels as it's pulling back to near the mid $22s. From the weekly chart below you can see the multiyear narrowing trading range (light blue dotted lines), which could serve as an area of […]
If A Medium Term Market Top Is Near – Sell Calls
One of our core strategies for Bucket 3 (the longer-term holding portion of the portfolio) is to sell calls on stocks right after they had a large one day sell-off of at least 10%. The strategy is described in our Trading Plan. Often when the stock market as a whole gets overextended we choose […]
Yahoo (YHOO) On Verge Of Multi-Year Breakout?
There's not much more to say here than: look at this chart! Multi-year resistance in YHOO is at $19 and this time it sure looks like YHOO is serious about breaking above this level. While very near-term this stock could be extended, if looked at with at least a couple months of time-frame I think […]
Trade Idea On Finisar (FNSR) Today
Finisar (FNSR) is indicated to open around 37% lower this morning after missing earnings guidance estimates. In the Chat Room this morning we are discussing ways to take advantage of this and here is a quick summary of what I laid out in this morning's 'Morning Line-Up' newsletter about: Similar to stocks like NVDA or […]
Bank Of America (BAC) Looks Like It Want’s To Go Higher
Just wanted to quickly point out the wedge developing in BAC (dotted blue lines). On the margin that's bullish for now. In the Chat Room we're discussing entry points and stops right now. We're also considering buying a bucket 3 long-term position and then trade around that position with bucket 1 and 2 trades.
Morning Thoughts December 8
Now the focus shifts to the ECB policy meeting and the EU summit on Friday. Also, China CPI and PPI are due tonight at 9pm EST. The sideways shuffle continues…see the chart below of the S&P 500…the last five trading days… a break in either direction is likely soon….once we get past today's ECB press […]
Portfolio Holdings – Dec 8
95% cash + No Bucket 2 holdings, closed SPY and WYNN shorts yesterday Bucket 2 Symbol Open D Direction Sectors Avg Entry Stop Target 1 GDX 7-Nov long 63.04 56 65.5 RIMM 16-Nov long Info Tech 18.94 Takeover target
S&P 500 – holding 1240?
Bulls likely want 1240 to hold…but with tomorrow's binary outcome potential on the back of the EU summit announcements 1240 is but a thin line in the sand given the cross winds at work here The Nasdaq 100 is just above its 200 and 50 moving averages..holding on for a little support. Nothing major but […]
EUR/USD Head & Shoulders Pattern
I posted this chart earlier today but it is worth pointing out again. What's at work here is a 14 month long head & shoulders pattern in the EUR/USD. If it works out text book it should fall to the 1.20 area at the very least. We may start building a short position in FXE […]