Silver – A Level To Watch
Much like Gold (GLD), Silver (SLV) has a wedge pattern on its chart. Unlike gold however the SLV looks heavy…i.e. the chances of a break lower seem higher than in Gold. A solid daily close below the $29.80 level in the SLV may just give us a better entry level for a downside trade.
Portolio Holdings Nov 8
Bucket 2 Symbol Open D Direction Sectors Avg Entry Stop Target 1 WYNN 31-Oct short cons cyc 133.13 141 128 Bucket 3 Symbol Open D Direction Sectors Avg Entry Stop Target 1 GDX 7-Nov long 63.04 60 65.5
Morning Thoughts November 8
After showing resiliency the second half of last week the market again did so yesterday. The chart of the S&P 500 shows this best: In addition to teh wedging formation on chart yesterday (see blog post from yesterday), there is also horizontal resistance hera at 1261. A good push above here could easily get the […]
Bucket 2: Long-Side On NFLX
We discussed this one last week but now looks at a better entry point given where the broader market sits. The first gap that comes into play here to the upside is from right here right now up to around $110.
Bucket 2: CREE Long
Last Friday CREE broke its 2011 downtrend to the upside and currently ist trying to establish itself above there. It looks juicy for upside with a first target around $34. We will notify subscribers if and when we enter the trade.
Bucket 2: We Are Long SPY
We are long SPY at $127.25 Profit target around 129 but would likely take the cue off teh S&P 500 itself, if it gets near 1300 we would certainly take full profits. Stops are near 124.50 Don't feel entirely comfortable with the trade but we sized it accordingly.
Walgreen (WAG) Two-Sided Opportunity
Walgreen Co. (NYSE:WAG) with its nearly 7000 drugstores and specialty pharmacies has a firm grip on this industry. Fundamentally speaking the company is keeping up its sales momentum despite the economic slowdown. The weekly chart looking back to 2007 shows the uptrend off the bottom in 2009 is still very much in place although […]
Research In Motion (RIMM) Upside To Fill The Gap
Shares of handheld device maker Research In Motion (NASDAQ: RIMM) have taken a hard stumble since its most recent high back in February. The stock fell from $70.54 all the way down to a $28.82 in mid June and as such is currently back at levels last seen in 2006. Of course some of […]
Taking Profits In OpenTable (OPEN) Short
On May 4th OpenTable (OPEN) offered us a great opportunity for a classic 'short calls' Bucket 3 strategy after the stock dropped hard due to earnings. As expected the stock never saw the pre-earnings levels again and the calls that we sold are now worth a mere 5% of where we sold them at. So, […]
Euro Stoxx 50 Breaching Major Uptrend line
As flagged several times the past few weeks, the Euro Stoxx 50 index was in danger of breaking a major uptrend line that has been in place since May 2010. That uptrend has now officially been broken as the index closed below it two days in a row and today is continuing that slide. […]