we are long MS for bucket 2 swing trade
We are long MS from $16.97. stop at $15.90 and first target near $19 to $19.50. Reason: Strong intraday recovery, strong daily candle, support at 50 sma and 50% fibonacci retracement…financials lagged all day but suddenly picked up slack. Back drop from g20 improved…that can flip on a whim…all depends on what side of the […]
Bearish Near-Term Pattern in Visa
on the weekly chart visa left a long tail doji two weeks ago and last week gave us follow-through selling. more weakness should be following this
Breakdown of U.S. Government Spending
Ann Taylor Setting Up For Another Short
On July 13th I discussed here (http://www.investorplace.com/50082/ann-taylor-stock-retail-sales/) that ANN Inc (NYSE: ANN), formerly Ann Taylor Stores, might be a good short opportunity based on both the longer and shorter term charts. The stock then ensued to rally more than anticipated, finding resistance near its 50 day moving average (yellow line) and depending on how […]
How’s This For Volatility:
Here's the dollar index futures contract intraday today. Volatile enough for ya? To me this just speaks to the massive uncertainty currently.
Key Price Level For MGM Resorts (MGM)
We are watching MGM here near the $14 level. Over the past eight months that level has served as resistance and support on and of. MGM is back at that level again and any bounce from here could be a good long setup. On the contrary if the $14 level should fail a short setup […]
Financials Leading The Broader Index Today So Far
Look at the XLF (blue line) leading the SPY up and away today so far.
Euro Stoxx 50, Dancing On Support Line
I wanted to point out the support area again on the Euro Stoxx 50 this early morning. The uptrend line has been solid support since May 2010 and that is again where price has meandered to over the past two days. It's make or break time here as far as I'm concerned. If we break […]
Friday Morning Market Thoughts
Boom! Nonfarm payrolls 54k vs 169k concensus expectations. The futures shaved off a quick 15 points on the back of this and are hovering around the $1295 mark. Yesterday's trade was marked by consolidation, which was to be expected after Wednesday's brutal beating. As laid out in the morning market video today, we don't see […]
Today’s morning market video is ready to view here:
http://steadytrader.wpengine.com/video-2/video-may-2011/