A Look At Silver After Last Night’s Crash
Last night silver futures fell as low as $42.20, about a 10% sell-off. As of this writing the futures have rallied back up above the $45 mark, but still down over 6% on the day. See the intraday chart. On the daily chart note the uptrend measured from the end of January is still in […]
Baltic Dry Shipping Index Not Participating
The baltic dry shipping index reflects rates charged for commodities shipping. The index is usually considered a fairly decent indicator of economic demand for goods and growth but over the past two years the index has done nothing at all, indicating demand for shipping is not on the rise. I have pointed this out […]
Breakout In Crocs, Inc (CROX)
After reporting earnings last Thursday the stock has come back to a the $20 area which previously served as resistance. We think a trade is setting up here for a bucket 2 swing trrade.
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 […]