Morning Thoughts August 23
Yesterday’s intraday reversal off the lows felt weak, the test is this morning…will we see follow-through weakness from Tuesday? For now we remain short SPY and IWM. Two stocks to watch: Biglots (BIG) with its big gap down this morning may eventually have room down to the $35 area. CMG is on the verge of […]
Morning Thoughts August 21
It was a dead day yesterday and trading ranges remain narrow and the path of least resistance up. On the S&P 500 this might well mean we see 1440 before we see 1400 again, but at this stage in the rally one should at least have taken partial profits and remain with trailing stops. Anything […]
New Short Positions Bucket 2
We are short both SPY and IWM as of this afternoon. Targets to be determined tomorrow
Closed Bucket 2 SPY long 142.20 – target reached
Now waiting for potential consolidation sideways or down, then reevaluate another long position in SPY with potential target at 1440
Morning Thoughts August 17
We’ve been long SPY bucket 2 for almost two weeks now and will take full profits at the open today. Not so much because we don’t think the market could rise more but because we’ve talked about the 1415 – 1420 area on the S&P 500 for several weeks now as our price target. Also […]
Look at Apple Leading The Way Again
Any questions as to what is leading the tape again? The intraday chart below should answer it…AAPL is the green line
Morning Thoughts August 15
Boring session yesterday Here’s s stock that broke higher though and through its 50, 100, and 200 moving averages on good volume. We like to for further upside for bucket 2 with stops around the halfway point of yesterday’s rally
Morning Thoughts August 14
We continue drifting higher in risk assets. While it is simple to short this rally I would point to the chart below indicating how well all sectors are now participating in this upswing. Sooner or later we will correct but I for one do not want to step ahead of a train, especially if retail […]
Morning Thoughts August 13
Equities may be overbought here near term but 1415 – 1420 on the S&P 500 may still be possible. Note the bullish setup on the 60 minute chart below. One stock showing good strength for a potential breakout is ECA. A solid close above $23 is buyable.
Starbucks near important medium-term support
Coffee retailer Starbucks (SBUX) at one point this year, just at the downturn point of broader equity indices in April, was up around 34% for the year. Fast forward 3.5 months and the stock as of today is almost flat for the year and from a technical point of view has broken some important support […]