Morning Thoughts October 31
U.S. stocks closed Friday with strong gains for the week, leading the S&P 500 Index to possibly finish October with the biggest monthly gain since 1974. Stocks continued their rally after the European rescue fund was boosted to 1 trillion Euros and banks agreed to a voluntary writedown of 50 percent on their Greek debt […]
monthly charts with bullish undertone
yes october will most likely have been the second best month on record…nice. with that it also left its mark on the montly charts…note the charts of the SPX and NDX below. both recorded monthly outside bars. that is bullish all else being equal. not an actionable catalyst in and of itself however but something […]
XHB nice short setup
the SPDR homebuilder etf (XHB) looks like a good risk/reward short. note the 200 day simple moving average (red line) and the doji that the etf left right there yesterday. a decent quick bucket 2 short side entry with a clear stop above Thursday's high might be considered.
casinos breaking out…
they could be one of those year-end squeeze plays. note the weekly chart of LVS below…a solid daily close above $50.50 or so may be a solid long-entry point. WYNN too is looking better.
Morning Thoughts Friday October 28
A little consensus and shifting a good amount of the debt burden to the banks was all it took from Europe and markets went bananas over it. I guess after all the back and forth by European officials over recent months it was a relative improvement. But all is not resolved quite yet. In fact, […]
some perspective in an otherwise nutty rally
S&P 500 up 17% in 18 trading days Nasdaq 100 p 15.5% in 18 trading days Russell 200 up 26% in 18 trading days SOX semiconductors index up 21.5% in 18 trading days remember that rallies that turn vertical often have sharp corrections…
early morning charts…DAX, Eurostoxx 50
while the S&P 500 rallied beyond its 61.8% Fibonacci retracement move, the European indices…at least the DAX and the Eurostoxx 50 are still well within those resistance zones. See the charts below. Given that this rally was all on the back of news out of Europe it might be wise to take resistance clues from […]
banks!
ok…could have saved the exclamation point, but they are breaking out. the trick to this trade will be wait whether they can actually close above the breakout levels. so i's wait and see until at least 3:30 pm today.. should they be able to close well above there…in case of MS around $18.50 or better…one […]
breakouts in these stocks we follow:
here is a list of stocks we mentioned recently that are breaking out today: XLE, AKAM, BLK, MS, BKX, ZUMZ, CHKP, MON we don't want to go long any of them right here right now, but should they close at their highs we may add something in small size…will keep you posted.
spx right at the 200 day simple moving average…
so the question begs…can it pop above here? of course it can, but a decent risk/reward short side opportunity has arisen here. one can just short the spy, or sell far otm calls… although with vol having come in puts are again getting cheap… there aren't any great short ideas here right now…but they can […]