Non-Cyclical Sectors Outperforming Cyclical Sectors
On April 18 I wrote a piece entitled Where We Stand: A Look at S&P 500 Sectors and Industries which looked at the recent outperformance of more cyclically exposed sectors versus defensive sectors. What I had found was that defensive sectors like the utilities (XLU) and consumer stables (XLP) had decreasing correlation versus theS&P 500 (SPY) over the […]
A Graphical Reference Point For The Weak Financials
The financials as measured by the popular XLF etf has been a distinct underperformer relative to the broader market as well as the more defensive sectors over the past two months. Instead of delving into a flurry of reasons for this let me just point out a point of reference hat that we are looking […]
Intel (INTC) Up Six Days In A Row
Since it's earnings announcement on April 19 Intel is up 15%, and six days in a row in the gree. If it closes green today that would make it seven consecutive days of gains. Excessive? Probably, at lest in the short term, which is why I expect a pull-back to the $22 area early next […]
The Strategy For Trading Research In Motion (RIMM)
We have a position in Research in Motion(RIMM) again from the short side. This time with our high probability OTM short calls strategy. Please consider the trading plan if you want to learn this strategy: http://steadytrader.wpengine.com/trading-plan/
Interesting Longer-Term Research In Motion Chart
As a follow-up to my post on Research In Motion from earlier today (http://steadytrader.wpengine.com/update-on-research-in-motion-rimm/), here is a multiyear chart of RIMM. We are noting to subscribers the 2.5 year long trading channel and subsequent lower highs and lower lows. Should RIMM be determined to remain in this channel and test the lower end of the channel, […]
Update on Research In Motion (RIMM)
Yesterday we started analyzing a potential trade in RIMM to the long side, see the blog entry here: http://steadytrader.wpengine.com/research-in-motion-rimm-looking-at-gap-fill/ After hours yesterday RIMM came out with a fairly smelly profit warning for the current quarter, bringing the per share profit estimates down to between 1.30 – 1.37 from the previous estimates of 1.47-1.55. That's about a […]
Research In Motion (RIMM) Looking At Gap Fill
RIMM has been one of our prominent shorts for the past few weeks, and a position we finally closed early this week. The technical pattern in play was a classic head and shoulders pattern with a final target at $51 (note the dotted blue neckline on the chart). The stock seemed to have run out […]
Market Summary – April 27
This here is the martini-hour thoughts newsletter summary sent to premium members. I am posting it today on the public blog here as a sample, but without the charts. Enjoy! Wednesday, April 27 Just as we wrote in the morning line-up letter, the morning ended up fairly boring in terms of pure […]
Inverse Head & Shoulders In AMZN, SPX, And All Around!
For the sake of pointing it out but not so much because I want to play this….note the inverse head and shoulders pattern in AMZN. The neckline (resistance) is ust around $192, which by the way is also an all-time high for AMZN. The stock is up nicely today after announcing earnings last night, so […]
Today’s Agenda:
12:30 PM – FOMC Announcement 2:15 PM – Bernanke Press Conference Expect trading to settle down into a slow pace early on after the initial opening splurge of trades. All eyes will be on the above two events. Once the press conference is over we will watch the action before taking any meaningful trades. […]