Wednesday Morning Market Thoughts

Wednesday Morning Market Thoughts

Yesterday's intraday reversal at $1318.50 in the S&P 500 lifted the index so that it could close above the 50 day moving average.  The 50 day moving average has not been well respected as of late, which is why we believe an area around $1300 would serve...
Heads Up On Starbucks!

Heads Up On Starbucks!

As we mentioned here yesterday, SBUX is displaying a nice narrowing trading range, also know as a bullish pennant.  The pattern usually resolves to the upside, but should it break to the downside could lead to a quick and violent move.  As of this writing...
Starbucks Brewing Up A Nice Chart

Starbucks Brewing Up A Nice Chart

Starbucks (SBUX) is brewing up a beauty of a pennant pattern.  Bullish pennant pattern such as these break up and out of the pattern by definition.  A breakout in either direction of the pennant however could lead to a fast and furious...