The November-December consolidation seems to be melting up out of its trading range. It shows up on indexes such as IWM and SPY and market leaders such as AAPL, BLK and IBM are starting to take out resistance. While I don’t know how long this move up will last, low volume weeks like this week [...]
Traders use various techniques to define support and resistance. The most conventional tools [I know of] for defining support and resistance are trendlines, channels, horizontal lines, moving averages and Fibonacci retracements. Each of these categories are then defined further into subcategories. For example, when using moving averages, traders use different time periods and also will [...]
Let’s start by taking a look at some basic moving averages and any changes from last week so that we can get a basic pulse on the market. Sometimes it is helpful to remind yourself of the obvious. You generally won’t make money shorting stocks when the major averages are above their 50, 200 and [...]
Last week I titled my Sunday post “What Will The Weekly Price Bar Look Like?” I chose that title for the purpose of pointing out not to get caught up in the daily gyrations. Last week was a whipsaw fest for those that traded directionally. One week later we can see that the market [...]
(7:47 ET): The overnight range is 1089-1094. A tight range. The recent high on the ES is about 1099 so we’re in striking distance of taking that out.
There are a bunch of earnings reports out. No economic data.
AMZN is looking very interesting right here. The stock is trading at $108 in the [...]
The most important chart continues to be the dollar.
As I mentioned in my short AAPL post (I closed my position today – it was just a quick scalp), it seemed likely that the market might have a brief pause due to the dollar hitting support (and UDN hitting resistance). I also noted that the [...]
The AAPL scalp trade is on. This is from my post on Sunday night.
AAPL is running up to its all time high at $200. It is sitting at $188 right before earnings tomorrow. This one could be good for a scalp if it runs up 6-7% on a good earnings announcement. That would put the [...]
In terms of market direction, there is a slew of both economic data and earnings reports out this week. It is worth your time to scroll down (right hand navigation pane) to the “Earnings Calendar” and “Economic Calendar” from briefing.com.
Unless there is some exogenous catalyst (e.g, Iran, North Korea), Monday will likely be slow and [...]
Today I completed my summer cleaning. I trashed almost my entire junk long portfolio. I hope to rebuild it once again if the opportunity arises, but for now my only junk long positions are: SAY, MOT, REV and ETFC. I am now only 21% invested with a short bias. I am patiently waiting for some [...]
The main index I am following is still the Nasdaq and specifically the QQQQs. Technically, everything looks great and the QQQQs are holding support over the October gap.
RSI is going sideways at about 70 meaning there could still be room to run on existing positions but I wouldn’t want to add to my long QQQQ [...]
