UDN is right at resistance. The market looks strong this morning but be especially careful before crude inventory comes out at 10:30 ET. If the dollar does breakdown (and UDN breakout), the market will explode higher and Dow 10,000 will be very real. However, this is an action point and I would be a [...]
I’m looking to add BSY if it pulls back a bit today off its highs. One of the few decent looking bullish setups.
I just shorted a little QQQQ at $34.90 and MOO at $33.40.
Continue reading about British Sky – Not Many Bullish Setups
I ended up taking a short vacation this weekend, so there will be no educational post until later this week (likely Saturday).
I do think Thursday’s weak price action will spill over into this week. If you look at the overnight futures from Thursday, the head and shoulders pattern is obvious but the target after the [...]
This week I have less general market commentary and more focus on specific stocks. I’m seeing more long opportunities than short opportunities, but I am generally seeing a good balance of both. Many of my ideas from last week are also still valid.
The action in the QQQQs was actually quite helpful last week. I had [...]
QQQQs held support today. Watch to see if it holds support at $35.40. This is the key support level.
IAT breached support today.
Commodities are a mess. Check out a sampling of KOL, JO and MOO.
For those looking for a long idea, CERN might be worth a look if it can breakout over $60.
Finally, if you need [...]
Continue reading about QQQQs Holding Support; Regional Banks Breaking Down; Commodities A Mess
The QQQQs have definitely been leading the market up and a break above the very prominent October gap at $36 would be pretty incredible. That would be almost a 40% increase off of the lows in about 6-7 weeks. More importantly, this is the line in the sand when things really fell apart. SPY has [...]
The market is right at an inflection point. 880 was tested today and held. Coming into the day short, obviously I was disappointed when the GDP number disappointed and the market still held up. I then thought that the market might fade after the initial pop but it held.
I did add long positions in [...]
Continue reading about Sticking With The Plan; Shifting From Junk To Quality
This week looks like it may present some opportunities to take some cuts to the short side.
- Resistance at 880 (January and February highs)
- 880 is the level which provides a complete retracement from the huge February drop. That was a 24% drop down from approximately February 10-March 9.
- $SPX/SPY is now up [...]
SGR reports earnings on April 8th. If it is a good report, I would expect a break above $30 and I would be looking to get long.
MOO (Ag Stock ETF) looks like it could be ready to make a move. My read on the chart is a double bottom in October/November followed by a consolidation [...]
