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???? has been in a strong short term trend following the 13ema/9ma very nicely with another decent move today on increased volume breaking out from its 2 week consolidation pattern suggesting more upside movement from here. [...]…
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After challenging major resistance at SPY 144 two weeks ago, the market pulled back 4.5% heading into the holiday weekend. When trading resumed this week, the market regained its footing. Minor horizontal support held at SPY 138. The economic news this week has been generally positive. Durable goods orders came in better than expected and excluding transportation they were up 2.4%. The GDP was revised upward from .6% to .9% and the price deflator (which does not include food or energy) was revised downward by .1%. Initial jobless claims came in at 372k, which was in line with expectations. Next week, …
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Markets closed mixed the the DJIA -17, NAZ +14 and the SPX +1.Strongest sectors included solar, metals, steel, tech, oil service and defense while financials, homies, real estate and biotech were weak….
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I bought 100 shares of APA at $133.34.
Setup: Trend Pullback. The stock has pulled back to the 50 day moving average, where it found support the last two times it reached this level. Stochastics are oversold and OBV remains stong.
Risk: My intial target is the recent high at $150. I would likely take partial profits, move my stop up to my buy price, and hold the rest into new highs. My stop…
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Before each of my market posts there is a buy/sell call (at owner’s risk!). At the start of the month I usually try to call the flavour for the coming month based on overall market conditions; which I have marked on the chart below. What is clear is having waited so long for the market to roll over (basically spent most of 2007 waiting), I jumped too early on the bullish bandwagon this year. …
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As you know I am bearish on stocks and looking for an entry to short. One of my favorite setups is the 1-2-3 formation.
If you look at the above chart I clearly marked off the swings which make up the 1-2-3 setup. If stocks take out the point 2 low, I will get short with my protective stop above point 3 which hasn’t established itself yet….
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Today I exited my long position in the Japanese Yen at a loss. If you recall I was bullish on this currency based on the weekly trend being up and several other technical factors that simply didn’t work for me this time.
There is a bullish divergence forming in the MACD right now so I may get back in at some point but for now I’ll remain on the sidelines….
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As expected, the market has been very quiet during this holiday shortened week. Yesterday, durable goods came in slightly better than expected, but that did little to excite the market. This morning, the GDP was revised upward to .9% from .6% and the closely watched PCE deflator declined from 2.2% to 2.1%. While the PCE deflator is the Fed’s preferred inflation gauge, it does not include food and energy. This economic news gave the market a lift on the open. Initial jobless claims came in at 372,000 and the number was in line with expectations. The continuing claims stayed above 3 …
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Dave and I were just chatting via IM and we started talking about the Q’s being we both have PUTS there. I think the Q’s will make it to $50 level or thereabouts, sucking in a bunch of buy orders. At that point, the trap is set (BullTrap) and the party is over-or… a new one starts….
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I took a small 75 share position in CLF today at $102.01. This one’s an early breakout pullback. The stock could pullback to the breakout point at $97 and still look good. My stop is around $95 with an undefined upside target in new high territory….
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Playing on your own turf can have its advantages.
I have my latest post based on Problogger’s 12 Tools and Techniques for Building Relationships with Other Bloggers up on the Zignals Blog.h…
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In today’s option trading blog, we’ll take another step. At this stage of my daily routine, I’ve drilled down from 20,000+ stocks to about 10 bullish and 10 bearish candidates. So far, my search has simply looked at the stock’s technicals. Now, it’s time to “lift up the hood” and see what’s making it tick. Fundamental analysis will get me familiar with the company. I can judge the character of the move and draw conclusions. I don’t even pretend that I’ll pick the perfect entry or exit and that’s why I scale in/out. Often, I’ll enter a position prematurely. When the …
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Yesterday, the market was able to stop the bleeding. After five down days, it posted a small gain. There is not much volume during this holiday shortened week and traders will be searching for direction. This morning, durable goods fell by .5% in April and that was less than expected. If you strip out transportation, durable goods actually rose by 2.5%. That news gave the market a boost on the open. Oil prices were down early and that helped as well. As the morning unfolded, oil started to climb. That put pressure on the market and it is testing the downside …
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What books do you recommend?
I have read over 100 books on trading and frankly, most have been a waste of time. A few that I have liked include The Market Wizards books by Jack Schwager, Entries and Exits by Alexander Elder, Thomas Bulkowski’s chart pattern books, Alan Farley’s trading setup book (if you can get through the horrendous writing style) and Technical Analysis for Dummies by Barbara…
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May 21st saw the bullish percents of the Nasdaq and S&P follow that of the Dow with a bearish cross of the 5-day EMA. The S&P compounded the loss with a break of rising support connected by March-April dips using closing price. 
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Out of the four major currencies that I follow (yen, pound, euro and swiss), the British pound is clearly the weakest currency. However, if you look closely at the above chart you will see something that could be of interest to you.
Above is a weekly chart of the British Pound and in the lower pane is the net position of the commericals. You’ll notice the pound looks as though it is trying to…
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From its peak a week ago, the market has been steadily drifting lower from the SPY 144 level. That resistance is reinforced by a five-year uptrend line, the 200-day moving average and a horizontal resistance level that dates back over a year. This morning, prices are trying to rebound as oil pulls back slightly. We saw this same pattern last week and when oil jumped higher the next day, the market quickly retreated. Last week, the FOMC minutes painted a bleak picture. They raised their expectations for unemployment and inflation while lowering their estimates for GDP. They also voiced concern over …
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Sky-high oil is dragging down airline stocks, but options expert Steve Smith says investors can catch an updraft with Southwest and JetBlue options.
This bounce just hasn’t really materialized, I’m guessing that it may not amount to much when it comes. The early afternoon lows put in on May 23rd, look like they may have been the temporary bottom of the most recent decline. There were quite a few positive divergences there. However, today’s move (am) just hasn’t shown much chutzpah. Maybe it fills the little gap? Any way, some sort of bounce should be near, when it gets here, you know what to do….
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