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Recent Commentaries
Two Small Biotechs With Hot Charts To Watch
ARCA biopharma, Inc. (NASDAQ:ABIO) and Somaxon Pharmaceuticals, Inc. (NASDAQ:SOMX) are on high alert based on their relative price and technical patterns. Both traded substantially higher not long ago and both have solid bull flag patterns developing on their daily charts. ARCA biopharma traded...
Key Support And Resistance Levels On The SPY
The SPDR S&P 500 ETF (NYSE:SPY) is hovering flat to slightly negative on the day. When the markets opened, they gapped substantially lower. This was quickly negative by a massive squeeze on some positive economic news and Friday manipulation action. The below chart shows the key support the SPY...
Economic Data Sends Market On A Wild Ride
The big earnings announcements have subsided over the last week, but the economic reports continue to flow. Today, GDP was reported for the second quarter, 2010. It came in around the estimates at 2.4%. The futures sold sharply. Why did the futures sell sharply on a GPD number that came in li...
'Friday Effect' Engaged
Many traders and investors may have realized by now that the major stock market indexes often get supported or defended into the weekend. We call this phenomenon the 'Friday effect'. If you have looked at a chart over the last two years most Friday's before a weekend are basically a flat to sligh...
FDX Is Popping Off the Lows
FDX has surged higher with the stock indexes from the open this morning. This is a leading transportation stock and followed by many investors. FDX will have short term intraday resistance around the $82.55 - $82.60 level.
COP Flexing Some Early Muscle
Conocophillips(COP) has surged higher from a gap lower open at $54.00. The stock is now trading higher by 0.28 cents on the day to $54.85. COP will have intra-day resistance around the $55.10 - $55.20 area.
Euro Touches 1.3105; Weak Equity Markets Trigger Volatile Trading Session
The Euro surged to 1.3105 for the first time since May shortly after U.S. equity markets opened, but was unable to hold this level as stocks corrected sharply during the trading session. The subsequent break triggered volatile moves throughout the session with the market retracing inside the 1.3...
GDP Up 2.4 Percent; Economy Growing Slowly; Stocks Called Lower
U.S. economic growth slowed during the second quarter more than economist estimated, pressuring equity markets before the opening. Expectations were for a rise of 2.5% to 2.7%. Stocks fell on the news as investors shed risky assets.Treasury futures rallied in flight-to-safety buying as yields in...
EURUSD - a few scenarios
We have come down to the .382 retracement of the last leg and bounced. Oridnarily we would look to build a bear flag and then go further to the .500 fib. Looking at the chart however, there is a large consolidation area between the .382 and .500 fib which could stall the cross and leave another...
Where Do We Go From Here?
Commerce Department. The second quarter Gross Domestic Product reported was 2.4%. This is sharply lower from the revised first quarter number of 3.7%. Economists had expected the second quarter number to be 2.5%. Therefore, today's number was not a big surprise. What does this all mean for the ma...
Chart Presentation: What If?
We are going to start off today with a bit of a ‘what if?’. The Decade Theme argument is based on the idea that one or more major asset classes rises to a peak in the first year of a new decade. We had commodity prices in 1980, Japan in 1990, and the Nasdaq in 2000. With the strength in commodity...
Still fears over an underlying deterioration in the US economy
EUR/USD The Euro found support close to 1.30 in early Europe on Thursday and challenged resistance levels during the day as funds attempted to extend the recent rally. The Euro-zone data was again stronger than expected with gains for business confidence while there was a further decline in Germa...
Stocks closed lower on heavier trading volume.
Summary: Stocks closed lower on heavier trading volume. Stocks closed lower on heavier trading volume on 7/29/10. The S&P 500 Composite (SPX) moved a little further below its 200-day SMA and remains neutral. SPX remains above its 50-day SMA, but the 50 is below the 200. MACD rose further above 12...
U.S. Dollar Bull Index (UUP) pulls back to major support - July 30, 2010
After a moderate gap up on the open, stocks quickly reversed and sold off sharply through the morning session. By noon, most major averages were down 2% or more from the intraday high on a significant pick up in volume. Though the morning breakdown was quite convincing, stocks stabilized and stag...
Zagg Inc. (NASDAQ:ZAGG) Starts Progressing Up
Zagg Inc. (NASDAQ:ZAGG) started progressing up yesterday. All of a sudden, it soared approximately 6% on the market to close at $3.36 per share. Along with the price move, its traded volume almost got double to exceed 838 thousand shares for the day. As the company has not released much news rece...
