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Showing Posts 81 - 90 out of 103 found.

Running out of Steam?

Running out of Steam?

On Wednesday the Federal Reserve had everyone’s attention with the FOMC announcement. I don’t think there were any surprises as the Fed left interest rates unchanged…for now. Speculation continues about when a rate hike is coming. I think most Fed forecasters would agree that June is off the table, while some are circling the September meeting on their calendars. The Fed has repeatedly told...

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Oh Well, Maybe Something Fun Tomorrow

Oh Well, Maybe Something Fun Tomorrow

As I am wont to do now and then … well, maybe more now than then, I feel the need to correct the economic picture. Simply, the US economy is in a pattern and Europe is on the mend, really. Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 262,000 for the week ended April 25, the lowest reading since April 2000, the Labor Department said. The pattern for the...

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A Market Without Purpose or Direction

A Market Without Purpose or Direction

Yesterday The S&P500 mini futures (ES) gapped down at the open yesterday (Wednesday) and stayed lower for the close. The first quarter GDP came in at 0.2% growth, well below expectations, in the morning session and even the usual Fed double-talk in the afternoon could not rescue the day. The June contract (ESM5) closed at 2099. This was a hair below to 2100 support, and a loss of 13...

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Hammering out a Bottom

Hammering out a Bottom

The volume profile chart of the Nasdaq Futures shown here is the day session only. The “Floor” is at the Weekly Pivot (4476), which marked the day-session close on Wednesday. This is good news for the bulls, since intraday probing took the Nasdaq down an additional 20 points, as the equity market tried to decipher rather dramatic action in the bonds. As noted yesterday, the corrective action...

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Altera: Is A Buyout Still In The Works?

Altera: Is A Buyout Still In The Works?

Altera rallied to multi-year highs last month on speculation of Intel looking at a potential takeover offer for the smaller semiconductor company. Talks appeared to stall just a few weeks ago according to CNBC's David Faber, but the most interesting part of this is that Intel reportedly was willing to pay $50+ per share to acquire them. Unusual Options Activity On top of this, post initial...

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Oil Again, But Dinosaurs Too

Oil Again, But Dinosaurs Too

We all think we know where the price of oil is headed, especially the experts. They crunch the numbers and come up with predictions, and, well, like many predictions, they fail to materialize. Let’s go back to last fall to exemplify my point. Oil prices had been sliding, but on Oct. 1, the future still looked bright. For the next three months, oil would average $97 a barrel, according to a...

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Ceiling and Floor - NQ Volume Profile

Ceiling and Floor - NQ Volume Profile

The target for Tuesday was the unfilled gap and the lower boundary of the Upper Value Area, then at 4482. (The Upper Value Area is colored light green on the chart.)   While this was an obvious target, the market nevertheless obliged with a vengeance, testing the Weekly Pivot at 4472. The key resistance level now is the High Volume Node at 4522. Notably, the NQ was not able to close above it...

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Soybean Exports: Will we see More Cancellations?

Soybean Exports: Will we see More Cancellations?

Last week’s weekly export sales report showed 102 thousand metric tons of beans were sold the week prior for future shipment.  This was down 67% from the week prior and 29% under the four week average.  Yet prices rallied 8 cents into the close.  So what is up with the bearish report and bullish response?  There were several issues here.  One, energy prices such as crude oil finished the...

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BBY-Options Strategy

BBY-Options Strategy

I like holding the cards, or at least stacking the odds in my favor.  Let me show you what I mean.  I had a major technical long trigger Tuesday morning in Best Buy (BBY).  Here’s the chart: Not to get too “technical” here, but we have two major indicators that signaled the long. First is what I call an inside bar entry and second was how it put in lows at or near the 200 Day Moving Average...

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Banging on the Ceiling Again

Banging on the Ceiling Again

YesterdayThe S&P500 mini futures June contract (ESM5) traded erratically yesterday (Tuesday) in what was almost the mirror image of Monday's price action. Overnight it dropped to 2095, which has been an active support level for several weeks, then rallied to open at about the previous day's close, and moved a little higher after the open.So far so good. Then it made what was almost a...

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