Two Trades I went long in today: LONG: Western Refining (WNR) – Notice the inverse head and shoulders that has formed over a period of months, as well as the range bound ceiling it has been impacted by over the same time...
Read MoreFor the first day since Thursday last week, the lower bollinger band on SPX was not touched as support yesterday and that looked like a clean break towards the upper bollinger band. That’s currently just above the 1340...
Read MoreEconomic Reports Due out (Times are EST): Empire State Manufacturing Survey (8:30am), Treasury International Capital (9am), Industrial Production (9:15am), Consumer Sentiment (9:55am) Pre-market Update (Updated 8:30am eastern):...
Read MoreFYI, there have been a few recent bearish “Death Cross” moving average formations on the Daily timeframe, as shown on the chartgrid below. They are: GS EEM CAT EUFN MS A “Death Cross” will form imminently...
Read More…and before I could finish this post I am OUT – at $16.51 That happens from time to time. Literally as I got in on a beautiful head and shoulders pattern on the 5min SPX chart and inverse head and shoulders on the...
Read MoreHere’s my latest trade: Pharmacyclics Inc (PCYC) which is breaking out nicely after a short-term bull flag. I’m looking for continuation on this incredible run the stock has been on. It’s imprtant to give...
Read MoreOf the many forecasting tools that can be used to predict the future using the past, possibly the worst is extrapolation, though it is probably also the most widely used. Extrapolation is a process of rationalising that whatever...
Read MoreThe VIX (fear gauge) and SPX (S&P 500) correlation is a simple one. If the market is down and the VIX is also down this is a good bullish sign. If the market is up and the VIX is up, like we saw yesterday, this is a good...
Read MoreEconomic Reports Due out (Times are EST): Consumer Price Index (8:30am), Jobless Claims (8:30am), Current Account (8:30am), EIA Natural Gas Report (10:30am) Pre-market Update (Updated 8:30am eastern): US futures are flat ahead...
Read MoreThere are plenty of reasons not to short Apple (AAPL) no matter how good the chart is. Let’s see: They are the biggest best company in the world They have a product with incredible demand despite a lagging world economy...
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