The market over the last two days and for the last 6-8 weeks reminds me of ping pong. Back and forth, back and forth. No trend. As I mention in the video we have been getting many two day moves and that’s it. It then reverses. This too will end, it’s just a matter of how long. The wave count and pattern I see leads me to believe, time is running out.
In today’s video I review six trade ideas. First there is the trade idea on QIHU that was exited last week. Then I review four that are open: SNDK, STX, SCTY and UA. And then I look at MU which is a trade idea I am looking to open possibly on Tuesday depending on price action.
Here in the United States it is officially Memorial Day on Monday. Cookouts, camping, boating, the Indianapolis 500 all part of the official start of the summer season. But on this Memorial Day weekend my thoughts turn to remembering my Uncle Bob.
World War II
Uncle Bob served in the Army in World War II and the Korean War and then at the Pentagon for many years. He was a great guy and my favorite uncle. I was fortunate to have been able to spend some time with him in the late ’80s when we lived in Northern Virginia.
He would come visit the family and many times he and I would go play golf at Andrews Air Force Base and other courses around Washington D.C. I remember asking him about the war but he never wanted to talk about it. That was Uncle Bob.
He didn’t want to talk about how he was in North Africa in 1943 and won the Silver Star for bravery. He didn’t talk about the Bronze Star that he received either. He didn’t talk about the fact that he was with the Army fighting their way up Italy to Monte Casino. I have a newspaper article about Uncle Bob from April 1944, with the title… “Says War Beyond Description”.
Uncle Bob died in 1990 of cancer at the age of 69. He, like my Dad, just liked those cigarettes a little too much. Uncle Bob was laid to rest in Arlington National Cemetery. I was there when they buried him. I have his flag and his medals.
Remembering Uncle Bob and many others on this Memorial Day weekend.
In today’s video I look at the market action of the last two days and for the week. Stocks in focus are solar stocks, Canadian Solar (CSIQ), First Solar (FSLR), SolarCity(SCTY) and the Guggenheim Solar ETF (TAN).
It’s those Dow Transports again! They were down 2% today as the airlines ran into some severe turbulence. In tonight’s video I look at American Airlines Group (AAL) down 10% today, Delta Air Lines (DAL) down 5.6%, Southwest Airline (LUV) down 9.1% and United Continental down 10.3%…wow! I also check out Salesforce.com (CRM) which reported earnings after the bell today.
Supposedly the sell-off was triggered by news that LUV was expanding their growth target. I’ll let you read the article. All you have to do is look at the charts and see that the airlines have been topping out and breaking down.