The stock market might be hitting a wall of resistance. I’m talking about the huge overhead supply from the trading range that occurred from March into August. When you look at the chart of the S&P 500 (SPX) it is now right in the middle of all that.
Given how far and how fast the market has come since September 29, I think there is a good chance that all that overhead supply is now going to come into play. Also given that the Energy ETF (XLE) and some of the oil stocks look they are trying to bottom, I am wondering if a geopolitical event is about to occur that will affect oil positively and the stock market negatively. Continue reading
The markets added another push higher today with a fair amount of volatility in the afternoon after the Fed announced no change in interest rates. The DJIA ended the day up 198 points and the Russell 2000 started to play catch-up also, up 33 points, almost 3%.
Oil looks like it may trying to trap some bears with the move today. In tonight’s video I also talk about 2 new trade ideas on Apache (APA) and Chevron (CVX). Continue reading
All the indices were down today with NYSE Composite and the Russell 2000 down to a greater degree than the others. The breadth of the market and the indicators are leaving me wondering if the move down has now started. I talk about this in the video tonight.
Stock market land mines continue to go off throughout this entire rally. IBM was down 4% today on news that the SEC was investigating their revenue recognition process. IBM is now down 9.5% from its Oct. 9 countertrend closing high.
And Twitter (TWTR) reported earnings after the market closed and hit a land mine, trading down 12.3% in after hours trading. Apple (AAPL) on the other hand was basically unchanged on their earnings, as of 5:15pm CT. Continue reading
The market was very tight today with the Dow Jones Industrial Average (DJIA) trading in a 58 point range and the S&P 500 (SPX) trading in a less than 9 point range. This is extreme compression.
In today’s Weekday Market Wrap video I also look at the SPX monthly chart to see what is setting up and what it might mean. Continue reading
In this week’s trade ideas video I review 2 trades closed last week on Apple (AAPL) and Gilead Sciences (GILD). I then review 4 open trade ideas on Whole Foods Market (WFM), Goldman Sachs (GS), Celgene (CELG) and Netflix (NFLX).
Finally 3 new trade ideas are discussed: Adobe (ADBE), Alibaba (BABA) and Costco (COST). Have a great week! Continue reading
Powered by WishList Member - Membership Software
