US Steel (X) [10/20, 8:15am]
US Steel price action looks very similar to early 2015. It has been trending up in a very choppy manner over the last several months. This has the look of a counter-trend move to me.
Apple (AAPL) [10/19, 2:00pm]
Apple is breaking a 3 week uptrend and looks like it may be resuming a move to the downside that it started in September. News hitting the wires today about Apple slashing iPhone 8 orders from its manufacturing plants.
IBM [10/18, 8:20am]
IBM is bouncing in the pre-market based on earnings release after the market closed yesterday. I am expecting resistance to come in around the 154.50-156 area. This move in IBM is what is driving Dow futures in the pre-market. IBM revenue has now declined for 22 quarters in a row.
Alibaba (BABA) [10/17, 12:15pm]
Alibaba is trying to break a multi-month uptrend line again. Since August 24 it has been struggling to push higher.
Vipshop Holdings (VIPS) [10/17, 8:10am]
Vipshop looks like it may have put on the low on the ending diagonal pattern. That pattern also ends a zigzag correction pattern. This could get interesting.
Apple (AAPL) [10/13, 8:10am]
Apple has been rallying over the last two weeks but it is starting to look more like a bear flag than anything else. This would not be surprising after the break of a major trendline in late September.
US Steel (X) [10/12, 11:45am]
US Steel is acting well today and is the big percentage winner on my screen, up 2.6% at the moment. It acts like it wants to go up. Maybe bad news on Kobe Steel is helping US Steel. I’ll probably be discussing this with my members tonight.
Caterpillar (CAT) [10/12, 8:15am]
Caterpillar keeps bumping along the upper end of this long-term channel. This is the third time. I am expecting this to start turning down soon. I would not be buying it up here. I have no idea what is driving this stock other than some great anticipation of an infrastructure bill…good luck with that. Maybe the global economy is stronger than we think. Or maybe the stock is just over extended.
Walt Disney (DIS) [10/11, 12:45 pm]
Walt Disney continues the downtrend. It is currently down $1.43 at lows of the day. The chart picture is not up to the minute. It’s breaking the 4 week counter-trend rally and will be approaching the 20 month trendline.
Gilead Sciences (GILD) [10/10, 8:25am]
Watching to see if this can resume the move up. It is at a critical juncture. Either it closes back above the 10 ema and breaks the short-term trendline or it breaks down thru the 4 month uptrend line. We should know soon.