KMI Ready for a Bounce
Hi Shoppers, Grab a match … It’s time for a candle lesson. The bullish engulfing Japanese candle is found at the bottom of a downtrend. It signals a possible change in that trend, a rally or a bounce. This candle has a green real body, meaning the close was higher than the opening for the […]
Is IWM Breaking Down?
Hi Shoppers, Yesterday the iShares Russell 2000 Index (Ticker: IWM) closed below a major support level: And here is the chart on Direxion Small Cap Bull 3x (Ticker: TNA): TNA provides a way to play IWM moves with less money. It looks to me like TNA could trade down to the next support level at […]
Pepsi Ready to Pullback?
Hi Shoppers, There is a possible hanging man in the Pepsi (Ticker: PEP) chart: PEP could trade back down to $174. Wait for a confirmation, meaning PEP is trading lower for at least an hour this morning. Then find some cheap puts to buy. Like I said, it’s late. Thanks for Reading … See You […]
Big Time Rally in Bitcoin
Hi Shoppers, Wow! What a week. There are banks failing and our fearless leaders are bailing them out … again. Printing money out of thin air … again. This bailout, though different in some key ways, is costing more than the 2008 bailout. Is there more risk? Are normal Americans going to get slaughtered in […]
CLF Is Going Higher
Hi Shoppers, Check out the doji in Cleveland Cliffs (Ticker: CLF): CLF traded down to my old resistance new support level and managed to close above the 200 day moving average. I will watch the first hour of trading this morning and if CLF is trading higher, I will be a buyer of the Mar31 […]
Advice, Invite, Trade
Hi Shoppers, I think we are going higher, at least in the short term. Check out the ProShares UltraPro Short Dow30 (Ticker: SDOW) chart: SDOW formed a hanging man on Monday when it couldn’t close above the 200 day moving average and has confirmation yesterday. A hanging man is found at the top of an […]
Where Do We Go From Here?
Hi Shoppers, Wow! What a week. And it ain’t over. Let’s take a look at where we are in the three major indices and where our next support levels come in. Here is the S&P 500 (Ticker: SPX) chart: Of course the next level of support comes in at the nice rounded number of $3800. […]
More Goodies!
Hi Shoppers, I sure hope you’ve been paying attention. My last two trade ideas were goodies! Also, my write up on General Electric (Ticker: GE) in the Option Pit Stop/PIt Report was right on. If you are not a reader of our free newsletter the Pit Report, sign up here. We pick one stock each […]
RIG Is Going Lower
Hi Shoppers, Take a look at Transocean Inc (Ticker: RIG): Yesterday’s action created a bearish engulfing candle and there is stiff resistance at $7.68. I think RIG could trade back down to the 50-day moving average at $6.30. Next week’s 7.50 puts below $.40 are a good purchase: Be sure to wait for RIG to […]
John Mellencamp & Fed Talking Heads
Hi Shoppers, Bank of America (Ticker: BAC) has been in a downtrend since Feb. 7. It has a hammer candle formed on Thursday with confirmation on Friday: On Friday, BAC closed right at the 200-day moving average and the 50-day is just above at $34.49. I will be watching for BAC to trade over that […]