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 […]
Bullish Signals Everywhere. Are We Ready for a Bounce?
Hi Shoppers, Believe it or not, I’m seeing bullish signals. Olé! Yesterday’s action in the major indexes has created possible change-in-trend candle formations. Could we bounce from here? I say yes. Of course we need confirmation today …meaning we need to see some followthrough to the upside. Check out the hammer formed in the Emini […]
Mind The Gap, There Are 4 Ways
Hi Shoppers, Let’s take a break for a quick technical analysis lesson. A lesson on gaps. You see, a gap is created when a stock or underlying opens higher or lower than the high or low of the previous session. It creates an area where no trades were made. There are four types of gaps, […]
Will AAPL Hold?
Hi Shoppers, Apple (TIcker: AAPL) has held its 200 day moving average after being tested the last three days. Wednesday’s candle looked like it could have been a doji, signaling a change in that mini-downtrend since Feb. 16 But it did not pan out. Thursday it traded lower, but did manage to close higher … […]
Is This Selloff Sus?
Hi Shoppers, Nice selloff yesterday Traders had a split-second at the opening to the bell to move on their longs or to get short. That was it. In fact, you had to sell the opening print to get the high of the day. Here is the S&P 500 (Ticker: SPX) five-minute chart for Tuesday: And, […]
Am I Still Bullish?
Hi Shoppers, Wow! What a week. Did you see that close on Friday? The whole week seemed to be fits and starts. Open lower and trade higher, open lower trade higher … Here is the five-minute chart on the S&P 500 (Ticker: SPX) for the week: The market looked like it really wanted to rally. […]
Cleveland Cliffs is Going Higher
Hi Shoppers, Check out the bullish chart on Cleveland Cliffs (Ticker: CLF): Before creating a large bullish candle yesterday, CLF traded down to close the gap created on January 12th. It is very close to trading over the resistance at $21.10. Once it does, I think CLF will trade back up to the previous high […]
The Big Game … And A Big Trade Idea
Hi Shoppers, General Motors (Ticker: GM) has had a really nice rally since Dec. 28, when it traded a low of $32.52: Thursday’s candle has formed a shooting star, which can be an indicator of the end of a rally and a change in trend. Friday, GM traded lower, providing a confirmation. Looking at the […]