To recap last week’s watch list we had 8 winners, 0 losers, and 4 remain open (1 of which depends on where you placed your stop). View the detailed analysis below… MYGN – Continues to break to new highsCECO & COCO – Positions remains open. The gap down on Thursday did not trigger our stop since we do not trade the first 15-min bar. After the first 15-min bar closed, we placed a stop under the low of the day.POT,…
Back in October of 2008 I was interviewed by Tim Bourquin of TraderInterviews.com and The Money Show. I delve into my trading strategy, tactics, and market psychology, click below to watch.
Taking a look at the Volatility Index (VIX) daily chart, Justin noticed we are forming a symmetrical triangle as well as coming into the 200-MA. Watch for a contraction of the VIX into the 30’s to signal a move higher, but if the VIX breaks to the upside, we should see stocks go lower.
Week 6 was quite bullish. We put in a higher low on the major indices and the NASDAQ broke to a higher high. The S/P, Dow and Russell are close behind sitting right at the previous swing high. We saw a divergence on the NASDAQ internals on Wednesday, again not something you see too often. This is a sign that a tug of war still remains between the bulls and bears, even as we move higher. The Basic Material sector…
We are at a pivotal point here in week 7. While the last two trading sessions have been quite bullish, we are not rushing to go all out long. Watch for the S/P, Dow, and Russell to break their previous swing highs. Sideways action would be a sign of upside to come because it means the bulls are holding prices at these levels, however we remain cautious for short sellers will want to try and push prices lower at this…
If you’re still looking to catch a move in the Basic Materials Sector look to stocks like IPI and BBG as they are the lagers of the group. ALWAYS make sure to manage your risk. PNRA is forming a nice triangle, watch for a move higher or a continued breakdown on stronger volume. MMC, KBW and ROG are candidates for bounces of resistance here and we are keeping our eye on FLIR as it has had a nice move down…
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As we take a look at the top line figures (S/P, DOW, NASDAQ) we see an interesting divergence. Let’s examine the price action and the Stochastic Indicator. All charts are daily candlesticks. The S/P is forming symmetrical triangle with a Stochastic turning higher. Volume has decreased over the past week and the apex of the triangle is tightening.The Dow is creating a descending triangle, in the context of a sideways market, and its Stochastic is forming a triangle with a…