- A place for friends to gather and view stock market charts, discuss technical analysis and market outlook. What is your Principal Asset? How can it be developed? Each and all should do their own due dilligence and homework before investing. And by no means should you use anything I say or show here as a sole basis to buy or sell securities as everything is for educational experience only.
Saturday, August 29, 2009
I posted some longer term charts on Altria last night and thought I'd lay a basic long trade out for any newbies. I'm seeing last weeks trades as the formation of a Bull flag consoldation for a move to the next fibonacci line at 19.50.
A stop should be placed just below last weeks low of 18.01 giving a bit of room for pick-off plays by the big boys - say 17.91 or so.
Altria just INCREASED the dividend and the yield is now 7.5% on a very stable cash cow company.
Friday, August 28, 2009
Tuesday, August 25, 2009
Monday, August 24, 2009
Gold is banging up against the underside of a 50% Fibonacci Fan line and could be a possible short trade with a tight stop at 93.07 or a moderate stop above last weeks high of 93.80 or loosely above the fan line at 94.25.
It is probably likely that GLD could trade higher along this line into October and top out at 95.70 providing a better shorting opportunity as the top of the channel will create additional resistance.
My bias is on the short side as the dollar is rounding the bottom out and could rise putting pressure on crude and commodoties such as gold. However, be aware that this could take a few months to materize and pick up momemtum.