Principal Asset Development

Friday, March 6, 2009

CLX

Consumer staple Clorox may be making it's way back to the 200 month EMA @ $36.86...Could be an oppoortunity to get short on any strength...

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GRAN

Bank of Granite to $0.69

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AZO - cup with handle example

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Thursday, March 5, 2009

POT

Potash running out of rebound steam....Back to $53

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$INDU 2yr monthly

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$INDU

It's looking like 5778 for the DOW 30

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Monday, March 2, 2009

$SPX 2yr daily

Target - $610

or another 12.8%....

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$SPX 10yr monthly

10 year montlhy

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$SPX

And the downward momentum continues exactly touching a Fibonacci fan line drawn from March of 1950. It is now the last bastion of defense or support until $610.47....

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$SPX

Okay, after a myraid of charts from differendt sectors including international it all comes down to this.....

The S&P 500

Double bottom? Remains to be seen, but it does not look very promising.

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RIMM

Double Bottom?

Hmmmmm Could be.....

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HPQ

Tech is dead....

But check out the trading ranges on a couple of the biggies....

HPQ & RIMM

Possible long trades with extremely tight stops.......

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V

Liking Credit cards her: Visa - tight stop $54.13

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MA

Long Mastercard with a stop @ $149.80

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Here's a great chart on where all the hoarding types put their "safe" money...in GOLD.

I think the Fibonacci fans work well on gold...

Is this looking like a failed cup & handle formation with the right side not reaching the previous highs and the handle being formed? Could we expect another final run toward $1k only to begin the fall back to the $700's?

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EUR/USD

What can the Euro tell us about the global picture?
It's "Not too good"...
Question here is will the $1.233 October lows hold or will it be a test of $1.164?

Yet another great indicator for thy dry powder....

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10 year note

As stated a few weeksago the 10 year note has made the journey back to the resistance of 30.74 and is banging on the door to go higher. Will it push through or fall back tothe averages at $27.50? I'm betting on the fallback.....

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PTR

How bout PetroChina for the global picture.....

Promising.....but still way to easy to see the "slide" to the double bottom.

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GE

GE is not much to talk about without their Dividend intact. Cutting the dividend sent what value guyswere left trampling eachother for the exits.....

It's fairly easy to see $6 before this turns.

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DUK

Duke must hold $13.20 or it's sub $10...

This is another great indicator for the earnest of the so called "turn-around"

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APA

Let's look at a couple of individual energy plays for the real outlook.

Looking pretty weak.....

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Crude on a weekly

Looking at the monthly & weekly we can see that it's an uphill battle....The daily chart gives hope or false witness until confirmed by longer timeframes. It appears the next level to conquer is for crude to stay above $44 or as the preavious chart shows it's down to $30 we go...

Keep thy powder dry...it may not be time to strike thy cannons yet...

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Crude update

Bottom line is if crude can not hold $44.30 we will see another leg down to $29.77....OUCH

Doesn't this monthy chart look completely UGLY

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Friday, February 27, 2009

LOW

$12.54 To be exact......that would be the next Fibonacci level down or the 23.6%

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LOW

Lowe's looking weaker still.....I see sub $13

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HD

Home Depot at tradiable level wiht a very tight stop...

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Thursday, February 26, 2009

Crude update

Crude needs to break above the 50 day ema at $44.30 to truly begin formation of the right side of the cup....

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SWHC

No big surprise Smith & Wesson is strong since Obama took office, but now may be the time to take profits.....Not a short candidate as if you missed this leg up you could get a chance to "reload" @ $3.00 for the next leg to $4.85.

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MET

MET is sporting an ascending triangle and could be a great trading candidate with CALL place tight stop just below $20 and get short now buying PUTS with the stop at $24.50. Using longerterm 6-9 month calls and shorter term 0-3 month PUTs one could play both sides of this and have some insurance in the short term......

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JNJ

So much for the advice of buying consumer staples in a downturn. Just anther shining example of why not to PAY someone for their advice and or opinion....

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Wednesday, February 25, 2009

Crude to $70.....

"OPEC's leaders, who have said recently that they would like prices to rise to $70, will likely reduce output quotas by at least another 500,000 barrels a day at a meeting on March 15"

As crude turns so will the market. Bernanke's upbeat comments this week regarding the recession ending this year leads me to wonder when the capitualation bottom will occur. Remember the bottom is a process and part of that process is a "washout" where EVERYONE and every headline will scream blood in the streets. When this happens it will be time to buy.....WAIT for the fear index to top out....

Tuesday, February 24, 2009

RIMM

Hmmmm monthly support at $26. How about a staged buy-in strategy for a longer-term holding?

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RIMM

Would ya buy RIMM below $36 with a stop @ $35?
Hmmmmmmm..............tempting?????

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RIMM

Would ya buy RIMM below $36 with a stop @ $35?
Hmmmmmmm..............tempting?????

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AMZN

How's that short working out on Amazon Bruno?.....Not too good......You may have another chance to short around $67. If the recent highs are not taken out look for the gap up in late January to be refilled in the low $50's. But all bets are off if breaks out above $67.36 then look for $80.

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