Blog description
- Rodney
- 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.
Friday, July 3, 2009
Wednesday, July 1, 2009
The Dollar Affect
Okay, I realize this looks like a mess. However, upon closer examination I hope you'll find this as intruiguing as I did. Chart time frame is from March 9, 2009. From the top working our way down:
S&P - Black line
UDN - Inverse ETF for the US dollar or dollar down - Blue
MCD - McDonalds - Tan
XOM - Exxon - Purple
MO - Altria - Orange
UUP - ETF for the US dollar or dollar up - Green
Same set but from the 2007 high:
From the 2007 high with just the S&P, UUP, UDN:
DOW 30
It appears this is the last gasp higher for no particular reason in the face of more poor economic reports. If you are long, follow your stops up and set them tighter as it continues higher.
Bottom line is their WILL be a violent rollover soon. Soon may be today or next week or next month but it IS coming. And the longer the market drifts higher on bad news is only strecthing the rubberband tighter for the coming recoil to the downside.
Tuesday, June 30, 2009
Bruno/Cook Annual Stock picker competiton 1/2 way Update
And another prime example of why "Buy and Hold" DOES NOT WORK!!!!!
Six months from now my gains will have eroded and Bruno will be lucky to get out even. Bottom line is it's a Trader's market.
Six months from now my gains will have eroded and Bruno will be lucky to get out even. Bottom line is it's a Trader's market.Monday, June 29, 2009
FSLR - update
SPY - 5 Day/ 5 min
SPY
10 year note
The 10 year note will play a key role as a market range breaker. Note the inverse H&S pattern forming the right shoulder in July/Aug suggesting a last gasp of Bull hope before rates blow toward the 5% range. Combine this with the long term crude being driven higher and the inflation trade is on.
Bottom line is you better be looking to get short Everything with a ticker as oil tops $75 for no reason at all and the 10 year note bottoms out at 3.275% .
Sunday, June 28, 2009
Crude monthly
Mid channel and the 200 MONTH moving average is 82.92.
For the Web's best interactive charts, please visit http://www.Prophet.Net
QQQQ
This chart of the QQQQ's shows how tech has been leading or at least holding the market up of late. I find it interesting that the H&S pattern has been rendered mute as the right shoulder was never formed. The Bulls could easily make the argument for a test of the highs. Target 37.25 and then getting VERY short the four horses of AMZN, AAPL, RIMM, & MSFT.
For the Web's best interactive charts, please visit http://www.Prophet.Net
GLD - Update
Got stopped out of a long trade only to see it rise higher. GLD still works for me above 91.50. Otherwise, getting short below the 50 day EMA and a possible channel break to the downside.
For the Web's best interactive charts, please visit http://www.Prophet.Net
MSFT to $21.50
Mr. Softy is in danger of losing the $23.35 level and a retracement to Fibonacci level 78.2% or $21.52. If it holds, load the boat for the move to $28.50.
For the Web's best interactive charts, please visit http://www.Prophet.Net
SPY - Stuck in the middle
Head & Shoulder pattern making right shoulder would indicate the 200 day moving average will act as resistance again and a possible test of 88 before the holiday.
For the Web's best interactive charts, please visit http://www.Prophet.Net
Tuesday, June 23, 2009
SPY Fibonacci high of 9/19/08
Interesting how moving the fib high from the previous post changes how you may perceive things. Checkout the range high and today's low.....
For the Web's best interactive charts, please visit http://www.Prophet.Net
Friday, June 19, 2009
S&P 500
Quadruple witching put handcuffs on the market Friday and it's anyone's guess as to which direction this market will take next week. A case can be made for both Bull and Bear with technical patterns to match. Bottom line is we are in the middle of the range and it is either going to be 880 or 1025. I give the edge to the bulls 60/40 only because the proximity to the longer term red channel bottom held this week.
For the Web's best interactive charts, please visit http://www.Prophet.Net
Thursday, June 18, 2009
GS triangle
And the beat goes on....Which way will Goldman Sachs breakout? The intraday traders are making a fortune on this one alone.
Quadruple witching expiration is tomorrow and volatility should be high. GS is a leader to watch for market direction.
For the Web's best interactive charts, please visit http://www.Prophet.Net
RIMM reports earnings after close Thursday
This daily chart shows how RIMM the maker of the Crackberry has almost filled the gap down of Sept 08 from 89.75 to form a cup with a handle. The problem is the fall of the handle is on increasing volume meaning more selling pressure is probable. However, this could also be due to traders locking in profits prior to the earnings report.
Depending on earnings results an 11 point move is in the making here. Perhaps a way to play the earnings would be out of the money Options:
Calls at $90 strike
Puts at $65 strike
Bottom line is if earnings are good all those traders who took profits will want back in driving prices even higher. If earnngs are bad the door won't be big enough to handle all the traders left looking for the exit.
For the Web's best interactive charts, please visit http://www.Prophet.Net
Wednesday, June 17, 2009
SPY
May see a bounce off 91.50 before fall continues to 88.25.
Don't fall for the bear trap that's coming.
For the Web's best interactive charts, please visit http://www.Prophet.Net
XOM Quandry
Long bounce with stop below yesterday's low target of $80
or
Short with a failure of 20 day ema and back to bottom of ascending trend - target $68
For the Web's best interactive charts, please visit http://www.Prophet.Net
GOOG
As MSFT has a point to run GOOG may be ready for a bounce at 404.53. A paired trade may be in order to get Long GOOG and short MSFT in the coming days.
For the Web's best interactive charts, please visit http://www.Prophet.Net
MO Bounce?
Looking for MO to bounce with a stop at yesterday's low. However, a failure could mean $14 based on this weekly chart.
For the Web's best interactive charts, please visit http://www.Prophet.Net
Tuesday, June 16, 2009
Monday, June 15, 2009
FSLR hit bottom of triangle
Brekout immenent. Now that energy has shown it's hand and FSLR is below the 5 & 20 Day moving averages the odds of 176.84 holding are slim. 20+ points to fill the gap back to $156.36 may be the play, but wait for the triangle to break.
For the Web's best interactive charts, please visit http://www.Prophet.Net
IWM
Similar pattern to the QQQQ. If this is the leadership, it's not looking so bullish. Also, IWM working on filling the gap up of 6/1 back to 50.27.
For the Web's best interactive charts, please visit http://www.Prophet.Net
Saturday, June 13, 2009
S&P Stuck between moving averages
The weekly chart shows the range bound action of late on the S&P as it appears to be consolodating the 40% move off of March lows.
Currently at the top of the range 885-952 but looking toppy and could retrace back to 5 week Ma of 922.
As well a breakout above 952 could mean a touch of the 50 week MA at 975 and then onward to 1000+.
Thursday, June 11, 2009
Tuesday, June 9, 2009
Monday, June 8, 2009
Subscribe to:
Posts (Atom)