With the markets in full retreat mode, RSI (2) has fallen all the way to 16: Makes me think about the possibility of doing some profit-taking towards the close today.
The warning sign that I worried about here has indeed materialized, as shares in Google (GOOG) tumbled 5% to near its 20 day moving average on what most consider the good news of beating its earnings estimates. This may turn out to be a garden variety “buy the rumor, sell the news” reaction, but it […]
After another up day — six in a row — check out the RSI (2) way up there at 98.75. Looks like I will be bearish for at least another day! Maybe, eventually, it will be rewarded. . . .
It’s earnings season in earnest again as various heavy hitters begin to report. So far, so good, obviously, but will the market eventually show signs of fatigue? Lets watch Google, which reports tonight after the closing bell: Currently pushing $600, GOOG would seem a safe bet, having broken out of that wedge pattern on Tuesday. […]
After five straight up days (and an RSI (2) over 98) I’ll try my hand at shorting the market on Tax Day by going short on 180 shares of SPY at $120.94. The biggest problem with this trade is that there is no well-defined stopping point to the melt-up on any recent charts, so expect […]
There’s not a whole lot to say about my move in and out of Grand Canyon Education, which was held over the weekend and produced more or less an instant profit on no discernable news without the usual mental anguish. Everyone wishes they could find trades like this all the time. The pity is, it […]
Its been a month since I looked at Potash Corp. of somewhere up in Canada, and I got a chart request on it, so it is certainly time for an update. On March 12th, I asked if the gap up at the open might portend the formation of a nice and profitable bullish cup-with-handle setup: […]
Hi — came back from a short trip, and found this position hit its target for a nice (and quick) profit. Sold all 500 shares for $27.94 this AM, will try to break it down later.
I am headed off to St. Petersburg and won’t be back until late Monday, so my next update will be early Tuesday morning. Have a great weekend!
Decided to put money on the line with the Grand Canyon Education (LOPE) trade, and to play the bull flag today. I purchased 500 shares at $25.76, and will see if it can hold the 20 day SMA; my initial stop level will be to get out at a close below $25.25. As or a […]
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