Stock Picks Recap for 5/18/11
With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
No triggers off of the report.
In the Messenger, Rich's FSLR triggered long (with market support) and worked:
His AAPL triggered long (with market support) and worked:
His RENN triggered long (without market support) and didn't work:
AMZN triggered long (with market support) and didn't work:
Rich's SLW triggered long (with market support) and didn't work:
Second AAPL call triggered long (with market support) and worked enough for the partial:
COST triggered long (with market support) and worked:
NFLX triggered long (with market support) and worked:
KLAC triggered long (with market support) and didn't work:
In total, that's 8 trades triggering with market support, 5 of them worked, 3 did not.
Tradesight Market Preview for 5/19/11
The SP pivoted of support at the 50dma to rally 13 handles on expiration Wednesday. The next challenge is the February high at 1343. While today was a very strong session, it was not strong enough to record a price flip.
Naz was higher by 24 but came up short of reclaiming the 8/8 level and also the 10ema. Note that price remains above the active DTL (red).
Multi sector daily chart:
The OSX was top gun on the day but is still trapped in the recent range. A close over 270 is needed to tilt the balance back in favor of the bulls. The next level for the bears on the downside is the 8/8 Gann level at 250.
The SOX was the top performing the Naz sector. There is considerable overhead until price clears 450.
The BTK remains under the 1500 8/8 level which is resistance and could be the top of an immature consolidation range.
The BKX was higher on the day but didn’t have much range expansion after yesterday’s reversal candle. Keep a close eye on the active DTL. A close over this could kick in some upside momentum.
The defensive consumer staples index (CMR) closed at a new high on the move. Price has room before hitting resistance at 8/8.
Oil was higher by $3.
Gold was higher but settled below 1500. Keep an eye on the DTL.
Forex Calls Recap for 5/18/11
For the first time in months, neither trade triggered as we split the calls between the EURUSD and GBPUSD. The usual GBPUSD setup did trigger and worked, but the call in that direction was on the EURUSD, which set the trigger beautifully but never triggered. See both below.
Here's the US Dollar index intraday with market directional lines:
New calls and Chat tonight.
EURUSD:
Short trigger call was under VAH, which it hit exactly at A and never broke, nice setup if it had gone. Note that the range was contained to basically between the R1 and Pivot, which is light:
GBPUSD:
The trade for weakness in the USD was the GBPUSD over UBreak, which it approached at the highs but never got to. Meanwhile, following our system, the short in the GBPUSD would have been under LBreak, which worked to S1 from A to B. Sometimes, it is worth doing both:
Tradesight Market Preview for 5/18/11
The SP closed unchanged after finding support at the 50dma. Note that Tuesday’s close is also the static trend line. This is a very key area of support.
Naz was slightly higher on the day closing near the 50dma. The gap from early April is still open.
Multi sector daily chart:
The 10-day Trin closed at 1.21, still below the 1.35 oversold threshold.
The cumulative NYSE A/D line took a hit which is consistent with the price action. This chart needs to be monitored to see if price bounces in the SP that the A/D line follows. A divergence on the bounce would be a strong indication that there is a more price correction in the cards.
The SOX continues to underperform the NDX which is a very negative intermarket divergence and has bearish implications.
The bearish divergence between the XAU and gold futures has grown wide enough for some relief.
The BKX is doing some good work around the 200dma and closed top gun on the day.
The XAU is amazingly still finding support at the static trend line from October 2010! Look for a move back to the 200dma after price settles above the recent range.
The BTK was little changed on the day.
The OSX posted a new low close on the move but is losing downside momentum. Note how the CCI is now trying to curl up.
The SOX dropped and found support at the DTL fall back. This is never a welcome development for bulls.
Oil settled right at the prior low close on the move.
Gold lost 4 on the day, still holding above the 50dma and static trend line.
Tradesight Market Preview for 5/18/11
The SP closed unchanged after finding support at the 50dma. Note that Tuesday’s close is also the static trend line. This is a very key area of support.
Naz was slightly higher on the day closing near the 50dma. The gap from early April is still open.
Multi sector daily chart:
The 10-day Trin closed at 1.21, still below the 1.35 oversold threshold.
The cumulative NYSE A/D line took a hit which is consistent with the price action. This chart needs to be monitored to see if price bounces in the SP that the A/D line follows. A divergence on the bounce would be a strong indication that there is a more price correction in the cards.
The SOX continues to underperform the NDX which is a very negative intermarket divergence and has bearish implications.
The bearish divergence between the XAU and gold futures has grown wide enough for some relief.
The BKX is doing some good work around the 200dma and closed top gun on the day.
The XAU is amazingly still finding support at the static trend line from October 2010! Look for a move back to the 200dma after price settles above the recent range.
The BTK was little changed on the day.
The OSX posted a new low close on the move but is losing downside momentum. Note how the CCI is now trying to curl up.
The SOX dropped and found support at the DTL fall back. This is never a welcome development for bulls.
Oil settled right at the prior low close on the move.
Gold lost 4 on the day, still holding above the 50dma and static trend line.
Stock Picks Recap for 5/17/11
With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
From the report, AKAM triggered short (without market support due to opening five minutes) and worked:
FWLT triggered short (with market support) and didn't work:
PTEN triggered short (without market support due to opening five minutes) and didn't work:
LPSN gapped under the trigger, no play.
In the Messenger, AMGN triggered long (with market support) and worked enough for a partial before dropping sharply:
FSLR triggered long (with market support) and worked great:
GOOG triggered long (with market support) and didn't work, although it worked later, but not on the initial trade:
Rich's JPM triggered long (with market support) and worked, ran out of time:
In total, that's 5 trades triggering with market support, 3 of them worked, 2 did not, nothing stellar.
Forex Calls Recap for 5/17/11
Back and forth session with losers in the EURUSD, see below.
Here's the US Dollar Index intraday chart with market directional tools:
New calls and Chat tonight.
EURUSD:
I was very excited early as the EURUSD came down and exactly touched ("set") the LBreak level at A ahead of the main session. However, triggered long at B and stopped, triggered short at C and stopped. Triggered long again later but late and ran out of time:
Tradesight Market Preview for 5/17/11
In addition to the AMZN news about the cloud services that is causing a lot of key technology companies to scramble, the US government officially hit the debt ceiling today. While there are ways around this for a few months, the longer this drag on without a resolution, the worse it will be for the market.
Some key activity in the indices and commodities is forming out. First, the broad market S&P 500 is right on the two-month uptrend line:
NDX also approaching, although it has been stronger of late until Monday. NASDAQ volume was 2 billion shares:
The 95 level on oil is the area to watch:
And look at this trendline on gold, which is very specific:
Meanwhile, the SOX has not been a leader for a while:
And the Biotechs are coming back:
Stock Picks Recap for 5/16/11
With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
From the report, WPRT triggered short (without market support due to opening five minutes) and worked:
In the Messenger, Rich's WYNN triggered short (without market support) and worked for a point:
Rich's AAPL triggered short (with market support) and worked:
GS triggered long (with market support) and worked:
Rich's AMZN triggered short (with market support) and worked:
NFLX triggered short (with market support) and worked:
Rich's GOOG triggered short (with market support) and worked fine, but didn't have much time:
In total, that's 5 trades triggering with market support, all 5 of them worked.
Forex Calls Recap for 5/16/11
The Dollar got weaker overnight, but it didn't carry the GBPUSD far, so we had a stop out. Here's the US Dollar Index intraday with our market directional tool:
New calls and chat tonight.
GBPUSD:
Triggered long at A and stopped. Re-entered in the morning and triggered again at B, eventually moved stop to the entry and stopped at C:
