Author Archive
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Resistance At Work
Charts and Coffee, Charts and Coffee | January 15th, 2010 at 11:19 am
I mentioned on Sunday that resistance was coming. This doesn’t mean a breakdown is coming. It just means that the market needs to consolidate a bit before it can have a chance to move higher. I’ve posted the Dow chart and highlighted the resistance from 2008 in yellow.
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Ignoring Alcoa, Watching PGJ
Charts and Coffee, Charts and Coffee | January 12th, 2010 at 8:43 am Headlines like this might make one think that Alcoa matters. It doesn’t. Like I said yesterday, this company is the anti-Apple. They always disappoint. In terms of trading, I’m keeping an eye on my portfolio first and then looking for new trades from watchlist.
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The Best China ETF
Charts and Coffee, Charts and Coffee | January 10th, 2010 at 12:34 pm I started looking through the IBD 100 today. One obvious observation was the number of China stocks in the IBD 100. Twenty out of 100 stocks are China stocks. If part of your trading strategy is momentum like mine, China must be in your portfolio.
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SCL, CTSH, LZ, CTRP
Charts and Coffee, Charts and Coffee | January 7th, 2010 at 12:48 pm Four momentum stocks from my trading radar that might be primed for a move higher. I’ll wait until the employment report tomorrow before making a decision whether to add these. SCL (Stepan).
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Midday Update
Charts and Coffee, Charts and Coffee | January 6th, 2010 at 2:20 pm I added a small position in NFLX this morning. I’m playing the support bounce off of the October breakout and the 89 DMA. If it can run up to $53.6, it would retrace yesterday’s drop which would be bullish for the stock over the next few days (pipe bottom).
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Beazer (BZH) Secondary Offering
Charts and Coffee, Charts and Coffee | January 6th, 2010 at 7:15 am Striking while the news is good, the homebuilder [Beazer] also said it is offering 18 million common shares and $50 million of notes to raise funds that will be used to replenish funds after it redeemed its 8 5/8% senior notes due 2011 and for other purposes.
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Payment Processing
Charts and Coffee, Charts and Coffee | January 4th, 2010 at 1:25 pm Over the past few weeks I’ve mentioned that I’ve generally been constructing my portfolio using a long oriented barbell approach. One end of the barbell are momentum stocks such as AAPL and IBM. On the other end are lower quality stocks such as MI and LYG.
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AIG
Charts and Coffee, Charts and Coffee | December 29th, 2009 at 1:45 pm I have added AIG at $31.40. I like the risk/reward profile and the technical picture generally. The double bottom on the 2-year chart is obvious from a technical perspective. Risk can be managed by using the recent low around $27 as a stop out.
