From the Desk of Kimmy Sokoloff
The market is riding a thin line.
There’s potential for $SPY to drop down to 440 if we can’t rally above 446.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
The market is riding a thin line.
There’s potential for $SPY to drop down to 440 if we can’t rally above 446.
by David
From the Desk of Kimmy Sokoloff
The S&P 500 dropped right down to the breakout level from last week.
Question is, do we hold or head down to 4,430, then 4415?
This index needs to hold above 4,475 to head back up hill.
From the Desk of Steve Strazza @Sstrazza
When investing in the stock market, we always want to approach it as “a market of stocks.”
Regardless of the environment, there are always stocks showing leadership and trending higher.
We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.
The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too.
We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.
We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics.
Clearly, we spend a lot of time identifying and writing about leading stocks every week, via multiple reports.
Now, we’re also highlighting lagging stocks on a recurring basis.
He had it coming.
But this isn’t really about Philip and his cancer sticks.
Instead, I’m going to sell premium in his Philip Morris stock options, betting on the company going nowhere for at least the next month.
First up, look at this chart:
We can clearly see the range contracting all year in $PM. Given what the broader stock market is doing, my bet is this range contraction continues.
Now the wrinkle we have to deal with is that Philip Morris is slated to release their next quarterly earnings statement on October 19, which is ONE DAY before October monthly options expire! That makes it tricky to be selling premium in the regular monthly options.
But the good news is, we can select the October 13 WEEKLY expiration options to express our trade.
Here’s the Play: [Read more…]
by JC
How was your summer?
Ready to make some money this Fall?
Last night was our LIVE Monthly Charts Strategy Session for Premium Members of Allstarcharts.
This is where we go over everything happening in the current markets.
The chart of the S&P500 is a great representation of the circumstances right now.
Stocks are correcting and stuck in a range during a perfectly normal time to be digesting their historic gains. [Read more…]
by David
From the Desk of Kimmy Sokoloff
It’s slim pickings with stock selection. Not a ton of things looking great right now.
The indices are pulling in, and I’m watching the eight-day moving average on $SPY at 447.48.
by JC
This is the video recording of our September 5th Monthly Charts Live Strategy Session
by Ian Culley
From the Desk of Ian Culley @IanCulley
It was do or die for the yellow metal a couple of weeks ago.
Gold chose “do.”
Buyers sprang into action, defending a critical former support level while driving prices higher.
That valiant effort may have only prolonged the inevitable: a period of sustained weakness.
Don’t get me wrong. I’m not playing the role of a Debbie Downer this week.
I still believe gold is in the early innings of a new secular bull run.
Why?
It’s pretty simple. All we have to do is switch the denominator to any other global currency.
Gold has already broken out versus every currency in the world – except the US dollar.
And that, folks, is the crux of the problem.
The US dollar!