Technical Analysis
Market At A Glance
Major indexes traded higher for the session as Goldman Sachs (GS) raised outlook on banking sectors. Volume came in below average to justify the jump in indices.
Among the banks, Goldman Sachs (GS) gained 6.86 (3.82%) to 186.47, Wells Fargo (WFC) gained 1.81 (6.89%) to 28.09, J.P. Morgan Chase (JPM) rose 1.94 (4.63%) to 42.80 [...]
Is It Time To Go Long?
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I ran a couple of scans on Monday for a brief moment and found some good setups for long ideas. Please bear in mind that these stocks are rallying in downtrend. You can play these names for a possible bounce towards major resistance areas.
Fluor (FLR) and Jacobs Eng. (JEC) are two such names that broke [...]
Open Trade Updates and Analysis
Capital One Financial (COF):
Salesforce.com (CRM):
Deckers Outdoor (DECK):
Sohu.com (SOHU):
Let’s see where the market takes us in the next few days and we will adjust our trades accordingly. Right now, there is no reason to change the direction.
Financials Ready To Take The Market Down?
There is nothing I like about the market action recently. Every up day is equally matched with a down day and with a greater force. From the technical analysis perspective, $DJI, $SPX and $COMP have been forming a bearish wedge as shown in the charts. $RUT seems to have formed a double-top and looks ready [...]
Did The Rally Hit The Wall?
While the $COMP and $RUT were posting strong rally, $DJI, $SPX and $NYA have been a laggard due to their concentration in financials and commodities. As you can see on the charts, the indices are bumping against some major resistance of either 50 or 200 DMA.
Oil, Agricultures, Coals, and Metals [...]
