Given the broad oversold conditions, today’s bounce should not have been a surprise to anyone. As a result, several short-term trading setups emerged this morning. The S&P 500 bounced right off its 200 day moving average (dma) and ended the day in the 2090-2100 resistance area. The Russell 2000 had a textbook opening flush under the 200dma, followed by a potent bullish reversal. The question now, of course, is where
Tag "trading setups"
The S&P 500 joined the Russell 2000 today and paused to consolidate recent gains giving back roughly -0.4% for the day. The Nasdaq Composite maintained its strength during the regular trading hours and ended the day mostly flat. However, the after-hours session brought several poorly received earnings reports, most notably from Apple (AAPL) and Microsoft (MSFT). Tomorrow could, therefore, turn into a test of market strength to see if the
Intel Corporation (INTC) reports earnings Wednesday night. According to Estimize, analysts are expecting Intel earnings to come in at an EPS of .59 on 13.09B in revenue. According to Barron’s, S&P Capital IQ reiterated its “Buy” rating but said “we think INTC may temper full year expectations”. Intel’s stock has been trading heavy of late, touching new 52 week lows (28.82) last week. Will Intel earnings reverse the trend or shake the tree?
Another day, another impressive market move. The S&P 500 Index (SPX – quote) wasted no time in reclaiming the 2100 level, closing comfortably above it. Meanwhile, the Nasdaq and Russell 2000 each gained some +0.6%. Strength among sectors and individual stocks was even more apparent, as several trading setups took shape. JPMorgan Chase (JPM) and Wells Fargo (WFC) both shook off lukewarm earnings reports and had strong advances as did several
Las Vegas Sands (LVS) received a boost recently as reports circulated that Macau may lift its smoking ban on casinos. Las Vegas Sands is scheduled to report 2Q earnings some time this week (TBD). Analysts are expecting Las Vegas Sands 2Q earnings to come in at .61c per share on 3.04B in revenue. The last four quarters have been woeful for LVS and their stock has followed suit. According to
Mega cap tech giant Intel (INTC) has seen its stock price fall for the past several weeks. INTC stock is approaching a very important price juncture. As well, the Intel reports earnings tomorrow and this should move the stock. But before we look at the current chart setup, let’s recap the price action. If you read back over the past couple posts on my site Barts Charts you’ll see that all the
The VXX Short-Term Volatility Futures ETF has been much maligned since its launch and one glance at the chart below shows why – it’s a poor way to hedge an equity portfolio. Despite the continued underperformance and value erosion (due largely to the cost of rolling front-month VIX futures), it remains one of the most liquid and highly traded volatility assets by both institutional and retail traders. VXX Weekly Chart
The SPDR Consumer Discretionary ETF (XLY) finds itself at a crucial juncture. And those that are short likely have some decisions to make, especially with the market looking up today. Heading into today, over the past 12 sessions XLY has made a high of $78.31 and a low of $76.14. And last Friday, it rallied 1.5 percent to close at $77.67. In the process, it is once again sitting right underneath
The past two years have been very good to Apple, Inc (AAPL – quote) shareholders. But if they want the momentum to continue to new highs over the near-term, then Apple stock will likely need to hold above a confluence of key price support around 120. Last week, the stock dipped as low as 119.22 before rallying to close the week at 123.28. That rally off last week’s lows put in weekly
JC Penney Co. Inc. (JCP) has taken a beating since Q1 2012. From that time until Q1 2014, JC Penney stock lost (88.65%) of it’s value. Since making a weekly low of $4.90, JCP has trade in a range of $6.40 for the last 18 months. In sum, investors have seen a major move down followed by an 18 month consolidation. This could very well be a base being built for a