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Category Archives: What to Write in a Journal
A Short Idea- EEM
Showing relative weakness for several months and a couple of bearish chart patterns, the MSCI Emerging Markets ETF (EEM) is a good short idea. Any bounce toward the $40 area most likely will be met with supply. My initial target … Continue reading
Scary drop in gold yesterday. CME halted for a few seconds
Gold prices dropped very fast for a few seconds yesterday morning – about $30 per once- to the point that the CME halted trading for about 10 seconds (From CNBC Reuters.) The spike lower can be appreciated on the 1 … Continue reading
Citigroup is next
Citigroup (C) is trying to break out above $54 following the lead of other banks. It had a very strong day Friday and it is supported by the relative strength in the financial group. The prices in the chart indicate … Continue reading
Strength in a weak market
Nobody likes it when the markets takes a tumble like yesterday (Except the bears of course) But among the weakness, you can easily spot the stronger stocks and focus your long position. The bubble map from finviz.com below shows clearly … Continue reading
Dicks Sporting Goods Tests and is moving higher
DKS Reversed hard at the end of December to test its previous break out price around $54 a couple of times, but it held and it is now moving higher. We’ll see if sellers still come in around $58.40 where … Continue reading
Adding Molycorp to my watch list
Molicorp’s (MCP) chart printed a double bottom pattern on Dec. 17 and followed through with a large jump in price last Friday. Volume was very high and the stock looks like it wants to go to $6 and perhaps $7. … Continue reading
Dryships Could Double Next Year
Dryships (DRYS) has been my most profitable position this year and it looks like it could double next year. It will most likely encounter supply in the short term around $5, but the charts show that price could go to … Continue reading
Stronger Dollar?
With the Fed starting to taper bond purchases, I expect the US Dollar to gain strength and perhaps commodities to weaken. So I am keeping an eye on the Powershares US Dollar Bullish ETF (UUP) for price confirmation. The chart … Continue reading
Goldman Sachs Breaks Out!!
Goldman Sachs (GS) finally broke out yesterday with conviction. It now needs to hold above $172 to confirm the move, but I wouldn’t be surprised if price came down to $170 before resuming its ascent to $200. On Balance Volume … Continue reading
GM continues
General Motors continues its ascent. It provided an opportunity to add more around $40 last Friday just before it ripped higher. This morning it continues to move higher as it breaks out of a “Flag Pole” type pattern despite the … Continue reading
