I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Google Inc (GOOG) has accomplished the unthinkable via a massive overnight gap (no chance of that being filled today!) due to earnings, which has caused the stock to shatter resistance, confirm a higher low, make a higher high, and confirm the stock as likely emerging into a new uptrend. According to an Associated Press article…
Stock Market bulls can’t be overjoyed with the reality that crude oil prices hit yet another all-time high today, closing just shy of $115.00. Unfortunately, a potential bullish pattern completion will take prices even higher. If indeed the recent price consolidation throughout March was a type of ‘flag’ or consolidation pattern, then the approximately $24…
Media darling stock Google (GOOG) has staged a decent recovery off its March 2008 lows, but is the stock showing new signs of life? Before getting ultra-bullish on Google, I’d like to see it close perhaps a couple of days above the key resistance line and also the declining 50 period moving average, both of…
As a trader, I thoroughly enjoyed today’s intraday swings and price action. Let’s take a closer look: The day began with an overnight gap just outside yesterday’s range (just above yesterday’s high) and immediately filled, giving the first opportunity of the day for a high-probability trade. When the ‘gap fade’ trade ended, one could have…
In a surprising move, Blockbuster Inc (BBI) offered over $1 Billion to buy Circuit City (CC) to create a potential “game-changing retail concept” to merge media content with electronic devices. MarketWatch (and other sources) reported today the announcement which has the approval of Carl Icahn, an activist shareholder with a seat on Blockbuster’s board. According…
Commodity prices, as measured by the CRB Index, staged an impressive recovery after it seemed all hopes were lost on the shorter timeframes. Actually, in the grand scheme of the weekly chart, it was just a simple, elegant pullback. Notice how the ‘collapse’ as some called it of March was just a mere pullback against…
For the first time in the contract’s life, Crude Oil prices have closed above $110 per barrel. Price has completed a consolidation pattern, and this is the critical level which will determine if price remains above this consolidation ‘value’ zone, or if it has built a sufficient base to trade higher and seek value at…
Recently, to counter Microsoft’s (MSFT) offer to acquire Yahoo (YHOO) at $31 per share, Yahoo is now in talks with both Google and AOL Time Warner (TWX) to determine if a more favorable offer can be generated. According to a Business Week article entitled Yahoo’s New Strange Bedfellows, “Yahoo is showing just how far it’s…
Although commodities recently were recently featured in the news due to their stratospheric rise, you may not be aware now that since that media blitz, these commodities have fallen in price. The “Sell the news” strategy strikes again! Let’s look at the current conditions of Gold prices and Crude Oil Prices: Gold prices peaked above…
The Dow Jones Index is trapped between two key support and resistance areas, and it will be interesting to see which force breaks first – a break of the upper level will have profound implications for the future. Notice I have drawn the proverbial “Line in the Sand,” which is an area just beneath 12,800…