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  • Stocks Fall After Consumer Confidence Disappoints

    The consumer-confidence index fell by over 10 points this month to 46.0, with expectations of a 54.8 reading by economists which were surveyed by Dow Jones Newswires.  This was enough to send leading stocks plunging for the day with energy, financials, and technology shares all taking a hit on increased volume.  Having witnessed the overbought conditions leading up to today, some selling was to be expected.  Listed below are some of the highlights, or lowlights depending on how you look at it, for the day.

    This wild moving stock continued on it's plunging ways today as energy took a hit.  These solar stocks really whip around and it's not my preference to trade them, but rather use the analysis of them to gauge market direction.

    Goldman Sachs saw volume pick up as it's stock came down to test support at the green trendline with a close on the low of the day.

    Just as Financial Stocks saved the day yesterday, Tuesday's action saw a fairly significant reversal on increased volume with a close below the 50 and 100 simple day moving averages.

    In the commodity sector Freeport McMoran was unable to hold the rising wedge that was highlighted yesterday.  Personally, I like cash here or maybe dipping of toes into some of the inverse exchange traded funds for the thrill seekers among us.  Some of the inverse etf's include SDS, QID, SKF, BGZ, and TZA.


    Feb 23 9:09 PM | Link | Comment!
  • Lighter Volume Consolidation Monday

    Stocks were mostly at a standstill on Monday as traders held back prior to congressional testimony by Fed Chairman Ben Bernanke this week, while some financial stocks did manage to drift higher on the session.  As beauty is in the eye of the beholder, so too is the interpretation of the light volume to technical analysts.  On the one hand we can view it as a digesting of recent gains acting as the pause that refreshes.  On the other hand we could say the absence of buyers could lead to increased confidence for the bears to apply pressure.  Many stocks have a stochastic oscillator reading that is getting overbought.  Let's take a look at the charts:

    The OIH which represents an undivided beneficial ownership in the common stock of a group of specified companies that, among other things, provide drilling, well-site management, and related products and services for the oil service industry, saw a slight uptick in volume on its minor reversal.  The green support area did hold but the stochastic lines are above 80 and look to be crossing.  Keep an eye on support.

    FCX continues on in its rising wedge like pattern while the stochastic on this name also is above 80 and threatening to cross.

    The XLF Financial Index was a bright spot seeing prices poke above the 100 day simple moving average on fair volume.

    In summary, even as many traders are expecting a pullback or downright sell off, the market has been resilient and continues to surprise to the upside.  Charts suggest we could see some consolidating or pullback action soon, the Ben Bernanke testimony will probably determine to what extent this does or does not occur.


    Tags: OIH, FCX, XLF
    Feb 22 9:32 PM | Link | Comment!
  • A Cloudy Day For Solar Stocks

    First Solar shares tumbled 8% Friday to close at $116 after the company gave a poor outlook beyond the June timeframe. During a post earnings conference call CEO Robert Gillette stated "orders look very strong up until June."  Couple this in with pricing pressure in the industry and expected subsidy cuts solar panel makers get from the German government, and traders put a gap down on most solar names for the day.  Let's take a look at the chart:

    From a technical standpoint, FSLR broke down below a long term support area noted by the red arrow.  Shortly after a nice rally brought price back in the range of the triangle.  Unfortunately the 50 day simple moving average along with an overbought reading on the stochastic oscillator brought Friday's drop back below support.  Other stocks in the solar group showing similar price action include ESLR, DSTI, ASTI, ENER, and LDK.


    Feb 21 3:16 PM | Link | Comment!
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