GLD has weak support at the current level, stronger at +(-)124 then it's on down to +(-)98... personally I wouldn't try to catch this knife... it will "dead cat bounce" and draw many back in but will most likely require several months to build a sustainable bottom from which to emerge...
... they always do (come back in) just when they think all is safe and the market has regained the highs... why? Because they don't want to miss out on all the gains their "friends" are making... and just when all of them get back in and are all comfortable, just when they think it's safe, what generally begins to happen? Fortunately they are not all back in just yet... still plenty of buyers buying the dips and pushing it higher... but as they begin to dry up... watch for the signs. This "bull" is 46 months old now... pushing the normal limits of longivity...
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Main has signaled a moderate buy on both the daily and weekly charts on my system as of today. Caveat... it is on less than average volume which is a weaker signal than I like to act on... so it may be prudent to watch it a day or two. Should volume increase to above the 50 day average on this move it might be a good time to consider an entry.
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According to the system I use MAIN went on a daily sale signal on 10/9/12, and it looks as if it may flash a sale signal on the weekly chart this week unless things suddenly improve. Looks like 28.72+ (-) may be the floor this cycle. Unless things get really ugly before this correction is over. And under the 28.72 number there is fairly strong support around 27.90. But that is only if the support holds. MAIN continues to show steady accumulation. MAIN has been trending in a channel since 10/10 no indication as yet as to the direction of the breakout. Good luck.
My sentiments exactly... and I feel if Obama should be re-elected this will definately play an even stronger role in volatility of securities that have seen big run-ups over the past few years.
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My model flashed a sale on this issue on 9/7/12 at that Friday's close of 110.85... I suppose "reading the tea leaves" it points to the indusry weakness going forward...
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Take a look at my comment above (24, Aug), in addition, just follow a simple indicator like MACD for assistance in making buy/sell calls. Let it (the indicator) lead and take the emotion out of the decision process. My results improved dramatically by doing so.
Hi John, Thanks for your timely article. Sounds like a good play for the top of the channel, another approach as it hits the bottom of the channel is to sell in-the-money puts and then buy them back at the top of channel, or there abouts. Watch the 10 SMA to just slightly turn up along with a positive cross of MACD 12,26,9. This same approach has worked well with CAT recently as well.
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Just a quick follow-up to my comment on MAIN yesterday, regarding the effects of the high short interest and the bounce from technical support at around $25.00, MAIN is up from yesterdays low over 5%... I got in yesterday at 25.05 and MAIN is trading now at 26.19. I will watch my technical indicators closely for the exit should it show signs of weakening.
2 DIY Dividend Stocks To Buy And 3 DIY Dividend Stocks To Avoid [View article]
Todd, I agree with your earlier assessment of MAIN... however take a look at the current chart, MAIN has corrected down to major support at $25 (Dn approx 11% from recent high)and has accumulated a short interest days to cover of over 6 days... at the moment the money flow is weak for this issue... but when that begins to reverse (which may be soon) MAIN should make a nice jump for no other reason than short covering... thanks for all your great articles... I really enjoy them.
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Velt held trend resistance at + (-) 7.10 last Fri. while filling a price gap that was created at the open on the (14th) Tue. before. As of yesterday Velt broke through and held substantial overhead resistance at the 7.50/7.60 level. Short interest at the end of July was a whoping 17.5 days to cover... this stock is sitting on "rocket fuel"... just watch it over the next 90 days...
The mREIT sector gets another downgrade - American Capital Agency (AGNC) is cut to Neutral at Macquarie which cites its high valuation amidst a weakening reinvestment environment (high MBS prices) and increased interest rate risk. Shares -0.5% premarket. [View news story]
In the context of analyst opinions this is one opinion... go here for a better view: http://on.mktw.net/RfYx7e, chasing the fickle nature of analyst opinions is a roadmap to ruin...
Like all good doctors say... it's important to consistently take your meds... and any good analyst should be aware of this... just take a look at the (so-called) leaders of several of the countries sitting on vast oil reserves for a good example of what can happen to a person when they stray from their regular medications... I'm terrified just guessing where it may be tomorrow... much less 12 months from now...
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Thanks for your timely article. Sounds like a good play for the top of the channel, another approach as it hits the bottom of the channel is to sell in-the-money puts and then buy them back at the top of channel, or there abouts. Watch the 10 SMA to just slightly turn up along with a positive cross of MACD 12,26,9. This same approach has worked well with CAT recently as well.
2 DIY Dividend Stocks To Buy And 3 DIY Dividend Stocks To Avoid [View article]
2 DIY Dividend Stocks To Buy And 3 DIY Dividend Stocks To Avoid [View article]
I agree with your earlier assessment of MAIN... however take a look at the current chart, MAIN has corrected down to major support at $25 (Dn approx 11% from recent high)and has accumulated a short interest days to cover of over 6 days... at the moment the money flow is weak for this issue... but when that begins to reverse (which may be soon) MAIN should make a nice jump for no other reason than short covering... thanks for all your great articles... I really enjoy them.
Steve
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The mREIT sector gets another downgrade - American Capital Agency (AGNC) is cut to Neutral at Macquarie which cites its high valuation amidst a weakening reinvestment environment (high MBS prices) and increased interest rate risk. Shares -0.5% premarket. [View news story]
Select Comfort (SCSS): Q2 EPS of $0.30 beats by $0.03. Revenue of $205.5M (+27.2% Y/Y) beats by $7M. Shares +14.3% AH. (PR) [View news story]
Raymond James downgrades a litany of big energy stocks, believing crude oil prices will average $65/bbl in 2013 as “oil fundamentals have only gotten worse." E&P names reduced: APA, APC, BPZ, CLR, CXO, DNR, EXXI, PXD, QEP, REN, WLL, GDP, KOG, OXY, PQ, SFY, OAS, SM, NOG, BRY, COP, FST, ROSE. [View news story]