This was meant to be posted yesterday, but sometimes things don't work as planned. So here is a bit overdue update on several things I have been watching the last few weeks. You'll notice the charts are once again different, but this time I think I've found a good program I can use locally, since I don't have decent broker data yet, called QTStalker. I am using Linux, so it is probably one of the better alternatives for the moment. As an added bonus, at least for me, it is somewhat like Metatrader which is what I had become accustomed to while trading forex. Enough of the software review, I'll save that for later, on to the charts!
Yahoo -YHOO - It's 
had a nice run, but looks like time for correction. I noted a couple weeks ago that a buy was in order when it returned to the lower channel line, which it never really did, but came close. Now it's at the top of the trend channel and after consolidation looks poised to continue down, but there is still some short term bullish pressure as noted by the lower wicks of the candles. Long term is still bullish, but the next several days, might be making it's way down to around 15. Not a great risk to reward though, so might even be a better idea to sit back and wait for a better move.
Teva Pharma - TEVA - I usually don't follow pharma, but I do hav
e a small stake in this one, so I started taking a look at it. It's been ranging for a while now and looks like it just rejected resistance a couple days ago of the 48 level. In fact there is a good reversal candle there. If I were to trade, I'd short to about 42.
Schlumberger
- SLB - I'm not so comfortable with this one right now as there has been no renewed momentum upward. Overall bias still remains bullish, as long as support holds between 55-56 which it has. After that, perhaps a correction downwards towards lower 50s. Beyond that, would be a change in direction totally. To the upside, still 65-70. On my trade from the other day, a close below 55 means I'm out, with a small loss of almost 4 points. Upside, hopefully about 7 points.
Apple - AAPL - Quite an impressive late day rally save Apple from closing red, but in the process form
ed a doji on the charts. Since this denotes confusion (and after yesterday who wouldn't be confused), exercise caution here. I wouldn't go short or long at this point. If you entered around 123, which is where I expected the bounce that then occurred, then you might think about scaling back or closing longs at this point, or just hold on and wait to see what happens. Downside is now around 135.
Petrobras - PBR - I haven't followed this closely, but as of the close yesterday, it looks like support th
at had been broken, has now been confirmed as new resistance. This doesn't necessarily mean we're headed south, though that is possible. It is also possible that a new channel forms and we head north, just at a slower pace. Petrobras could also push back up into the old channel, further establishing bullish action. Keep an eye on this one for the next couple days.
I'll briefly mention FAF, C, the S&P, and the Dow, even though I don't have charts to post this evening.
First American Corp - FAF - This was expected to hit around 20 support before rebounding, but looks like it bounced slightly at 21. It wasn't a convincing bounce though, so it might still head down to around 20. I'd be looking to possibly go long with price action confirmation at that point.
Citigroup - C - Well as further insult to injury, Citi broke support (when I felt bullish overall) and doesn't look to be headed up soon. I did not find a good confirmation to go long and at this point don't think I would do so. I might miss the train again, but that is a chance I will take. It's better to be confident you're right, then wondering what the hell you were doing. Right now I would not be confident enough to make a move.
The S&P - SPX - and the Dow - DJIA - both appeared to hold support. The S&P however looks to be more concerning as it tested 950 last week and failed it. For now it might range, at least as long at 947 holds as resistance and 920 holds as support. The Dow has not yet hit 9000, but I would still expect it to some time in the near future. A clean break should be bullish, a rejection not so much.
That's all for today, Good trading all!
Monday, June 8, 2009
Day Late, Hopefully Not a Dollar Short
Sunday, May 31, 2009
Mass Update
It's been a while since I posted a mass update on stocks, but thanks to local geological events keeping me up (4 earthquakes in 48 hours) and the fact that I promised more sometime this weekend (technically I have a half hour left, local time at least), here goes. I am skipping the Nikkei, Dow, and S&P for lack of time, but there are 6 other charts and some comments below. Good trading!
C-Citigroup- What can I say, chart appears to be breaking 
the lower trend due to lack of momentum. The best move was months ago when it was about a buck. I still like this as a buy, but the technicals no longer seem to support it at the moment. I'd watch for a move towards 4 dollars, as that confirm another upward leg.
FAF-First American 
Financial- This is currently the only other financial I am following other than Citigroup and Ambac (see Beatdown Financial I Might Buy).
It looks to be in some trouble too in the short term and I might look for a short IF FAF bounces off the bottom of the formerly lower bullish line, which would confirm it as new resistance. I still think it's risky to short financials though, so more than likely even if there is confirmation, I'd probably pass. For those with more guts, might make a good short day-trade though.
YHOO-Yahoo- Still in an uptrend, for what it's worth. I wouldn't enter a trade right now, but only becau
se risk/reward are about equal. We are in the middle of the upward channel, so it could go done as much as up. Other than short term interday activity, I wouldn't touch it. Around 14.75 it would be a buy, and for an against the trend risky short around 17.
TEVA-TEVA Pharma- Still very rangy. It does appear to have formed a bit of an uptrend, buuuuuut it's at the top of that channel, so may very well go back down and stay in a range. TEVA looks better as a buy above 48 or 49 to me, which would be a cleaner break out of the current range. It could happen, but odds look against it for now( but then again I'm not predicting, just making educated guesses.).
SLB-Schlumberger- This is still one of my favorite energy related stocks. It remains in an uptrend tied to crude prices, which to me seems to be a bit inflated again. With that in mind, if crude continues to cruise, SLB should break the $58 resistance area and break out. If not, well back down towards the $40s. I wouldn't buy without a break out, but wouldn't want to short it either.
PBR-Petrobras- Finally I'll close with PBR. It's still in a pretty strong uptrend, but the rise is not convincing, at least in the short term. There hasn't been a great deal of momentum to push through the top part of the channel, so we might b
e ready for a pull back. If so, I'd buy around 40, if the trend line holds, otherwise wait for a breakout of the channel and confirmation that the top channel line has become support.
Monday, May 18, 2009
Update on Sunday's charts
I did several stock charts this weekend for practice and part of practice is following up on my analysis. So here is an update(for visual reference see charts below)--
AAPL bounced off the lower channel trend line today, up just over 4 points. That confirms continued bullishness to the 140 area. So far so good.
C appears to have bounced a bit too, as financials were strong in the U.S. session.
The Dow opened at the bottom of the channel too, and bounced, suggesting continuation of rally to 8800 level. Nikkei is still at lower end of channel, maybe a little bit of a down day in Asia again, but the bounce is possible still. S&P bounced off lower end of bullish channel, suggests continuation to 950 level.
FAF continued higher. I think the opportunity was probably missed last week for a good entry, but should continue to 30ish level.
TEVA is still ranging and I can't recommend anything.
YHOO still bullish for now, closer to 16 sell target than the 13.75 buy target. I would expect it might make it to the lower trend line before making a move back up though.
That's it. If I have time I'll update tomorrow. StockTwits, welcome back!
