March 28, 2024

Charts to Watch

What ended up being a tough week for the market left many names I was following pulling back m0re than I would have desired but still intact.  While I believe it is always prudent to be looking at stocks from the short side, the longer term trend is still higher.  I think that it is VERY likely that we see the markets continue to consolidate and even lose ground but I think people tend to lose tract of their long ideas during these times and this is when you want to be watching them as if they hold in during…

Charts to Watch

Apple (AAPL) found initial resistance at the 200 day SMA which is to be expected on the first touch after so long but I would be watching the consolidation on this one for another trade opportunity.  Also watch the MACD to see if it can recycle. Arch Coal (ACI) pushed nicely into the 50 day SMA today.  This will be key to watch if it can get and stay above.  A move on strong volume might be further evidence that a short term bottom is in and could end up being a much longer term bottom.  I would use the…

Baxter (BAX)

Baxter Intl (BAX) has not been on an amazing tear this year and is vastly underperforming the S&P 500 wit a mere 9.5% gain YTD vs the broad market’s 20% but Goldman Sachs thinks that is all about to change. Today Goldman Reinstated BAX with a Conviction Buy rating and an $86 price target which using today’s closing price of $71.64 means that Goldman sees a roughly 20% price increase coming in BAX.  Being that it was added to the Conviction Buy rating, as I have noted before, this makes me believe Goldman thinks the gains should be coming sooner…

Daily Wrap

DJIA -138.19 (-0.94%) to 14,618.59; S&P 500 -22.56 (-1.43%) to 1,552.01; NASDAQ -56.43 (-1.99%) to 2,781.98 Yesterday’s rally was short lived as the futures were slightly lower last night after the close and the losses picked up overnight and into the morning’s trading which then lasted the majority of the day not bottoming until just before 1pm EST.  Today was a light economic data day, although there was some fed speak, and sets up into tomorrow with the week’s Unemployment claims number.  I have estimates at 349K going into the number which is roughly where last week’s reading was (346K). The talk of…

Daily Wrap

DJIA +67.12 (+0.49%) to 13,779.33; S&P 500 +2.25 (+0.15%) to 1,494.81; NASDAQ +10.49 (+0.33%) to 3,153.67 All in all today was a nothing as we started around flat and stayed flat the majority of the day until we (again) rallied into the close after lunch.  After the close we had Apple Computers (AAPL) report earnings which slightly beat EPS estimates but slightly missed on revenues.  The futures dropped at the same time as AAPL reported and started to decline and now stand down about 7 points as I write. Apple (AAPL) clearly is driving discussion after the close and it…