Daily Wrap
DJIA -18.28 (-0.14%) to 13,096.31;S&P 500 -1.73 (-0.12%) to 1,418.10;NASDAQ -4.25 (-0.14%) to 2,985.91; What did today’s action look like? Picture a bowl. Started roughly even for the day and immediately started to pull back into the lows of the day around 1pm EST. While 1pm was the lows, between roughly 12:30 – 2:30 pm EST the S&P 500 based and finally in the last hour rallied all the way back to positive territory finally closing slightly negative. Looking at some stocks in the news we start with a name that proved to be a fantastic trade idea in Deckers…
Charts of Interest
Thoughts and analysis are provided on each chart itself or you can go read some quick comments for each at StockTwits (WSConsensus) GMCR, ZIP, GT, DECK, QCOM, AL, AMD, SBUX, EXPD, GTAT, PCLN, TSLA, CIM, CEL, FSLR, RIMM, DISH, ABMD, PANW, RF
Daily Wrap
DJIA -59.98 (-0.46%) to 12,965.60; S&P 500 -6.72 (-0.47%) to 1,409.46; NASDAQ -8.04 (-0.27%) to 3,002.20; Today started with a small gap higher but by 10am we had lost the highs and never regained them for the rest of the day finally drifting into negative territory after lunch and pressing near lows at the close. We had some economic data today but the number talked about the most was the weak ISM which came in at 52.5 and while estimates can be different around Wall Street we saw 54.3 as the consensus. Oh yeah and then those people in Washington…
Analyst Comments
If you see a symbol that interests you in this list then make sure to check out the Upgrades/Downgrades section for the complete list and details! Upgrades: AGU, CLR, DECK, DELL, DUK, EV, FNSR, IGT, NI, RSANY, TOT, VZ, WSM, WWAV Downgrades: CF, CNK, DWA, ELX, JNS, OXY, PRE, QLGC, RATE, RATE, RDS.A, RGC, SJM, TEVA
Daily Wrap
DJIA -89.24 (-0.69%) to 12,878.13 S&P 500 -7.35 (-0.52%) to 1,398.94 NASDAQ -8.99 (-0.30%) to 2,967.79 For the majority of the day the S&P hovered around even. In the early trading there was a dip that was promptly bought and rallied but it wasn’t until after 2pm when the markets started to move lowered into the close and stayed that way closing near the lows of the day. The stock of the day was Monster Beverage (MNST) up over 13%. A letter from the FDA to Dick Durbin noted that they will be conducting an investigation into the potential danger…
Daily Wrap
Today was really not very noteworthy in terms of the market. After gapping down on the open the market set its lows just before noon and spent the rest of the day drifting higher with the last 5 minutes of trading providing a push. The idea of hedging or even taking home a small S&P short on Friday would have worked well but I don’t know that there was conviction in any such trade. The first test of a hard sloped 20 day was my conviction trade and it never manifested. Stocks in the news today included Deckers Outdoor (DECK). This name should…
Charts of Interest
Let’s take a look at some charts I am watching going into the next week. Deckers Outdoor (DECK): One of our more favorite trades as it had clear levels to trade against. I noted on Stock Twits (WSConsensus) that DECK could now be approaching initial resistance around $35 and would expect a pause to refresh and that quick traders could take some off to look to re-enter. Now the 20 Day SMA (green line) should be support and if you did lose some you could look to add. This one is a potential Long Term trade but we always take…
Charts of Interest
Let’s recap a few charts we are watching. First is the McClellan. We highlighted that the McClellan reached Stage 1( below -80) levels on a closing basis and also posted an intraday chart showing we almost reached Stage 2 (-100). Friday’s rally has already taken us out of Oversold levels but often with strong moves like this we see divergence on the indicator before a more substantial bottom is set. TSLA – Could be taking out a long term down trend line. TSLA is often noted as a electric car manufacturer but TSLA has also started providing their components to…
Deckers Outdoor (DECK)
A far cry from the $100+ price DECK use to garner we now have a stock that could be putting in a trade-able bottom against the lows from 10/31/12 at $28.53. DECK could look to ultimately target previous support and resistance levels near $40 which means there is a potential $2 down for $10 up risk reward profile.