March 28, 2024

Daily Wrap

DJIA -46.23 (-0.30%) to 15,612.13;S&P 500 -2.53 (-0.15%) to 1,707.14;NASDAQ +3.36 (+0.09%) to 3,692.95 The Dow and S&P 500 closed slightly lower while the Nasdaq saw a small gain mainly do to a good day in trading for Apple (AAPL).  This will likely be a much quieter week with not as many big names earnings reports or economic events but we did have PMI which came in better than analysts expected with a reading of 56.  Tomorrow on the calendar we have Trade Balance at 8:30 am EST and then FOMC member Evans is speaking at 1 pm EST (fireworks not expected). As…

Priceline (PCLN)

A target or a top for Priceline (PCLN)? Maybe both.  This morning JP Morgan raised their price target on PCLN to $1040 from $830.  JP Morgan expects strong Q2 results and positive gains from the Kayak acquisition.  The firm continues to have an Overweight rating on the stock. Often when we see these larger price target numbers, especially after a big run, it can mark a top in the name as there is no one left to buy.  At least not until there is a dip.  As of the close 8/2, PCLN is up over 46% YTD and might want…

Daily Wrap

DJIA -5.69 (-0.04%) to 14,572.85; S&P 500 -7.02 (-0.45%) to 1,562.17; NASDAQ -28.35 (-0.87%) to 3,239.17 Today started with a small move higher in the morning as the 2nd quarter got its start but that optimism soon waned and after a weak ISM number we saw a quick swoon lower in the broad markets with the small caps and techs leading the way lower.  I think today’s action had more to do with the upward bias into the holiday and quarter end finally being over than with the ISM number itself but as much as this market has rallied and I noted over…

Daily Wrap

DJIA +14.75 (+0.11%) to 13,169.88; S&P 500 +0.48 (+0.03%) to 1,418.55; NASDAQ +8.92 (+0.30%) to 2,986.96; During last night’s trading and early in the morning Monday we saw the S&P 500 futures treading lower, finally bottoming at 1410.75 around 6am EST and then steadily rally throughout the remainder of the morning to 1421 at 11am EST.  The remainder of the day was somewhat choppy and the focus was on Italy.  News of Prime Minster Mario Monti’s intentions to resign sent bond yields spiking and the markets dipping as the feeling was of somewhat shock/surprise and again another scenario of uncertainty and we see…

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

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…

Priceline (PCLN)

After gapping up nearly $70 on November 2nd following an earnings report where PCLN beat analyst revenue and earnings estimates, the stock has consolidated on lower volume providing a potential long trade.  The 60 minute MACD is potentially recycling so PCLN should start showing signs of rebirth if this recent pause is truly meant to only be one that refreshes.  Targets could extend near the $700 level so traders could wait for a clear break to get in or consider positions near support with tight stops.