Archive for April, 2009
Akamai Technologies (AKAM) Trying To Break Out
Akamai Technologies (AKAM) is trading at 21.60 this morning, after a positive response to last night’s earnings report. I’m reposting my Monday commentary in Real Money. The bottom of the April 3rd gap, around 20.40, is of particular interest because it should offer strong support on a pullback. The April 2nd high at 22 looks [...]
Retail HOLDRs Trust (RTH): Hanging Tough At 80
The Retail HOLDRs Trust (RTH) sold off from 101 to 60 and bounced in March. It rallied back up the November and January swing highs at 79.50 on April 4th. This price level also marks the 200-day EMA. The fund has been testing this resistance for the last three weeks and now looks ready to [...]
A Trade On The Small Caps?
The iShares Russell-2000 Trust (IWM) is grinding out an ascending triangle pattern at the rally high that might yield a nice trade over 50.
Small caps are outperforming the sector on Tuesday, with market players looking for groups/stocks unaffected by the swine flu scare. The fund shows resistance at 48.30 that’s been tested 3 times in [...]
Fear Isn’t As Profitable As It Looks
Gilead Sciences (GILD) is up over 2 points this morning on swine flu fears but these type of shock events are notoriously difficult to trade because the public usually gets targeted right after the open.
A better trade could come later in the day but, more likely, GILD will eventually settle back to last week’s levels [...]
Apple (AAPL) Gap Grapple
Apple (AAPL) printed a huge gap on September 29th, when it sold off from 128 to 120. The current rally has now filled the gap, which is a sell signal. However, the stock hasn’t giving up the ghost just yet. It traded within the gap’s boundaries through the entire post market session on Wednesday and [...]
Broadcom Shake N’ Bake
Broadcom (BRCM) has carved out a violent whipsaw after Monday’s earnings release. The stock gapped down on Tuesday morning, in response to the unsolicited Emulex offer. It based at the 50-day EMA/200-day-EMA and then shot higher yesterday, filling the big gap. It’s trading over 24 in today’s pre-market, a 7-month high, after positive Apple earnings [...]
IBM: Getting Cozy with 100
International Business Machines (IBM) could be setting up a 15% rally after Tuesday’s earnings report.
The stock has been in recovery mode since last year’s crash dropped price from 131 to 70 in less than four months. It tagged 100 on April 2nd, which was the same date it rallied above the 200 day moving average. [...]
Banking Index OK At Support
The KBW Banking Index (BKX) is holding up well at breakout and 50-day EMA support, posting a possible bull hammer reversal. 30 is a key level for index as it tries to recover after Monday’s reversal.
Yesterday’s turnaround occurred within the shadow of the candle created by the November 21st low. The price zone between 33 [...]
Palm (PALM) in Double Digits
Palm (PALM) is trading over 10 this morning, after a BoA/Merrill upgrade. The stock has been trying to clear resistance at 10 since an exceptionally strong recovery stalled just under that level in February. The longer-term chart shows another hurdle around 10.35. Once that level is breached, on a closing basis, momentum could kick in [...]
The Gold Correction
Current positioning on the SPDR Gold Trust (GLD) is best understood on the weekly chart. The fund for the yellow metal rallied up to 100 in 2008 and sold off in a deep correction. It found support near 70 and bounced back to the high earlier this year. Sellers returned at that resistance level and [...]