Archive for October, 2009
eBay (EBAY) Earnings Just Ahead
EBay (EBAY) reports third quarter earnings after Wednesday’s close. It sold off from 41 to 10 between 2007 and 2009, bottoming out in March. The bounce mounted the 200-day EMA in July, triggering a big gap between 19.50 and 20.50 that remains unfilled. Price entered a rising channel after the breakout, with a graceful series [...]
Apple (AAPL): All Dressed Up But No Place To Go
Apple (AAPL) reports third quarter earnings results after Monday’s close. The stock has recovered from the 2008 crash in a U-shaped pattern that’s brought price back up to the May 2008 high, around 193. Its spent the last two weeks at that level, in a holding pattern ahead of its eagerly awaited results.
Unfortunately, this is [...]
Crude Oil Nearing Key Breakout Level
Crude oil futures are nearing resistance in the mid 70s for the 6th time since June. Momentum finally supports a breakout, given sharp movement in other commodities.
The center of Fibonacci resistance from last year’s selloff lies just above the breakout level, with 77, 90 and 100 carving out key zones. The center pivot, at 90, [...]
Retailers Beating September Estimates
Most retailers are beating estimates for their September same store sales. The group has been running higher all week, so a sell-on-good-news reaction is possible:
Hot Topic (HOTT) ABOVE
Zumiez (ZUMZ) ABOVE
Buckle (BKE) BELOW
Limited (LTD) ABOVE
Children’s Place (PLCE) ABOVE
Stein Mart (SMRT) BELOW
Fred’s (FRED) ABOVE
Macys (M) ABOVE
Dillards (DDS) ABOVE
Gap (GPS) BELOW
American Eagle (AEO) ABOVE
Abercrombie and Fitch (ANF) ABOVE
TJX [...]
Play Gold, Not Gold Miners
Gold miners may not be the best way to play the gold rally. While the gold futures are testing the 2008 high at 1032 this morning, the Market Vectors Gold Miners ETF (GDX) is still trading well below its 2008 high and getting over a bout of selling pressure.
It’s a healthy chart but the fund [...]
Homebuilders Might Break Down Here
The PHLX Housing Sector Index (HGX) and SPDR Homebuilders ETF (XHB) are close to breaking 50-day EMA support, after lagging the market for the last two weeks. A breakdown would also kill a rising channel on the ETF, and point to the start of an intermediate correction.
Initial downside is limited because the 200-day EMA is [...]