Pretty quiet day yesterday unless you owned Foot Locker Inc (FL); down almost 28%...yesterday...ouch! A not so subtle reminder to not put too much into one company. I still think SPY has to test 240. The close Friday was 242.71. You can see the support levels I have drawn on the chart. Mr. Market was a bit confused yesterday about Bannon leaving the White House and Carl Ichan distancing himself from Trump. What a mess. SPDR's S&P 500 Trust Series ETF (SPY) daily Let's let price … [Read more...]
Stocks are Stairways Up and Elevators Down
I'm not too concerned about today's price action. As I said recently, we are likely to test 240 on SPY. Closing price today was 243.09. Remember, stocks don't only go up. Sometimes they go down. And, many times, they go down fast. We might have have another down day tomorrow. It's the nature of the beast. S&P 500 ETF (SPY) daily Corrections are healthy. Price reversion to a mean is usually an excellent opportunity to add to positions or enter new positions. We will s … [Read more...]
[Trade Alert] Amazon
Last weeks market pullback was really a one day event, however, Thursday's price action certainly got everyone's attention. I purposefully waited until after today's (Monday) close to write this update to see if the pullback had any serious follow through. It didn't, at least not yet. Today's price action was very positive but know that one day does not make a market. Continue to hold all open positions. My recommendation is to hang tight for a few days before adding to open positions … [Read more...]
Running With the Bulls
A little bump in the road recently with worldwide equities. Is it time to take some profits or time to buy more? Let's be selective to start trimming. SPDR's S&P 500 trust Series ETF (SPY) weekly Price has broken down through the upper channel bracket; the higher upwards sloping white line. Not really a big deal but expect price to test 240 for now. The weekly chart provides the longer term historical price action from the bottom in 2009. The daily chart gives us a closer … [Read more...]
Albermarle Corp (ALB)
Price dumped 6.23% today, beat top line but missed sales. Trade is down about 2% from our recommendation. Continue to hold. If price breaks and closes below upwards sloping green line with momentum I will recommend selling. Currently that level is at 108 but rising. Albemarle Corp (ALB) daily I'm not concerned at all about this one day event. Continue to hold. If price comes back into the upwards sloping green line and bounces I might even add to my position. I will … [Read more...]
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