Market Updates

Who pressed the pause button on world wide stock market indexes? Some have hit price resistance and are either in a distribution or accumulation phase where buyers and sellers are doing battle at the front lines. Pretty typical summer price action I would say. All open positions still look good...continue to hold. As an example please note SPY... SPDR's S&P 500 Trust Series ETF (SPY) weekly ​​​​​​​ Price has been trading, for the most part, inside the channel formed by the two par … [Read more...]

It's a good thing I recommended selling one of the positions on TSLA last Wednesday...and selling the other position Tuesday morning. Tesla Inc (TSLA) daily An analyst at Goldman Sachs downgraded TSLA this morning hence the 7% sell off. What is quite amusing is that this particular analyst has the worst track record on the planet. Go figure. TSLA traded all the way down into support today so likely to get a 3% bounce tomorrow. All in all we made a nice profit...twice. Remember, … [Read more...]

I write this after market close on Thursday. SPY has had a mild fade back to the March 1 highs and bounced in intraday trading to close down 0.88%. SPDR's S&P 500 Trust Series ETF (SPY) daily ​​​​​​​ ​​​​​​​Higher volatility might be due to Q2 ending and a long holiday weekend (markets close early Monday and closed Tuesday for July 4th). Tomorrow (Friday) will be interesting. We will see if SPY 240 can hold. If not, we are surely going to 237. No big deal. Markets correct and r … [Read more...]

SPDR's S&P 500 Trust Series ETF (SPY) daily A quiet week last week in S&P Land. Continue to hold. PowerShares QQQ Trust Ser 1 ETF (QQQ) daily Price continues higher. Hold. SPDR's Select Sector Technology ETF (XLK) weekly Same story here. Continue to hold. iShares MSCI India Index ETF (INDA) weekly Price is up about 16% from our recommendation in January. If price breaks short term support I will recommend harvesting gains. If not, we will see if price can … [Read more...]

This week XLV has broken above resistance, the previous high made in 2015. This looks like a good momentum trade. Risk is around 7%...daily closes below red horizontal line. I'm a buyer Thursday morning. SPDR's Select Sector Health Care ETF (XLV) weekly Continue to hold all open positions for now. A few of them are running into resistance so we might have to harvest some gains. I want to see how the weekly's turn out before I recommend selling. Trade Smart, Don Roth … [Read more...]