Technical Breakdown: LULU
From yesterday’s edition of the Off the Charts newsletter: There was good news and bad news on LULU tyesterday. The bad news is that the market weakness dragged LULU lower but it held the 100day sma well on the first test. The good news is that the bounce off of the 100day sma was lackluster […]
Continue Reading -->Is That an Oil Selling Climax I See?
After steadily rising for nearly a year, crude crashed last week, ending down more than 9% and closing below $50 a barrel for the first time since the election. A year ago oil was the tail that wagged the equity dog. That correlation broke in December. For example, XLE left a large range Gilligan sell […]
Continue Reading -->T3’s Take 3: Stocks Grind Ahead of Fed Day, Oil Sinks
1) Crude Oil Still Stinks Crude oil fell again today after Saudi Arabia said it increased production. To be fair, oil doubled in a year, so some profit-taking may be in order. However, let’s hope it can resume the uptrend, or at least hold the $46-$47 area. Oil’s rebound off the $26.05 February 2016 low […]
Continue Reading -->How to Define an Uptrend on a Stock Chart
In technical analysis, one of the biggest mistakes you can make is to not have clear criteria for the patterns you’re looking at. What do we mean by that? Quite often, you’ll hear traders use terms like head & shoulders and support and resistance. But you never hear But you never hear about the criteria […]
Continue Reading -->The Trouble With Crude Oil
The action in crude oil has been hideous as of late, as you can see in this weekly chart: To be fair, it doubled in a year, so some profit-taking may be in order. However, let’s hope it can resume the uptrend, or at least hold the uptrend in the $46-$47 area. The oil rebound […]
Continue Reading -->Jeff Cooper: I Smell FOMO Ahead of Fed Day!
“Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited.” -George Soros The thing about markets is that things are not black […]
Continue Reading -->T3’s Take 3: Intel Drives Into the Future with Mobileye
1) Big Deal! This morning, Intel (INTC) announced it was acquiring autonomous driving company Mobileye for $15 billion, or $63.54 per share. Intel said it estimates the driveless vehicle market opportunity will be up to $70 billion by 2030. Mobileye’s vision-safety technology is used by over 25 automakers, and the company is working with BMW and […]
Continue Reading -->Q&A: How to Judge an Economic Data Point
Dear Michael, How can you call the jobs report ‘Meh’? NFP came in at +235K and beat the street expectations. How is that meh? -Randy Dear Randy, The 235K headline number was fine, but that’s not the totality of the report. Average hourly earnings grew by just 0.2% vs. the 0.3% consensus, which offset the […]
Continue Reading -->Chart Analysis: SPX
We have mixed markets to start the week. Europe is up a little and Asia had decent strength. The SPX futures are down 1. Last week we put a low in at 2354 right at the 21 day. Now we will see if that was the correction or do we take that out later this […]
Continue Reading -->Shorts Gone Wild! How to Avoid Getting Crushed by Stocks Like MBLY
Mobileye (MBLY) is a name I cover in my Morning Note fairly regularly. Today, it’s up $14+ after getting taken over by Intel (INTC). Unfortunately, Citron put out a short report on it a few weeks ago, saying it was going to $35, and I got away from it. However, the MBLY action is teaching […]
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