Friday, January 14, 2011

Technical Picture - Minor Losses

Another choppy session with minor losses all round. Precious metals and mining led the way down. After hours INTC beat by $0.06. JPM reports tomorrow morning. Economic calendar is full again tomorrow morning. Shanghai down 1% on speculation of another rate hike this weekend.

Successful bond auctions in Europe have strengthened the Euro vs. the $USD.


Gold also weak as the risk trade in jeopardy.

My ABX short trade. ABX and GDX approaching support and rising 200 SMA on dailies. I will be looking to buy support when we get there, but I'd like to see capitulation or a gap down open for a fade.

RIMM gap fill was a good fade.


3 comments:

John said...

Alot of people think we are doomed, but there are still great ways to make money. Even while the economy is collapsing around us.

I subscribe to the guy from australia and his FFT economic newsletter at http://www.forecastfortomorrow.com that guy has called many big events before they have happend, including the stock market crash in 2008 and the current financial collapse of the US. (currently happening) I found him from a friend last year, and he has some important work.

His oil calls are insane, and I have been making good money with them. He is well worth a look, if you want to keep two steps ahead of the sheeple out there.

I am worried about my financial future. Is anyone else nervous out there?

Ashish said...

Hi Jamie,

Can you share what stocks are on your watchlist for next week. Mine is overflowing with names, and I was wondering how you apply a method to the madness.

Thanks,
Ash

Jim said...

Hi Ash,

I believe Jamie has been 'under the weather' of late. Hopefully he will feel better soon.

In the mean time, here are a few stocks on my WL based on the concept that range contraction typically leads to range expansion. Some of these have RC on the weekly chart, some on the daily chart and some on both. Some may have just a small area of RC, but at a key price level. Check both weekly and daily charts to get a better picture.
WHR, EOG, MGA, ITT, OXY, TTM, CTRP, BWA

Also, keep in mind that we are currently seeing a lot of rotation into more conservative stocks (e.g., Dow type stocks). I just had a nice little swing trade in UTX and will close out remainder before earnings on Wed. Hope this helps.