|Some of the companies reporting earnings the week of May 2nd-6th: |
The $USD is in a free fall versus GLD and SLV which are parabolic. We should get a technical oversold bounce in the $USD any day now. This is not likely a bottom because there's no positive divergence to indicate an imminent reversal.
By the same token, GLD is due for an overbought technical correction, similar to what we saw in SLV early last week.
Last week's correction in SLV provides us a preliminary support level.
Coal is breaking out of a tight congestion area.
OXY - HCPG pick - favorable earnings was the catalyst for this high volume extension. I waited for a NRB before jumping in.
DRIV - A narrow range coil triggers the short entry. Came within 5 cents of a stop out, but by EOD, my target was reached.
RIMM was a gap down on earnings warning. After the opening range, price couldn't move beyond the 50% Fib. retracement level and eventually broke the trendline for a low risk short.
I covered half when I saw some real size on the bid side at the $48.50 level.
AMRN printed NR7 on Friday. Watch for price expansion.