Category: resistance

Is the Gold Breakout for Real?

Gold ETF GLD recently broke out over $100, an area that has provided major "round number resistance" the past two times GLD tried to breakout. When a "major" ETF or market leader breaks out over a number like $100 after basing around that area for a significant amount of time, I consider it an automatic... Continue Reading →

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SPY Chart Analysis

I posted the SPY chart that I sent to subscribers last night without any annotations and a few blog readers weren't quite sure what the chart meant. The key is the two line drawn and support and resistance. If SPY gets close to the top line (around $93-95), that sets up a great short entry.... Continue Reading →

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Spy Chart

I currently have only one positions (SPY at $84.03). The chart below show looming resistance levels, which correspond with my targets.

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Reliance Steel Earnings Setup

Reliance Steel (RS), reports earnings this week and has a nice looking earnings setup. The stock is basing just under resistance, so a positive earnings report could set the stage for a breakout move to new high territorry. I will likely place a buy stop just above resistance.

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Bullish Chart: JOSB

While my post after the market close reaffirmed my bearish stance, I am finding more and more solid long setups. The health care sector is smokin', with stocks like HRT and ROCM leading the way.In this market environment, the only longs I'm willing to trade are stocks with high volume breakouts over major resistance levels.... Continue Reading →

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Today’s Trade; VLO and QID

I've traded these stocks so much that past few days, they feel like family. I bought 500 shares of QID at $55.86. I've been trading in 1000 share blocks, but I'm not sure that there won't be more of a bounce in the Q's, so I'm keeping the position size small. If we see QID... Continue Reading →

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