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CHART OF THE WEEK: AFSI long
AFSI: shares have traded down to the 100sma which coincides with a key Fib retracement level; all indicators are oversold with bullish divergence working in off the recent low; +132% quarterly EPS growth...
CHART:
I'm posting these comments from a CBOE floor trader, fwiw. I don't fully agree but it gives pause to what few bearish thoughts I have remaining!
PM me if you'd like a link to where these are posted.
Observations of a Floor Trader
Editor's Note: After each trading day, a floor trader from the Fed Funds pit at the Chicago Board of Trade shares his thoughts on the overall market and some specific stocks.
Today we saw a MAJOR breakout in stocks with the DJIA/S&P500/NASDAQ indexes all making new multi-year highs, and in the cases of the DJIA & S&P500 making new all-time highs. In the stock market strength can beget strength, and with valuations low relative to other asset classes and Treasury Secretary Henry Paulson saying this is "far and away the strongest global economy I've seen in my business lifetime" I have little doubt we will see higher prices tomorrow.
This is NOT a rally to fade. It is a rally to jump on as fast as possible. I follow a good number of stocks and there remain way too many of them well below levels that can be expected to trade in coming months. I remain 200% long in my trading account and fully invested in my IRAs and tomorrow I will be getting to 400% long in my trading account because this move must be maximized while the fish are still in the barrel.
We are in a raging bull market for stocks. It's that simple. This is no time to sell; it is time to be max long stocks. The Fed is staying on hold, the economy is holding up and looks poised to accelerate a bit, valuations remain favorable and demographics will support higher prices. There is nothing that can derail stocks right now and vestiges of panic remain in play ... That means that stock prices remain depressed and need to go higher.
Gracias. Hope you have a good one today.
CRM +3.44 from our call to buy at 41 - http://www.investorshub.com/boards/read_msg.asp?message_id=20670491
Here's LVS doing the near-penta bucker from the heads-up post...
CECO nice bounce off trendline support at 33...
CBG big spring today off trendline support...
GNA...the quiet steel company. One of my techno/fundy screens brought this beauty of a chart to the top. Breakout measures to the 18.50 area.
AMX: sold a bucker too soon...trade closed at the hexabucker level and still going:
On the road this week, but watching this chart for a possible short squeeze:
My "coiled spring" scan turned up a beauty of a chart. Volume too low to call in the swing trader letter so I'll post it here.
Fwiw, I wrote this to our Swing Trade subscribers this a.m.:
Good morning traders! Yesterday afternoon's meltdown was long overdue and puts us back onto our "plan a" scenario: establishing a local low sometime today or tomorrow in order to set us up for a nice window dressing rally to close the month. The trigger apparently was a tank in bonds which raised yield concerns (again). Look for a low to be established around the 1500 level in the S&P500 (150.00 in SPY). I would be a buyer at that point as buy programs are likely to be triggered there. Final support in the S&P comes in at 1490 but I doubt we get that low. If 1490 is tested and fails to hold, then we are looking at a very different type of market than the one we've enjoyed the past several weeks. For the record, I don't think the EOM rally is going to be very exciting, and we may well have to play the short side strongly throughout July and August.
On a brighter note, how about SPWR, eh? We've put on 2 other "pre-conference" trades this month and both were nice winners (CCOI, ATHR). A key to the pre-conference trade is to find out who is speaking (a big executive is best), who is listening (big investments banks are best), and when it is taking place (morning market hours are best). We'll be on the lookout now for other opportunities like these.
11:06 BOOM Dynamic Materials pushes to session highs on a pick up in volume as it edges above its Sep 06-Jun 07 range high of 37.84 (37.92 +1.05) -Technical-
Our new free pick of the week, JADE, is off and running. PM me if you are not on this free list and want to be...
SHLD on sale, with bullish divergence built in at the 200ema...this one should get a nice bounceski...
BIDU chart...had some daytrading shares but unfortunately cut them loose too soon:
Master the Trade Newsletter returns just updated:
+892% from 01/01/2003 (only 2 open trades at once, all stocks < $15)
ASTI breakout...it was our free pick posted on 6/13:
Link to free charts and pick: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2021871
Let the party begin:
08:30 ECONX Core CPI m/m +0.1% vs +0.2% consensus
08:30 ECONX Core CPI y/y 2.2% vs. +2.3% Bloomberg consensus -Update-
Updated all our public charts today, fwiw, over on www.stockcharts.com, their public charts link. PM me if you need a link...
Please vote if you find these helpful. Thanks, TC
Just added EHTH to our public charts list on Stockcharts.com...it's on watch here:
Still banging on the ROCM table...added a bit more here; bullish divergence now nicely pronounced on several indicators and volume drying up; a low-floater that can run quickly if given a shove:
CME, the only green on my screen today...now +20 points from entry on 5/22
http://www.investorshub.com/boards/read_msg.asp?Message_id=19864740&txt2find=cme
08:17 Bernanke expects growth 'close to or slightly below' trend
08:17 BERNANKE-PROBLEMS IN SUBPRIME MORTGAGE MARKETS "ALMOST ENTIRELY" AMONG ADUSTABLE RATE LOANS
08:16 Bernanke says Housing Downturn 'Has Been Sharp'; Housing Drag 'Somewhat Longer' Than Once Thought
08:16 BERNANKE-TIGHTER LENDING STANDARDS TO RESTRAIN HOUSING DEMAND, HARD TO ESTIMATE HOW MUCH
08:16 Bernanke sees 'no major spillovers' to other parts of economy
08:16 Bernanke says LONG-RUN INFLATION EXPECATIONS REMAIN CONTAINED
08:16 BERNANKE-TIGHTENING OF LENDING STANDARDS MAY LEAD TO FURTHER CONTRACTION IN NONPRIME ORIGINATIONS
08:16 BERNANKE--LONG-RUN INFLATION EXPECATIONS REMAIN CONTAINED
08:16 Bernanke says core inflation "somewhat elevated" but ebbing, risks remain to upside
08:15 Bernanke says tighter lending will 'restrain housing demand'
08:15 Bernanke says energy costs below last year's peak, rate of shelter cost rise to slow but timing uncertain
08:15 Fed's Bernanke - expect US economy to advance at moderate pace near trend rate over coming quarters
CYNO hit our sell target today of 35.00 for an overnight gainer of +10%.
ATHR: one of our new swing trade picks from yesterday, breaking out on OVTI earnings...
06:59 TTEC TeleTech: Friedman Billings believes TTEC remains a screaming buy (35.18 )
Friedman Billings reiterates their Outperform rating and $46 tgt on FBR Top Pick TTEC following an upbeat co presentation by the Founder and CEO Ken Tuchman. The secular demand trends remain strong for BPO, and firm continues to believe TTEC is the best positioned service provider to take advantage of this trend due to its global footprint, process excellence, and significant investment in its technology, including both its IP communication network and its many business applications. The stock has sold off over 15% since its recent highs, the largest correction in the last year having appreciated over 200%, and firm views the pull-back as a buying opportunity.
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