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$NBEV: Long-term time and price finally finding a decent support level around 3.50; however, long-term support at 4.15 has now turned into resistance. $NBEV had a nice 662% this year between August and October (at extremely high frothy levels), since then, price has retraced ~ 62%.
Volume remained low across the broader market with the holiday in effect and closing early today (Black Friday) at 1pm ET.
As the cannabis sector remains in bearish correction territory with Canopy Growth being the strongest of them all (just hanging above correction); Mexico gained approved for Commercial Importation of Cannabis Products – specifically surrounding distribution licenses.
Regardless of the news wires, which I don’t base my trading off of, I’d be expecting to see/hear more developments in this space.
Bought 3,000 shares of $NBEV today, as a starter position (day or swing trade) with a tight percent stop-loss (specific % that I use with all my trading plans), if the technicals don’t play out to my trading plan. A close above 4.02 could begin to get $NBEV towards a test of resistance in the upper-high 4’s.
Expecting to see momentum pick back up in $NBEV next week – we’ll see how the Black Friday deals impact the retail sector, whose taking a slacking, and how the Future Markets development over the night on Sunday with the Asia Markets. Utilities and Consumer Staples have been the safe-haven stocks with large dividends, so keep those dividend plays on your radar; especially if an ex-dividend is coming up (many will buy into the stocks to take advantage of buying into shares to ensure the right to receive it).
Have a safe and wonderful weekend.
Markets about to close. Have a safe weekend, All!
$ACB narrative remains the same as the past 2-3 weeks of posting.. 6.00 is a significant area.
Good to hear buddy. Keep stop-loss targets, always. This is a pre-requisite before jumping into any trade and must be on your trading plan.
Yes, that ticker topped on the 3rd of Sept with the broader market; Asia was also hitting lower lows. Take care.
1pm ET market closes; very light volume day.
You may be thanking the fact funds are not available to drive into $ACB at this moment. No sense in throwing cash into the market just to buy. Anyone can buy a stock anytime, but timing is of the Essene.
If, and when, the stock makes the corrections I need to see, I have no problem dumping $10k plus on this stock, as long as the trend and momentum are in alignment with the overall market. Until then, I trade other stocks making money (day trading) and keep $ACB on a watchlist.
Unless Day Trading, I'd be remaining on sidelines. There have been some quick In/Out plays here that I've taken advantage of (and a few others), but as for long-term.. I'd be waiting for the narrative to change before continuing to pile money into this dilution machine.
Good job on the pattern... been calling for money to remain on sidelines for weeks, unless day trading.
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Hope you had a safe and wonderful Thanksgiving! Very low volume today (as expected) with holiday and market closing at 1pm.
Nothing changed for $ACB. Resistance levels remain.
Past Wednesday:
$ACB: breaking below ascending triangle. Profit taking into the holiday coming.
$ACB: 6.00 resistance remains dominant. Futures and Tech selling off. Margin selling in full effect now.
Small intraday bounce earlier. Hope no-one got caught:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145007871
5.40 area continues as support:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145003498
Resistance remains at 6.00 (watch for gap fill if 5.40 doesn't hold):
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144999915
The market will continue to fall (minus a few intraday blips here and there). Keep cash on sidelines and do not try to catch a falling knife. Patience until the market corrects itself.
Narrative remains a Day Trader market, while a majority of U.S. Market remains in bearish correction territory with exception to high dividend safe haven areas like Utilities and Consumer Staples.
As for $AAPL, it’s one of the main contributors for this downward spiral due to its significant exposure (weight in portfolios and indices). The “Tech Wreck” needs Apple and others (like Amazon) to turn around with bullish buyers conviction, if we’re going to see an upswing. Of course, Apple will turnaround, eventually.....
I still suspect the low isn’t in for the broader market. The 24,100 area on the DJIA remains on my watch list before the markets could see institutional money presence. Until the lows have been sniffed out with buyer conviction - the bearish correction can continue, even till the DJIA Feb lows. Evidence of the 2008 correction shows that a bear market can continue for weeks, months, and years.
I’d rather be out of Apple and Tech until the institutional money stepped and and a low is found with confirmation. Nothing wrong with chasing Apple when there is significant momentum to the upside with enormous buying blocks; however, it’s anyone’s guess when that may be. TODAY, I expect light volume and nothing significant enough to be a game changer.
The G20 and Fed Meetings are coming up - those could be the catalyst to change the major trend - only time will tell. In addition, it’ll be important to see how the Black Friday retailers performed going into the potential “Santa Clause” rally, if there will be one.
Hope this helps!
~sent from phone
Went to three Target stores today (two of them super stores). Parking lots and store traffic strong compared mall retailers. Looking forward to Black Friday estimates and results.
I don’t pay too much attention to after market and premarket, unless there is a major news event. Volume is otherwise irrelevant. Have a safe and wonderful Thanksgiving.
You’re welcome. Have a great Thanksgiving. Market closes Friday at 1pm. Should be an interesting day setting up for Monday. Retail turnout from Black Friday will be highly analyzed to gauge consumer confidence.
Low Volume; Markets barely off lows. $ACB heading towards the lower end of trading range, after breaking down through the ascending triangle.
$ACB: breaking below ascending triangle. Profit taking into the holiday coming.
Momentum rolling over... Profit taking territory, IMO.
Range trading; 6.37 (top) - 6.14 (bottom). Looking good today with Futures popping this morning and the Tech sector (risk on trade) in play today.
The top should maintain a strong resistance level from the 16th.
Futures much improved since earlier this morning. Looking for resistance around 24,800. $NIO resistance levels remain. The $8.00 is a psychological round number to break, but first the 7.70 - 7.75 area must hold as support. $NIO narrative continues bullish.
Agreed. Just takes a little patience. Good thing is $NIO isn’t talked about much in the media - accumulation has been quiet.
Futures are acting weak; Asia Markets narrative continues. These may be false gaps across the U.S. pre/markets.
Risk on trades are back for Tech; however, looking for retracements back to the 24,120 on the broader market for a test of support to see if the buyers are there. If not, could retest the Feb lows.
$NIO continues to hold up as long as the 7.24 and 7.34 maintain support - else could see some consolidation.
Today... we could finally see the volume flush and bounce. I expect volume to be weak today and even weaker on Friday (markets open in the morning). All eyes on the G20 summit next week and earnings. $NIO could blow the 8s out of the water if a deal or compromise are made with China, IMO.
$WMT: Retail sector finished at the lows with several retailers missing earnings or providing mixed results with inventory and logistics. $WMT must hold the 94.07 to avoid potentially retesting 91.00 and closing towards filling the gap.
Side note: Target was a huge weight on the retail sector, despite revenues, customer traction and digital growth up! This unjustified selloff triggered others (like $WMT act bearish). Even with $WMT having solid earnings - bear market corrections are selling off good news and doubling down on bad news. Expecting the Santa Claus rally to go into affect next week, after G20 and/or Fed remarks on reducing the aggressiveness on interest rates.
From a broader market perspective; NASDAQ appears to be the strongest out of the indices. Several tech stocks reversed into positive sentiment and held. Granted the markets are still in correction - tomorrow feels like a bounce going into next week. Speaking of next week the G20 is happening; whole world and markets will be watching closely on a potential deal or compromise between the U.S. and China trade/tariffs topic. A deal could be the trigger even to form the market bounce; however, the potential bounce may not actually happen until the Fed speaks on the interest hike in December. Expecting another res test of October Lows and even possible retest of February Lows (broader market).
Keep note of those companies who provided solid revenue figures, internet growth/traffic, etc.
Very good! Despite the continued selling - the momentum in $GE by the bears appears to be weakening.
From a broader market perspective, the NASDAQ appears to be the strongest out of the indices. Several tech stocks reversed into positive sentiment and held. Granted the markets are still in correction - tomorrow feels like a bounce going into next week. Tech looks like the “risk on” is back to being in upward rotation.
$TGT extreme volume and oversold levels. Bulls stepped in to form a temporary bottom. NASDAQ appears to be the strongest out of the indices. Several tech stocks reversed into positive sentiment and held. Granted the markets are still in correction - tomorrow feels like a bounce going into next week. Speaking of next week the G20 is happening; whole world and markets will be watching closely on a potential deal or compromise between the U.S. and China trade/tariffs topic. A deal could be the trigger even to form the market bounce; however, the potential bounce may not actually happen until the Fed speaks on the interest hike in December. Expecting another res test of October Lows and even possible retest of February Lows (broader market).
Overall, retail numbers weren’t that bad - in the bear market good news is bad and bad news is twice the damage. Keep note of those companies who provided solid revenue figures, internet growth/traffic, etc.
Advice? Keep cash on sidelines. Markets will fall 700+ points. Patience as this market has more downside to go, even after today.
Must wait for the tide to change, or you'll be chasing and holding losses.
$XRT: Retail destroyed today with earnings results, which didn't appear to be as bad as the market overreacted. Tech, Retail, and Energy are now driving the market further downward.
$XRT gap open potential fill at 41.30 - 40.70 area.
Major indices could be set to test the Oct. 26th lows, or more importantly the lows from Feb., before real institution buyers step in. Otherwise, all these pops and drops intraday area short term support and resistance trades.
$TGT: Slight bullish divergence intraday. Resistance levels 71.48 - 77.61.
Overall, Target earnings were very bullish! The selloff of the retail earnings was over-rated IMO.
7.70 area remains a battle ground. Close above 7.84 very bullish.
Support (dynamic):
7.54
7.28
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$ACB: 6.00 resistance remains dominant. Futures and Tech selling off. Margin selling in full effect now.
Small intraday bounce earlier. Hope no-one got caught:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145007871
5.40 area continues as support:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145003498
Resistance remains at 6.00 (watch for gap fill if 5.40 doesn't hold):
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144999915
The market will continue to fall (minus a few intraday blips here and there). Keep cash on sidelines and do not try to catch a falling knife. Patience until the market corrects itself.
Thanks. Posted that in the below, but forget to indicate the time.
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Need to see $AAPL and other tech related companies get out of bearish correction territory. Keep an eye on the Dow October 29th low for a potential retest, as we're retesting the lows from October 26th and 30th.
There is a chance, if retested, that the October 29th low breaches and retest the 24,000 mark for buyers.
If that 24,000 doesn't hold and the Feds increase rates again - then we could see more market participation into the correction territory, but let's see how the G20 plays out at the end of November between POTUS and China.
Keep an eye on Fear gauge, treasury (10-year), bonds, and U.S. Dollar, as they play a key role into overall sentiment as well.
Intraday Tech rebound. I'm not sure of the iPhones, etc., as I'm more concerned about technical's of the broader markets, sectors, and then individual stocks.
$AAPL has been in a bull market since, let's say June FY16, up to the high with a gain of about 142%. Apple began topping in Sept and rolled over in early October - along with Tech, etc.
Economy is running very hot and with interest rates running parallel it's causing inflation worries. We can see that evidence in the fear gauge, which is back above 20 (key number).
Other issue is with earnings... The enormous buybacks across the board were unsustainable - in an effort to make earnings look better and better. Sooner or later that strategy fails. We're seeing it all fall apart last two months, as profit taking is in full affect and institutional money rotates out of Tech and into Consumer Staples and Utilities with large dividends, as safety havens.
Analyst continue to downgrade Tech day and day... The $DJI is expected to retest the October lows. I suspect the bottom is very near - probably within a week or two.
On watch: G20 (end of month) and Fed Reserves December interest hike.
We'll see....
$ACB: Nice intraday move. Big tech positive (intraday move). Overall broader markets remain in correction. Without Tech the market cannot rebound, as they've been the leaders of the pack and the heaviest weighted.
Careful chasing the intraday bounces. Don't forget to take profits
Margin selling expected this afternoon.
Always a potential for the October LOWS to retest at 24,122.
$TGT: Large gap into correction territory. Don't believe the 51 area gap is on deck for potential target. The retail move (overall) seems too over extended; especially considering the market volume is not normal with the holiday week here.
$TGT mixed earnings weren't too bad overall, not to mention the revenue is growing despite the logistic complications. Look for a Tech wreck rebound and retail to piggyback, once Tech (apple and amazon) improve.
$DJI double bottoming here, but we may need to test the lows of October around the 24,132 area before the institutional buyers step in heavily.
Futures are bouncing since the 10am hour; however, the market internals remain very weak today and the VIX remains above 20. I suspect Futures to selloff into resistance; however, we'll see how this plays out.
Apple and Amazon need to turn around to help this market bounce. Major gaps have been filled by the Tech Wreck. Apple is on the boarder of filling a gap from this past May between 169 - 173. Only time will tell.
Upcoming events G20 and Fed Interest Rates are high on the holiday radar.
Potential Gap Fill... 173 - 168 area. $AAPL needs to reverse to help pull this market back together.
6.00 - 6.09 remain resistance and gap area to fill. Need to turn resistance into support before looking too far into the future.
Futures are searching for a bottom (with small bounce), thus picking up the broader market and sectors. Markets are trying to adjust for the potential rate hike in December, while the fear gauge breaks back above the 20's.
Cannabis sector is inter-connected. Wouldn't get too over excited until $ACB shows significant improvement - they're still the lager (in terms of strength and technical outlook) compared to the group.
5.40 next support; if downward pressure continues.
Gap closing on radar if that support breaks and turns into resistance.
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$GE Looking for a very aggressive target of $10.00 within 30-45 days.
$GE remains in correction...
Please delete this... wrong board.
6.00 now becomes a very strong resistance area.
Next support is 5.40 before the gap (in the post below) is potentially tested.
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Retail earnings massacre this morning doesn't help the fact the Futures Market was already down triple digits. Asia Markets dropped like a rock overnight as well.
Broader Markets have been signalling correction since early October. This is a global correction - not just a single stock or sector. Keep money on the sidelines as this is a sellers trend. Might as well throw money out the window if you're long and trying to catch a falling knife.
PATIENCE.....
Correction began early October. I wouldn't consider this a crash, unless the lows (on the major indices) from February break. Buybacks have increased (inflating earnings results), interest rates rising against a booming economy (this is counter productive in my opinion) because sooner or later, the economy will not be able to continue over-performing expectations. We're seeing this in the home builders area (higher costs of materials, consumer capabilities of making payments (higher mortgages and interest rates). It's much better for a homeowner to remain in their 3% home, then to jump into a 5%-plus mortgage. This morning we see that retail sector is having significant challenges with logistics and sales in general.
$ACB and the cannabis sector are a commodity of the broader market. They fall into the healthcare sector and have their own major indices (NASDAQ or NYSE); therefore, they'll be affected - independent of their own success or failure.
This is a sellers market, which is why bulls should keep money on the sidelines. Never go against the grain (the trend); wait for the markets to flush out with extreme volume, before buying the dip to go long.
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