Much like with the small caps we looked at yesterday and this morning, the broad market weakness is being reflected in the 30-minute SPY chart, first below. Note the sloppy pattern developing. The S&P ETF has not yet broken down below $178 or so, but clearly bears are trying.
Elsewhere, QCOM is grinding higher as a mature tech firm on the monthly timeframe, second below. Note the perspective dating back to the dot-com bubble, an ordering rising channel breakout.
And natural gas, third chart below, is truly on an incredible run. The double-bottom (lower light blue line) has been confirmed. And now whenever the eventual consolidation or pullback comes i am stalking UGAZ again for another long entry.
What are you trading this afternoon?
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My players:
FTEK looks like an inside day. Holding up well all things considered.
ANAC testing channel breakout.
NVAX been very steady. Trying to enjoy the ride – watching for either pullback or big green candles.
IPCI solid pullback. I’d probably add if I only had small kine’, but as it stands I don’t think I will unless it falls below my cost basis, around $2.50 (the 50 SMA).
BWEN worth watching for strength here.
UPL very interesting here, especially the last 4 days. Solid November and December. Looking for it to keep closing above 21, but won’t consider my hypothesis broken unless closes below 20. Lots of moving avg support here, most notably, closed last week above the 100 wk SMA for the first time since big decline began in summer 2007. Chris Kimble, whom I consider to be the man for spotting long-term inflection points, sees continued potential upside for UNG.
btw, SPWR sitting on 20 wk SMA, which it hasn’t broken since the run began last december. Could be a good marker for playing either short or long. I’m happy with where I bought and sold, holding some for the long run.
notable: both JO and DJP holding up well today.
ummm…Chess, do you wish I’d just get my own damn blog? But I like yours!
re: UPL — I meant since decline that began in summer 2011.
Thanks, mateo. I appreciate your feedback. I agree with Chris on UNG.
SGG. Either double bottom right now or ain’t.
Is she gonna put sugar on my tongue?
Is she gonna gimme gimme some?
My friends are here, and they ask of me,
‘Is this the time that we’re gonna see
her put the sugar on my tongue?’
LoL
And finally, before I get back to what I really should be writing — if I were feeling more bearish I’d buy either vxz or ewv.