One of the interesting aspects about stock market commentary in the social media age is that it often takes what seems like an eternity for enticing setups and ideas to play out. Indeed, a little bit of patience often goes a long way. In the case of Garmin and Jamba, both of these charts continue to firm up for massive moves.
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While all of the cool kids are talking about silver these days, I am more intrigued by the setups in many of the gold miners. They had an initial surge two weeks ago, and then most of them have set back up. See my notes on the following annotated daily charts below for my best trading ideas.
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[youtube:http://www.youtube.com/watch?v=6x_bKuRSle0&feature=related 550 412] _________________
I wrote this post on Thursday discussing how the small-cap dominated IWM (ETF for the Russell 2000 Index) has catapulted directly into all-time highs on a steep angle of ascent. The presumption is that overhead supply will kick in and cause the small caps a bit of congestion here, if only for the short-term. Generally speaking, the small-caps are a good gauge of risk appetite. So, does it logically follow that we should turn bearish not just on small-caps, but on the broad market as a whole? Not necessarily. In fact, I am more inclined to look for capital to simply rotate away from some of the small-caps to other areas of the market, rather than to withdraw from equities as an entire asset class. As the bull matures, even the laughable laggards will have their day to shine.
If the S&P 500 can negotiate and breach that 1344 level in the coming weeks, I am looking for the following well-known laggards in the technology space to see inflows. The bearish fundamental (and technical) arguments are already obvious and ubiquitous amongst market participants and prognosticators, so rehashing them at this point is an exercise in futility. Instead, the pertinent issue is whether those bearish arguments have been adequately priced in, going forward.
See my notes on the following annotated weekly charts below.
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[youtube:http://www.youtube.com/watch?v=hWeXsHjNFwo 550 412] _______________
After leading the charge higher last September, we know that the semiconductors have been notable laggards over the past few months. With the market’s incredibly bullish reaction to Intel’s earnings on Wednesday, many semis gapped higher in sympathy. For swing traders, it can be a bit of a dilemma in deciding whether to put on positions for largely damaged charts that see gaps. In all probability, your best bet is to wait for them to firm up a bit after the initial pop, and look for signs that the move higher has staying power before entering.
Indeed, if the rain has already fallen for semis and they have bottomed for the year, then by definition we will have ample time to get in on them. After surveying the technical landscape of many of the semiconductors this evening, I am seeing numerous spikes higher today. However, they are in danger of gapping directly into overhead supply. Hence, I wanted to provide you with a few of the semis that have relatively clean charts out there. Also, note that UTEK reports earnings tomorrow.
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With LULU and UA leading the charge higher in the apparel space of the retail sector, I think you will find that there are quite a few other plays setting up behind them. Here are six ideas with price triggers noted on their respective charts below. Also note that many of these retail names have heavy short positions and are prone to juicy squeezes. Finally, respect the earnings calendar and check regularly throughout the season for individual holdings.
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