Look at the wicked relief rally going on in solar stocks today. Insane. I issued an alert that the solar stocks would bounce hard last week due to positive statements towards the sector as outlined by Obama this past weekend as he was revealing his cabinet. I do not care that these stocks have majorly broken technicals. If you can’t figure out how to spot counter-trend reversals, then you can miss out in some of the biggest and fastest gains! Remember, these are “trades”:
JA Solar Holdings Co., Ltd. (ADR) [[jaso]] … what the horse!!
First Solar, Inc. [[fslr]] … your “correlation stock”. In other words, if FSLR sells off, take profits in solar longs!
Energy Conversion Devices, Inc. [[ener]] … PPT showing improving hybrid (versus previous close)
Yingli Green Energy Hold. Co. Ltd. (ADR) [[yge]]
[[spwra]] …drastically improving PPT hybrid.
Canadian Solar Inc. [[csiq]] … PPT showing improving hybrid
ReneSola Ltd. (ADR) [[sol]] … PPT showing significantly improving hybrid.
… in my “the Obama Effect” post, I mentioned that we could rally far enough as the 10 day moving average. Thanks bears. Don’t forget, I have a strategy in trading this sector so I’ll update you on the way (we will go long and short).
Speaking of bears, did you buy your SKF puts as a hedge?! Down -100 points from Friday. We could be in the middle of one epic rally. Speaking of rallies, today’s one is a very good win for the bulls. I think IBD might notch today as a FTD. Just be careful with the short week. History shows only today and Tuesday have good volume in them. After that, the boulder might slip.
See you on twitter!
Alohaz,
Gio
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Gio,
Today is only day two of a possible rally via IBD. Volume is quite weak as well.
Have you noticed momentum decreasing (Scottrade indicator) as we rally higher from the open today? I take that as bearish. I will probably be wrong, but I would watch here. Lots of resistance around 840 on S&P (former lows, 9 day MA, downtrend line). Just my two cents.
yeah, another Sisyphean Rally, no? i’ll post up the Momentum indicators soon…
Here is 2-day momentum on the Dow and SPX…
Mac,
… the short week, with many investors on vacation is against the bulls. I think many institutional traders will use the long vacation to plot out strategies for the new year. Hence, low volume from midday Tuesday until December’s expiration.
btw, ScreenCast saying i reached my bandwidth limit 🙁 Do I have to start deleting videos?
Those are the same charts I saw – looks negative to me. We’ll find out. If we close above 840, I would be very impressed.
Screencast works for about a day and then, like you found out, you reach your bandwidth limit. What I’ve done is just host it on a free server and then link to it. You have to find the code to do so however. Google “free video code” and it might work. To be honest, I forget what the site was. Good luck.
Fading gold here. GG and NEM. waiting for an entry point… today’s close could be wicked! + or – 100 points either way.
Masarap ang TAN. Salamat Gio
Lol. i wish i could speak Tagalog, then I could talk to that ang ganda gandang babae. (very beautiful Filipina)
Ingat po!
-gio-
Hello Gio, Did you ever buy those SKF puts?
Gee man, why’d u have to go ruin my day! nah, i never. I almost took the Apr @ 150 puts. Would have been great, no?
Hello again Gio, sorry. I almost added something along the lines of, if you did, dump ’em now for a quick profit instead of waiting for expiry. Oh well, you’re doing good stuff, don’t be a hero, or an ahab, trying to score that great white whale. Plenty of fish in the sea.
[/metaphors]
Don’t be stealin’ my Ahab metaphor, Scum, that’s for UUP alone.
Which took some significant barbed harpoons today, btw.
__________
UDN all the way!!!
Good call on the solars Gio. Also, I agree with the gold short.
The one thing I did right last week was buy JASO on thursday.
Jake, I don’t have a (wooden) leg to stand on, and I’m certainly not going to steal your white whale (metaphorical) thunder. Here is a [link] 4 U. If they keep going like this UUP may be down 4 the count some day.