The S&P500 hit a brick wall at 1007, and will be tough to trade above this level without some sort of consolidation. A pullback to 950 could be in order and viewed as a healthy pullback.
This morning, I took profits on a number names to make room for more cash in my portfolio.
Comments »Think IntercontinentalExchange, Inc. [[ICE]]
Take a look a this beautiful bear flag:
With earnings out the way, I will be buying puts in ICE with a breakdown in the flag pattern.
Comments »These were spotted by my good friends Mr. Chart Addict & Mr. TraderMarket24/7
The PMI Group, Inc. [[PMI]] inverse head and shoulders, breaking out above $3
Popular, Inc. [[BPOP]] A foreign regional bank, this one smells like money in the bank. I rate it a strong buy over $1.41:
Comments »The market is on fire, yet again, with big players like Research In Motion Limited (USA) [[RIMM]] & Morgan Stanley [[MS]] breaking out. Gold also looks good to go, and I see a bunch of great setups in the metals. How ’bout dem financials? We finally got our break in Huntington Bancshares Incorporated [[HBAN]] with clear skies in front of it.
In the small cap arena, we have stocks like China Architectural Engineering, Inc. [[CAEI]] & Spreadtrum Communications, Inc. [[SPRD]] breaking out, which were highlighted on my chart.ly page. There is so much money being made on the long side, I feel sorry for those who keep betting agaist it.
But, to tell you the truth, I’m about ready to take profits on a number of core positions. Stocks like W&T Offshore, Inc. W&T Offshore, Inc. [[WTI]] & Stone Energy Corporation [[SGY]] , have been on a freight train higher, and I think it may be time to take a little off the table.
And, again, all my buys and sell are listed in The PPT, so come hang out on the other side of iBC.
Comments »Here at iBankCoin, we nailed the last 300 S&P points, and I personally with be having 2.5oz ribeye tonight in honor of our friend Mr. SPX. I must say, I was tempted to close out all my positions and regroup after having an amazing run, but for some strange reason, I don’t think the party is over.
With the bears still shorting aggressively, tomorrow should be interesting.
Note: I will try to get a review video up tonight on the move in [[DENN]] , it was a perfect example of finding a stock before the move.
Comments »I’m looking for the shippers to make a move, we have a few that are setting up nicely:
DryShips Inc. [[DRYS]]
Excel Maritime Carriers Ltd [[EXM]]
OceanFreight Inc. [[OCNF]] love the moving averages
