“You act like you don’t even know I’m there.”
“I don’t”
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[youtube:http://www.youtube.com/watch?v=jZR30CpMgNI 550 412] Comments »Yearly Archives: 2011
Surging
The bulls are running this morning, with the Nasdaq Composite Index up just over 2%, and the S&P 500 up nearly 1.5%, at the time of this writing. Over the past few days, the key issue was that we saw the low end of the trading range on the S&P hold. Moreover, we have seen a bevy of individual issues setting up for proper breakouts. Indeed, the bulls defended 1300 on the S&P valiantly, and now they are reaping the benefits. Given the close proximity of the parameters of our range, we are already back towards the higher end. As the trading session progresses, we are looking to see if the bears are able to defend that 1332 level once again. We closed slightly above it a few weeks ago to no avail, so it would behoove you to wait for confirmation before declaring a major breakout.
Comments »More Retail Therapy
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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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Stock Market Recap 04/19/11 {Video}
Hot Brazilian Low End Action
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The $76 level continues to be significant for the EWZ (ETF for Brazil). You can see the hammer yesterday below it, and follow-through to the upside today. Many South American stocks are moving nicely, including MELI. Also, do not forget about Brazilian grocer CBD, which is still sporting a sexy chart. Above all else, continue to watch that $76 level closely on the EWZ to see if it can hold as bonafide support and send Brazilian stocks higher.
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Ho Chi Minh is a Son of a Bitch
[youtube:http://www.youtube.com/watch?v=qgd0-qw4jYI&feature=related 550 412] __________________
With many of the Chinese names ripping over the past few days, it is easy to forget about the previous hand grenade carnage caused by PUDA RINO FUQI CCME etc. Indeed, I do not doubt that many of these China small caps are street corner hustles. Hence, I am inclined to look for stocks that at least have tangible businesses, such as the Chinese economy hotel chain operator HMIN, whose ticker symbol always has me conjuring up images of Vietnamese Marxist Ho Chi Minh.
What I like about the daily chart, seen below, is that it is not nearly as extended as some of the other high-flying China names, but it is still set up quite well. It might need some more time to work through its ascending triangle, but either way I love it above $45. I have no position as of this writing.
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