So I was searching for a comment cleaner for TK & came across Wikipedia's list of oldest companies in the United States. I randomly pulled some big, well-known “blue-chip” names from the list to survey the charts. Consider the bull-run since the end of 2011 reflected here and judge for yourself… I’ll be on the sidelines (for now):
Mentioned this emphatically in my post on March 9th. I've just got to point it out again, for the sake of horn-blowing. The arrow marks where I suggested shorting it. Yeah, it popped a little after that, but look at the big picture.
Hey Slopers, this is my first post on Slope of Hope, and I hope to be able to bring you plenty more in the future.
I want to keep my post short and sweet and just share a couple tradeable ideas. I don't have a crystal glass on where the markets are going to head to next, so I thought I would share one long and one short that could turn into an actionable idea depending on which way the market breaks.
Long: Baidu.com (BIDU)
I'm traveling back home today, but for now, I've established a base camp at Virginia Beach Starbucks. The WiFi at my hotel is reminiscent of my dial-up days in 1982, and that is simply unusable. So I've taken over a huge table here………trading for me, doing crafts for my little girl next to me.
I'll be back in my regular chair tomorrow morning, and I won't piss and moan about being on the road again until late in June when I'm at Stanford Sierra Camp (land of the arrow-through-the-Apple). I'm updating my stops right now; I'm bugged that I was stopped out about a dozen positions during this morning's stupid ramp, but that's life in the jungle.
I haven't had enough time to really absorb the market to give you my take on it. I was excited at the EUR/USD action last night, but I'm afraid that's reversed. Support at 1.3 is strong, and it must be broken for the action to really kick in.
The stats for today are strong as I noted in my weekend post which you can see here. Against that the technical picture looks unambiguously bearish, and I'm expecting more downside this week, though not necessarily today. I'll repost the SPX chart I posted at the weekend below, and that is the SPX 15min chart showing the rally last week as a bear flag with a target at 1312. I was asked at the weekend where I found the stat that 47% of such breakdowns could be expected to reach target, and that was from Bulkowski's site and the relevant page is here: