I first started mentioning McDermott International (MDR) eleven months ago when it was about a $10 stock. It has been a bumpy right up and down since then, but on the whole, it has moved lower. As I’m typing this, it’s down about 6%, and I continue to feel that, ultimately, it’s going to be a lot lower. Below I’ve put up a long-term daily chart as well as a close-up view (the tinted zone in the larger chart) so you can see the recent gap-down action. (more…)
I haven’t been trading gold or miners for a couple of weeks, but I’ve been watching it tumble recently with interest. My opinion is that miners are getting near a couple of strong areas of support, and I suspect GDX will put the brakes on at about $24.
Having filled its gap on February 26th (see green tint), Jabil started to break down again. I shorted it soon after its gap filled, and last night, after reporting earnings, Jabil was very strong after hours. Well, not so much anymore. The red arrow is pointing to today’s bearish engulfing pattern. I am more confident about this short now than before, since even strong earnings can’t keep it propped up.