Long Mosaic (MOS)
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Long Mosaic (MOS)
I’m going to leave general market commentary until after the close. The lifetime highs virtually across the board have left my face as sheet-white as Yellen’s hair.
SolarCity reports after the close today. Two things to point out: (1) it really is a terrific chart, and I imagine it’s just going to keep charging higher, benefiting partly from “the Musk Effect” of everything the man touches turning to gold; (2) strangely, in every single earnings report of its short life, SCTY has dropped the next day 100% of the time. It’s peculiar, since the stock is so strong in general, but I wanted to point out this curious fact. (more…)
I’ve mostly been looking at charts with double-tops forming this morning. First I’ll show the possible major double-top that may be forming on the SPX daily chart. That would trigger a target in the 1625 area on a sustained break below 1737, but in practical terms a break below strong rising support from the 1560 low, now in the 1750 area, would look extremely bearish. This is not my primary scenario here, but I’ll be considering it seriously if we should see SPX break under strong support in the 1800 area. Short term the best reversal signals on the SPX daily chart are from divergences on the RSI 5, and we have a bearish negative RSI 5 divergence forming there now. SPX daily chart: (more…)
Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.