Originally published on TheTechTrader.com.
Slope of Hope Blog Posts
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Alibaba Group Holding Limited (BABA) has climbed sharply and hurdled key resistance at 82.20 to 83.60, which has improved its near-term technical set-up, and points BABA towards an important test of its Nov-July resistance line, now at 87.50.
Only a sharp downside reversal that breaks 82.00 will wreck the current set up-up.
Below is what we wrote one week ago when BABA was trading at 80.33/34.
All of the action in BABA since its March low at 80.01 shows a series of lower-lows, but none of the breaks precipitated an acute downside follow-through, which could represent a meaningful support, accumulation, and bottoming period, or in the absence of a rally above 88.40, a multi-month sideways bearish, digestion period ahead of another downleg that will look much more like an acute downside capitulation. (more…)
Allow me to limber up while I pat myself on the back – – or at least pat technical analysis on the back – – because, earlier today, I was vaguely remembering I had written a post that said something like “oil producers are the new gold miners”. With oil producers plummeting so consistently, I wanted to dig it up. Well, it didn’t take long – here it is.
Here’s today’s swing-trading watch-list:
Long CA Inc. (CA)
I realized that our mentally-challenged, differently-abled bullish friends will refuse to accept it for a long, long time, but their welfare-sponsored bull-run ended last December. The breakdown has been subtle since then, and the Silicon Valley stocks that are keeping my house valued at preposterous levels just keep shooting higher (GOOGL, etc.)
But the cold fact of the matter is that there’s rot beneath the surface, and the failure of JNK today – – a chart I’ve been watching with great zeal and interest – – seals the deal. A major bear market truly has started, and we’re going to see the fraud from the past six years unwind in a glorious, albeit inconsistent, fashion.
I wrote earlier this month about the Whole Foods imitators whom I think are, frankly, pretty lame. Sprouts springs to mind, and I’ve lost my fear of being short stuff that’s at lifetime lows. Consider if you’d like to join me. I’m sitting tight.