On Tuesday morning, WalMart reportedly a 15% drop in profits year-over-year and warned they would be dropping estimates for forthcoming periods. I’ve placed countless thousands of trades in my life, but I don’t think I’ve ever traded a single share of WalMart. In spite of this, I decided to dust off the WMT chart and take a look at what was going on.
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Here’s today’s swing-trading watch-list:
Long Humana (HUM)
Well, I certainly like today better than yesterday. A sell-off that sticks, even a modest one, is a hell of a lot better than a sell-off that gets violently aborted.
I am, however, long a couple of items now, and they are both related to precious metals. The first is good old gold, on which I have a stop at 106.30:
Yesterday’s little double top failed at the 38.2% fib retrace and we saw the move up afterwards that I was looking for. In a move that was really impressively bullish SPX then powered through the 50 DMA, 50 DEMA, daily mid band, 100 DMA and triangle resistance, closing above all of them. Unless we see a reversal candle today I am working on the assumption that the triangle is now breaking up towards the 2165-95 target area, though in terms of the expected path I’d like to see a short term high in the 2110-20 area, then a retest of triangle resistance, daily mid band and the 50 hour MA in the 2090-5 area, then the main move up towards the 2165-95 target area.
As the 5 DMA has been broken again, SPX is on day three of the 5 DMA three day rule. the 5 DMA must hold as closing support today to avoid a likely retest of the 2052 low. I’m not expecting to see that though. SPX daily 5 DMA chart: