CAI International, Inc. (CAI) is seeing excellent follow-through from last Friday, when price popped all the way up to a high of $26.12. On Monday the stock gained $1.00, or 3.8%, to close at a three-year high of $26.93 on 427,600 shares traded. Analysts have dramatically increased earnings expectations for the transportation finance and logistics company in recent weeks, and earnings will be announced on Wednesday (July 26) after the close. The stock is being traded at some of the heaviest volume this year. Having already blown through significant resistance in the $25-$26 zone, price could easily reach $30 in the near term. The price channel shows that this could be a $40 stock or more in the longer term. (more…)
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The day isn’t quite done yet, but I’ve got a few minutes, so some thoughts…….
First off, the breach of this pattern on the small caps (Russell 2000) is, for the bears – – how do you say? – – Not Good.
The rising wedges that I was looking at on Thursday broke down and have been retesting the all time highs last night on NDX, and this morning on SPX, with another possibly coming on RUT though Stan’s thinking lower high there. We are looking for a failure today on SPX anywhere from a marginal new high up into the 2482 area, and so it’s possible that this short term high is already made. On the bigger picture this is a possible swing high, but we’ll have to see whether any serious breakdown can be sustained from here. This has been a very persistent uptrend. I posted the premarket video that I do every morning for Daily Video Subscribers at theartofchart.net on my twitter before the open and if you missed it then you can see that here. As well as equity indices that also covers DX, CL, NG, GC, ZB, HG, KC, SB, CC & ZW of course.
Well, I’m going to take a break from my so-called vacation to do a post from my undisclosed tropical location. The old “Tim is traveling, so the market must fall” meme has stopped working, in spite of Monday’s minuscule sink. As I type this, equities are stronger across the board, and word on the street is that VIX, already at the lowest level in history, is heading toward 8.
I remain focused strongly on energy, and the yellow tint marks the “things get even suckier for the bears” market. Of course, by tomorrow morning we should have clarity on this, since the weekly inventory report rolls out. As for now, I remain long DRIP, which has a nice profit (again, for the moment).
As I mentioned, equities are at lifetime highs (again), as the ES marches higher, thanks to strong Dow component earnings.
And, in spite of Google’s post-earnings weakness (off nearly 3% pre-market), the NQ doesn’t care and is steadily storming to new lifetime highs.
I’m also long DUST (triple-bearish on gold miners) and short GLD. If the US dollar can get a bit of strength, gold should kick in with some meaningful weakness.
OK, back to my faux relaxation. See you much later.