Today I added Advanced Micro Devices (AMD) to my portfolio as a short-sale. It has had an extraordinary run, and it rarely gets this high relative to its long-term Bollinger Bands.(more…)
Canopy Growth Corporation (CGC) rose 88 cents to $21.13 on 6.7 million shares Thursday. The company announced a new hemp-derived CBD product line. The stock bounced off the bottom of its declining channel last month, and has since been consolidating before breaking out of the channel earlier this week. A move through recent highs in the $21.50-.70 area could lead to our next target of $26.
Mallinckrodt plc (MNK) jumped 33 cents, or nearly 10%, to $3.69 on 7.6 million shares Thursday. The UK-based biopharmaceutical company last week announced findings on a novel predictive model to more quickly identify infants with a rare seizure disorder. A break through lateral resistance in the $4-$4.15 range could accelerate the stock to $5.25.(more…)
Here is the S&P fund, symbol KBE, representing the bank sector. It is extraordinarily overbought.(more…)
I’m not sure if you realize this, and I’m sympathetic if you do not, but: we live in insane times. And I’m afraid “insane” fails to capture the full madness of it all.
For example, I would propose updating the formal definition of stock market valuation. In simpler times, it was something like this:(more…)
Since the macro often gets its pants in a bunch over FOMC, let’s see what these 3 economic metals have to say about the Fed’s nothing burger yesterday. Let’s use daily futures charts of gold and silver and daily, weekly and monthly charts for copper for perspective on the macro.(more…)