The Markets Heating Up Ahead of Earnings. But Technical resistance is in Play
Jul 12, 2010 Stock Market News, Technical Analysis
The market just made a huge week long rally after our initial big sell off on weak economic data reports and bearish sentiment across global markets. But ahead of earnings shorts have been squeezed hard pushing the DOW up around 6% in the past week or so. Its a tough time to be gambling in the markets. Currently the DOW is pushing up against the descending resistance line that i have been talking about the past few weeks which sits around 10.3k while the DOW capped today’s session @ 10,216. So this resistance line could be a solid place to take up some short positions.
Yet in light of potential solid earnings breaking into the streets this 10.3k resistance level could be broken and the DOW continues to rally. Earnings season is a very risky and volatile time to be trading as overnight and early morning earnings #’s hit the street and cause a lot of pre and post market action making it very dangerous to be holding stocks overnight if you are on the wrong side of the trade.
here is a Stock Chart of the technical resistance facing the DOW:
NLST Bites the Dust and Black Service Pulls A +10% Day Trade Short
Nov 17, 2009 Day Trading, Technical Analysis
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NLST had made an insane run over the past week from below $1 to nearly $7/share in no time on an insane amount of volume. What goes up must come down its just a matter of timing. I alerted today in real time that i took a short position in NLST as it was breaking down an intraday pattern @ 5.54. My target here was $5/share as it is a pretty big psychological support area. We were able to cover @ 4.99 for a solid +10% day trade in a short amount of time. Though if you were a little more patient NLST continued to get hammered into the close after it stalled around 5 for a short while. NLST ended up closing the session @ 4.10
Technical Analysis:
Small Cap Stock Picks: Black Service Locks In Big Gains on NANO and CGR
Nov 12, 2009 Small Cap Stock Picks, Technical Analysis
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Small Cap Stock Pick: NANO
NANO was making moves yesterday on big volume yet failed to make its breakout @ 9 resistance. But after doing some DD on the company they’ve got some insane growth moving forward which gave me enough conviction my dabble in some shares and alert the Black Service crew that i went long @ 8.71 in anticipation of this breakout today above 9. NANO was hot out of the gates peaking near $10. Due to the market nervousness ive been quick to take profits and havent really been screwing around “hoping” for the best. If i got a nice profit i want to keep it and not get shakin out on volatility. We sold NANO today @ 9.75 for a solid 2 day Trade.
Technical Analysis:
Small Cap Stock Pick: CGR
CGR we picked up @ .83 as Gold was on fire breaking to new highs and i want to get a piece of the action if it continued. Gold has made a solid run but looking a little toppish short term. CGR certainly could continue because its breaking out here but $1 is always a tough barrier to break so i sold for a nice gain to lock that money in the BANK!
Technical Analysis:
Small Cap Stock Picks: Black Service Banks +9% on MNKD in a 1 Day Trade
Nov 10, 2009 Small Cap Stock Picks, Technical Analysis
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SMALL CAP STOCK PICK: MNKD
After MNKD had been hammered down it formed a solid bottom channel formation in which in broke out of the $6 mark and i alerted the Black Service crew that i was entering long @ 6.03. After making its morning run up today i sent out the alert that i was taking profits @ 6.56 for a solid +9% in just one session.
Technical Analysis:
Small Cap Stock Picks: Black Service Banks +23% on CVM in 2 Days
Nov 9, 2009 Small Cap Stock Picks, Technical Analysis
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Small Cap Stock Pick: CVM
CVM made an awesome continuation today after I alerted the Black Service crew that i was taking up a position in CVM @ 1.14 as it was breaking out from the 13ema as well as horizontal support after bottoming out just below $1. Momentum continued strong into today and I alerted that i was taking profits @ 1.40 to lock in a substantial +23% gain in just 2 sessions.
Technical Analysis:
The Bears Scatter As the DOW Breaks to 09′ Highs and Blows Past 10k
Nov 9, 2009 Technical Analysis
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There was a lot of nervousness in the stock market in late October as many were calling a top in the market thinking that the DOW was topped out @ 10k, 2009 highs have been reached, and the only way from here for the market is down. Yet i was skeptical about any of these claims. And instead of even picking up any short positions i just parred back on my longs to minimize risk in case the market did tumble south. Yet i had no conviction of betting in favor of the bears thus no shorts were ever added to the Black Service Portfolio . Now the DOW has made a significant bounce off of the 50ema support and ascending trendline while breaking out to 2009 highs today to close @ 10,219. The bulls are clearly not done yet for the year and momentum continues in favor of the longs. Technically the only thing to worry about now is that we have descending resistance coming up indicated by the red trend line in the chart illustration below which could definitely hinder bull momentum. Yet i think there’s still strength in the market and 11k by year on for the DOW is definitely not out of the question.
Technical Analysis:
