Today's Reading for 3/14/24: 67.37 Current Reading: Tilting Bullish Additional Notes: Interesting development, as the Stock Market Oscillator had its first back-to-back declines since February 2-5 of last month. That is a long stretch for that to not happen. And the turn happened at some resistance on the oscillator in [...]
I closed out SMH at 218.95 - stop-loss triggered.
I closed 1/3 of SMH at 220.60. Bounce not taking hold here, reducing risk.
Trading Notes: Similar to the CPI number, PPI came in this morning hot as well. So far the market response has resulted in the indices shifting lower. Bulls largely ignored the CPI on Tuesday, and it will be interesting to see today whether or not the same happens with PPI. [...]
Today's Reading for 3/13/24: 73.16 Current Reading: Tilting Bullish Additional Notes: Pretty much a 45 degree push higher over the last month, getting the overall Stock Market closer to overbought. Also indicative of more stocks starting to participate in the current rally than what was seen in the first 1.5 [...]
I closed 1/2 of SLB (1/3 of original) at 52.46 for a +5.7% profit. Â
New long setup: TSCO My TRIGGER price: 252.01 My stop-loss: 243.38 My Target Price: 275.00 Risk Rating: 3.2
Trading Notes: The hotter than expected CPI report had little to no effect on the market yesterday, sending it still higher. SPY remains inside an extremely narrow bearish wedge, and yet to break through the resistance overhead. As long as that resistance remains in place, it will be difficult for [...]
Today's Reading for 3/12/24: 74.81 Current Reading: Tilting Bullish Additional Notes: Pretty much a 45 degree push higher over the last month, getting the overall Stock Market closer to overbought. Also indicative of more stocks starting to participate in the current rally than what was seen in the first 1.5 [...]
New Long Setup: SMH I BOUGHT SMH at 223.48 My stop-loss: 218.95 My Target Price: 240.00 Risk Rating: 3.9
Trading Notes: CPI came in slightly stronger than what the street expected, which puts pressure on the Fed to push back further expected rate cuts. For the most part, the market is unchanged since the report came out, having given up most of the gains so far. Waiting at least [...]
Today's Reading for 3/11/24: 73.90 Current Reading: Tilting Bullish Additional Notes: SMO remains unphased by the selling over the last two days. Zero panic in the tape so far, and could see further increase in the days ahead barring any major economic derailment. Interpreting the Chart: 0-10 is "Extreme Oversold" [...]
