ONE-TWENTY TWO: Trading Financial Markets
Exploring the poetry in financial markets for students of money and economy since the year 2000.
I have been reporting the breakout of U.S. Steel (X) on twitter since last week, so I thought I would quickly post a chart outlining the case and provide some additional commentary. Like most steel stocks, U.S. Steel has lagged the S&P 500 for most of this year. The stock has churned in a wide … Read more
Trina Solar Ltd. (TSL) reported earnings last week with excellent headline results and strong guidance, but the stock market rewarded the company with a 7% loss on extremely high selling volume. Wedbush even reiterated its outperform rating and $43 price target based on TSL’s performance (according to briefing.com). Most of those initial losses were erased … Read more
The week ended with the S&P 500, SLV (a silver ETF), and GLD (a gold ETF) all approaching former 52-week highs. The U.S. dollar dropped 1.3% on Friday, decisively failing at resistance at its 200-day moving average (DMA) and putting an exclamation point on the week’s action. The S&P 500 broke through its last battle … Read more
Short interest in Jinko Solar (JKS) increased at its fastest pace ever, almost doubling in the two weeks from October 29 to November 15, 2010 from 1.1M to 1.9M shares. When I last pointed out the soaring short interest in JKS, I was hoping this increase was a contrary indicator based on what I thought … Read more
The Australian dollar has been one of my favorite ways to bet against the U.S. dollar. Earlier this month, the Aussie broke through parity and reached all-time highs versus the U.S. dollar. Since then, the currency has moved steadily lower, taking a brief pause to form the right shoulder in an ominous-looking head and shoulders … Read more