ONE-TWENTY TWO: Trading Financial Markets
Exploring the poetry in financial markets for students of money and economy since the year 2000.
As the stock market continues its slow and steady creep upward, individual stocks experiencing technical breakouts are providing strong relative performance. Last week, I noted that U.S. Steel finally broke above its 200-day moving average (DMA), and it continues to barrel upward. On Tuesday, I took particular interest in three other potentially important breakouts: Whirlpool … Read more
The S&P 500 printed fresh 2-year highs last week with decent volume. This marks a successful follow-through to the breakout from November’s trading channel. Given the index is now tagging the upper-Bollinger Band, it is even more likely that this move will be sustained, at least in the short-term. The longer-term chart suggests that the … Read more
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
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