This Is Not The Best Buy Yet Today, leading retailer of technology products, Best Buy Co., Inc. (NYSE:BBY), is declining sharply lower after reporting earnings. The stock is trading down by nearly 6.0 percent to $53.98 a share. Traders should note that BBY shares are now testing the daily 200-day moving average. A daily chart close below that key moving average should signal more downside for the electronics retailer. The next major chart support level for BBY stock will be around the $49.00 area. This a scene of the crime support level that will often be defended when retested. Traders should keep an eye on this level as it should give us a solid trading opportunity. Nicholas Santiago InTheMoneyStocks
Stock Breakout Alert On Bed Bath & Beyond Inc. $BBBY Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) just broke out above the daily 20 moving average, after consolidating in a bull flag pattern. This coming on the same day as Wal-Mart (WMT) earnings blew past expectations. This chart looks extremely good for a strong move higher as retail may have turned a corner into Black Friday and Christmas. Look for upside as high as $27.00. Gareth Soloway InTheMoneyStocks
Cummins Inc (NYSE:CMI) Tanks After Tesla Semi Debut Today, most of the leading truck engine manufacturers are coming under heavy selling pressure after electric vehicle maker, Tesla Inc (NASDAQ:TSLA), announced that they are now making electric trucks. Truck engine stocks such as Cummins Inc (NYSE:CMI), Paccar Inc (NASDAQCAR) and Navistar International Corp (NYSE:NAV) are plunging lower on the news. Cummins Inc (NYSE:CMI) is trading lower by $6.82 to $160.32 a share. Traders should note that CMI stock is now testing its daily chart 200-day moving average. At this time, this important moving average is holding up as support, but a close below this critical moving average would be negative for the stock. The next major support level for CMI stock would be around the $150.00 area. This is where CMI was defended in August 2017 and should serve as a major support when initially retested. Keep this level on the radar for CMI stock as a major bounce level. Nicholas Santiago InTheMoneyStocks
This Biotech Stock Struggles To Hold Key Level This morning, many of the leading biotechnology stocks are trading lower to start the day. The highly followed and traded iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) is trading lower by $2.70 to $308.51 a share. One of the most important components of the IBB is Amgen Inc (NASDAQ:AMGN). This leading biotechnology stock has been pulling back since September 14th when it traded as high as $191.09 a share. Today, the biotech giant is trading at $168.46 a share. The stock is currently holding its 50-week moving average, but a weekly chart close below $167.00 level should trigger further declines. The $160.00 level is going to be the next major support area in the stock. This level is where the stock was defended in June 2017 and should be solid support when retested. Nicholas Santiago InTheMoneyStocks
Strong Sell Signal Just Triggered On Bitcoin... Look For This Move Bitcoin hit a new all-time high $8,285 today. However, it is choppy and has formed a very bearishing intra-day pattern known as a head and shoulders. This dictates that when the neck-line breaks (as seen in the chart below), a fall will follow down to $8,075. This is a classic chart setup that works on anything from stocks to commodities and currencies. If the neck line breaks, the target should be reached within hours. Gareth Soloway InTheMoneyStocks
The Market Is At New Highs, But Not This Tech Giant Today, all of the major stock indexes are surging to new all time highs. The highly popular NASDAQ Composite which is a technology heavy index is breaking out, but Oracle Corp (NASDAQ:ORCL) is not making new highs. In fact, ORCL stock is actually trading lower today by 0.43 cents to $48.58 a share. The stock is also trading below its 50-day moving average which puts it in a weak technical chart position. Oracle Corp (ORCL) stock topped out on September 14, 2017 at $53.14 a share. Since that high pivot in the stock it has been pulling back and is now forming a bearish chart pattern on the daily chart. When a stock has no relative strength when compared to the major stock indexes it tells us that this stock should trade lower. ORCL stock has major chart support around the $44.00 area. This is where the stock broke out in June 2017. Often when a stock breaks out of a base it will be defended when the breakout level is retested. The $44.00 area looks solid for a bounce in this popular tech stock. Nicholas Santiago InTheMoneyStocks
Are The Semiconductors Sending A Warning Sign? This morning, many of the leading semiconductor and semiconductor equipment maker stocks are coming under heavy selling pressure. Leading stocks in the industry group such as Lam Research Corp (NASDAQ:LRCX), Western Digital Corp (NASDAQ:WDC) and Micron Technology Inc (NASDAQ:MU) are trading down by more than 4.0 percent on the session. Often, the semiconductor stocks will lead the tech heavy NASDAQ Composite. It has been viewed by many traders that when the semiconductor stocks lose their strength it can be a precursor of a possible correction in the technology stocks. Many traders such as myself will follow the VanEck Vectors Semiconductor ETF (NYSEArca:SMH) as a proxy for the semiconductor sector. Today, the SMH is trading lower by $1.71 to $104.04 a share, this is decline of nearly 1.70 percent. Traders should note that the SMH is still trading above its 20-day moving average, so this tells us that the trend is still up for the industry group despite today's decline. Should the SMH start to trade below its 20-day moving average then we would really start to look for a break of the trend, but right now the trend in the semiconductor sector still remains up. Traders will now need to keep a close eye on the semiconductor industry group going forward. Nicholas Santiago InTheMoneyStocks
$SQ Corrects Hard, This Is The Downside Trade Target... Shares of Square Inc (NYSE:SQ) fell sharply on Monday, following an analyst sell rating on the stock. This drop should come as no surprise to investors, as the stock has jumped more than 200% this year alone. A simple pull back was inevitable, especially after the crazy surge seen in the last few weeks. Square Inc was trading at $35 early in November. Just days ago it topped out near $50. There is a long-term trend line which will be the baseline for a pull back in Square Inc. Currently, the trend line sits around $36 and will likely be the target of the drop. Once there, the stock will get a strong bounce, though the long-term highs are likely in. Gareth Soloway InTheMoneyStocks
This Medical Device Stock Just Broke Down This morning, leading medical device maker, Boston Scientific Corp (NYSE:BSX), is trading lower by 4.1 percent. The negative news for the stock is that the company pulled out of a Piper Jaffray Healthcare Conference today. Either way, the shares are down and the stock is now trading below its 50 and 100-day moving average. Whenever a stock trades below these critical moving averages it puts the stock in a weak technical position. Traders must now look lower for major chart support. The next major support area would be around the $25.00 level. This area is where the stock broke out in April 2017. Often, when prior break-out levels are tested they will be defended by the institutional money traders. Traders should keep BSX on the radar when it trades around the $25.00 area. Nicholas Santiago InTheMoneyStocks
This Is Why Oil And Oil Stocks Are Headed Lower $XLE $USO Oil is trading near 52 week highs. Just a couple days ago, it grazed $60/bbl, the highest level in well over a year. So why am I so bearish on the commodity and oil stocks? The simple answer comes from looking at the performance of oil stocks. Individually, you can look at Haliburton (HAL) or the ETF that tracks oil stocks, the $XLE. You would expect these stocks to be at or at least near 52 week highs with the bullish market action and oil near multi-year highs. However, that is not the case. In fact, the $XLE (Energy Fund ETF) has a very bearish chart and looks ready to break lower. In addition, Saudi Arabia is likely keeping oil up only until the Saudi Aramco IPO debuts early next year. The US is producing massive amounts of oil/natural gas as well. Even for an economy that is growing, there is too much net oil. The charts signal a bearish drop coming in oil and oil stocks. Watch for the XLE to break the below trend line for a move as low as $62.00. Gareth Soloway InTheMoneyStocks
Autodesk Inc (NASDAQ:ADSK) Hit The Skids This morning, leading design software and services company, Autodesk, Inc. (NASDAQ:ADSK), is trading lower by nearly 15.0 percent on the session. The decline comes after the company reported earnings and announced a restructuring plan. Traders should note that ADSK stock is now trading below its important 50-day moving average. This puts the stock in a weak technical chart position. Often when a stock declines this sharply from a high pivot it will indicate lower prices in the coming weeks. The next major chart support level for ADSK stock is around the $96.00 level. This area is where the stock broke out in May 2017. Generally, when a stock retests its breakout level it will be defended when retested. Nicholas Santiago InTheMoneyStocks
