The technical chart on #Bitcoin shows potential max upside to $13,000-ish. $XRP Ripple may see $1.90. Then another wave of selling comes in. - Gareth Soloway
American Express Company Approaching Support American Express Company (NYSE:AXP) fell sharply on Friday after reporting earnings that were not as robust as the market expected. American Express Company was trading at all-time highs and due for a technical correction. The fact that the stock recently crossed above the major even-number of $100, also added fuel to the odds of a pull back. With American Express dropping by 3% today, investors are looking for a bounce opportunity. That level is approaching and can be found at the former all-time, pivot high from 2014-15 at $95.00. This will be a technical support and likely to see a bounce. Gareth Soloway InTheMoneyStocks
International Business Machines Drop Target Shares of International Business Machines Corp. (NYSE:IBM) fell sharply after reporting disappointing earnings results. I predicted this fall in an article I wrote yesterday ahead of earnings. The prediction was based off an overbought condition in the stock price with a major gap being filled ahead of earnings. This meant the stock was into huge resistance and was overbought. In other words, it signaled the odds heavily in the favor of a pull back. That is exactly what happened. So where is the buy on International Business Machines? The answer is $154.00. There is a gap fill support to the downside and a down-sloping trend-line that converge at $154.00. This is the buy level, likely hit next week. Gareth Soloway InTheMoneyStocks
Will Utility Stocks Ever Be A Buy Again? Everyone trader in the world knows that utility stocks are very sensitive to higher interest rates. In other words, the higher the interest rate the worst the utility stocks will perform. Recently, interest rates on the 10-year U.S. Treasury Note has been increasing. Today, the yield on the 10-year note are trading at 2.63 percent and climbing. If you look at a chart of the Utilities Select Sector SPDR Fund (XLU:NYSE Arca) you will see that it has been declining as yields on the 10-year note has risen. This just shows us how inverse the utility sector is to higher bond yields. Traders and investors should understand that bonds yields are not going to the moon anytime soon. The Federal Reserve is expected to raise rates just three times this year. The next rate hike by the central bank is expected in March, so this current move higher in interest rates is probably factored in already. This tells me that utilities could be a buy at some point this year. Traders and investors should watch the $45.00 level on the Utilities Select Sector SPDR Fund (NYSEArca:XLU). This level is where the XLU broke out in January 2016. Often, when key technical areas are retested they will serve as major chart support. This is the level where I will be looking to buy the XLU. Nicholas Santiago InTheMoneyStocks
Transports Analysis: Engulfing Reversal Candle With Classic Bear Flag The Transportation Index ETF $IYT has had an impressive run over the last few months. New all-time highs were seen almost daily until last week. Last week, the Transportation ETF staged an impressive engulfing reversal candle. This is about as bearish of a top as any chart can make. Since that happened, while the stock market has made new all-time highs, the Transports have stalled and formed a bearish flag pattern. This signals downside coming on the Transports. The $IYT Transportation Index is likely to sell in the coming days, falling to $194.00. Gareth Soloway InTheMoneyStocks
iRobot Corp (IRBT) Rally Off Lows About To Slam Into Resistance Shares of iRobot Corporation (NASDAQ:IRBT) have been surging off 52 week lows hit in December 2017. In December, this robotics company hit a low of $63 but is now approaching $90.00. Not only is it almost a 50% rally in a month, it is also a major resistance level (see the chart below). Expect a sharp pull back off the $90.50 pivot level. I will be looking to pick up some puts in this range or possibly short the stock. A pull back to $80 is likely. Gareth Soloway InTheMoneyStocks
Biotech broke out today. Major pop on buyouts in the sector. This may be the next part to lead the market as the rotation continues. $IBB $LABU $CELG $JUNO $GILD $AMGN -Gareth Soloway
$T sold sharply from the opening bell. If that can trade down to the $36.72 level it could be a long side day trade or scalp play - Nick Santiago
Watch This Spicy Trade Level For McCormick & Company Inc McCormick & Company Inc (MKC:NYSE) is a leading manufacturer of spices, seasoning mixes, condiments and other flavorful products to the food industry. The stock topped out in June 2017 at $106.50 a share. Since that pivot high the stock has traded in a very choppy trading range. Today, MKC stock is trading lower by 0.58 cents to $98.58 a share. The stock looks to have very good daily chart support around the $95.00 area. This support level was where the stock was defended on November 7, 2017. Often, prior support levels will be very good trade levels when retested. Traders should note that the company will report earnings on January 25, 2018 before the opening bell. Nicholas Santiago InTheMoneyStocks
Facebook (FB) Fills Gap In Hottest Bull Market In History Shares of Facebook (FB) surged higher for the fourth straight day, filling a major gap on the daily stock chart. Gaps, when filled to the upside are major resistance points. While in normal market conditions this would be a strong sell indicator, it will instead more likely be just a small pull back. The minor downside is the gap fill working its magic but the small-ness is due to the euphoric, bullish nature of the stock market. It limits almost all pull backs. Based on the gap fill at $187.85, investors should expect a minor pull back to $184.25. Gareth Soloway InTheMoneyStocks
Procter & Gamble Co Technical Buy Level Procter & Gamble Co (NYSEG) fell sharply after reporting earnings that missed expectations. The company said their growth was only 2%, which in this market and economy is poor. Investors sold the stock, knocking it down over 3% on the day. Assuming this market stays strong, a major buy level will be at $86.50, based on connecting the recent lows on the stock using a trend line. Note the chart below. This will be a major swing trade bounce opportunity for investors. Gareth Soloway IntheMoneyStocks
American Buying Power Degraded: Dollar Slammed By Trump Administration The U.S. Dollar collapsed sharply today after Secretary of the Treasury Steven Mnuchin said the United States wanted a weaker currency. This statement comes after the U.S. Dollar has already fallen sharply since President Trump took office. While a weaker Dollar inflates asset prices which is likely the reason for the comment, it hurts lower and middle income Americans as buying power degrades and inflation jumps higher. Anyone who is not invested heavily in the stock market is seeing their real buying power drop with oil prices surging and other prices jumping in response. Investors on the other hand are loving it. Those with millions and billions invested in the stock market are noticing that every time the Dollar drops, the stock market jumps higher. In fact, it can be argued that there is a bubble in the stock market because of the weaker Dollar. The bottom line is, we should all be careful of this uber weak Dollar policy. There will be repercussions in the future for all Americans. In looking at the stock chart, it clearly shows the exact spot it will fall to. Using the Dollar ETF $UUP, the U.S. Dollar will hit major pivot highs from 2012 and 2013 at $23.00. That means there is still some near-term downside because a technical support is tagged. Lastly, please be aware that just like with Federal Reserve policy on massive money printing and how global central banks followed suit, other governments will start to devalue their currency in response. This ultimately is a long-term positive for gold, silver and Bitcoin. Gareth Soloway InTheMoneyStocks
SPDR Gold Shares Are Soaring On Weak Dollar, What's Next? The SPDR Gold Shares (NYSEArca:GLD) have been ripping higher since December 12, 2017. At that time the GLD traded as low as $117.40 a share. Today, the GLD is trading at $128.47 a share and it still looks strong. So where is the resistance level for the GLD? Traders must now watch for chart resistance around the $131.00 area. The weaker U.S. Dollar Index (DXY) has also been a catalyst for the GLD rally, but that could be changing soon. The U.S. Dollar Index is now coming down into some important support levels. Any rally in the U.S. Dollar Index will likely hurt the GLD rally.
Tariffs On Solar Trashes JinkoSolar (JKS): Here Is The Buy Level Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) collapsed over the last three days after President Trump placed tariffs on solar panels from overseas. JinkoSolar is a Chinese company and directly effected. The stock is down from $24 to $20 in the last three trading days and the chart says it will go lower. The first major support on JinkoSolar Holding is at $17.75. Once there, swing traders can look for a snap back to $20 for a quick trade. Gareth Soloway InTheMoneyStocks
