Regards LPX, above, it appears a reversal is imminent for lumber futures and the larger up-trend may continue. Also, besides the tariff issues, I expect the Hurricane Harvey recovery is responsible for the upward larger trend in lumber prices.
I just bought into EA last week too. It's been a strong performing stock (the lazy games, which stopped me from buying before, are a totally different issue), and I would not be surprised if it accelerates even more. This week, a couple. One is VEEV, which Onepoint272 posted about in the VEEV thread. That big red candle just about a week ago on 6/7 stayed above the uptrending bottoms line, and has already been retaken. The other one is BRKS. Here's a monthly chart to see the whole price history, this one is in recovery mode. The volume on Friday was immense, as it looks to be breaking out.
AMAT had used up its cause built in a lower trading range and has spent the last 7 months building new cause. The current count now projects to an upside target of $115. On the vertical daily chart, below, this last Friday showed an increase in volume with smaller price range and it closed well off the low. The only thing that can do that is buyers stepping in. Even though the volume picked up on Friday it was substantially lower than the slam-down volume after the last ER. Apparently the supply of stock for sale at these prices is much diminished. Once the pros are confident they've shaken out most of the would-be sellers, they can begin to mark it up.
Watching TMUS, looking to see what happens around the $62 level... Any hesitancy or lack of upward movement from there will look like a solid LPSY (last point of supply) and ripe for a short I guess they're filing the FCC application for the S merger tomorrow, seems hopes are high after the T/TWX deal last week... But if its blocked, could get pretty panicky
That's a very good read of a distribution range and it could very well be, but here is the bullish scenario, referring to a daily chart, below. The SOW was a terminal shakeout. That shakeout never made it the low of the previous spring, buyers anxiously stepped in. The shakeout-low got tested on significantly lower volume showing no more supply. Then it proceeded to climb higher albeit on lighter volume. But the light volume is okay. Here is what Wyckoff had to say about a similar setup in Anaconda in 1935: "However, we are not wrong. On the contrary, the stock's behavior fully confirms our [long] position by recording a series of persistently rising supports and rising tops accompanied by higher closings from March 18th to 23rd. Thus it advances as we expected it would. The light volume does not alarm us. Instead, it serves to strengthen our bullish conclusions because, under the circumstances as we reviewed them from the top of Page 19 onward, this light volume most probably signifies a scarcity of supply rather than a poor quality of demand; and past experience tells us that such light volume is a normal characteristic at this stage of a bull campaign. The managers do not want activity in the stock now. They do not wish to advertise it and attract an unwanted public following at these low levels. The public will be coaxed to come in later." However, if you see supply coming in to the down side, your LPSY is confirmed. Daily:
As a customer, i had to pick up some GOOS on Fri dip b/c er was just too good! New highs - bit overbought so expecting a pull back but think it will be heading higher.
$GYA.V $GYNAF TRADES UP ON NEWS - Guyana Goldstrike Finds More Quartzite - Gold Host Rock http://stockcharts.com/h-sc/ui?s=GYA.V
thread bump & sticky for the weekend of 6/23-6/24 whatcha guys lookin' at this weekend as we head into month and quarter end? thx again to everyone who has contributed to this thread so far. keep those great weekend charts and commentary comin' in!
Nothing new for this weekend.... But i thought this was worth sharing I made a deal with my kid regarding my EA position... He's 12, so obviously into video games, and some day id like him to get into the financial markets..... So, in exchange for him giving his opinion on all of EA's games, i agreed to split my profits with him Shoulda seen his eyes light up over that one!... He's been asking about it every day since... So far he's learned what a stop loss is, and that the markets are closed on the weekends
That's pretty dope and a real nice thing of you do to for your kid. Just make sure he uses it on something smart and not video games! I say that only half in jest, since my free time involves lots of games...
HDP getting knocked down by the downtrend line MU $62 resistance was real. In general the semiconductor sector has not had strength after the recent earnings. Just watching this as one of the things to break out when the bull run really gets going again. It was another semiconductor stock, TSM one of the giants, that lowered expectations for the sector in general. Just forecasting like 7% growth instead of 8%. So looking for these things to bounce back, but for now interested in how far they fall. LUV, an airlines stock, is turning an old resistance into support NUAN is at the bottom of the value area (I'm looking at TOS 10Y : W profile, you can open an account with a $50 loan). Just one part of their business is: " The Mobile segment provides virtual assistants and connected services built on voice recognition, text-to-speech, natural language understanding, dialog, and text input technologies to automotive manufacturers, consumer electronic companies, and mobile and cable operators." Like SHAK did in their prior ER they guided down, but have been going up so far.
Definitely interested in MU if we see more of a pullback. LUV looks like a decent spot to take a shot, thanks for posting that.
TTGT WWE........yes for reals. DRYS........ just for fun OLLI check them out on a weekly chart and let me know what you think, I already bought into TTGT, and WWE.
TTGT could go on, while WWE is too extended in the monthly chart for me. OLLI I'm not sure maybe wait for it under 68, and DRYS well I know it has managed bullish MA crossovers.
Can you explain to me by what you mean that WWE is to extended? I'm new to stocks and have been taking classes on my own to learn.
By extended he basically means that the stock has been going up for a long time so it's hard to chase after it right now.
Yeah I saw that.......i wonder what the pull back if any will be during premarket......... i was looking at ENPH for a long..... not sure yet though
bumped & stickied to the front page for this weekend. good to see new arrivals chiming in here as well!
Weekend headline... How to play this? IP has been on my radar for a while, actually took a long position right before the February hell fire, stopped out for a small loss..... Its still down 22% from the high and showing a supply signature with lots of volume and volatility....... Maybe good bear food https://www.cnbc.com/2018/06/13/sen...-passes-farm-bill-with-hemp-legalization.html
