Trade Ideas: EXR, GSTL, IHR, COBZ, BWC, DF, JDD, PXP

Markets took another wobble into the close, reversing the weak bullish action which followed yesterday's Fed decision. Volume declined from the previous day, in itself bullish - but declines are never good to see if you are bull. The Trade Ideas scan was more adversely hit; 8 different stocks covered a time period of 60 minutes, a sharp increase to yesterday's 1 minute! There is very little love to be found.

Most frequent pick on the list was Interstate hotels (IHR) at a miserable 14 times. The remaining picks made 10 appearances, or less. There was no recent cross (< 2 months) between the 20-day and 50-day MAs, with Plains Exploration (PXP) the only stock to manage a bearish cross of these averages.

Unfortunately, the 1-year charts for the 8 picks didn't really appeal. Although Interstate hotels (IHR) was the most frequent appearer on the scan, it's 1 year chart has the makings of a bearish head-and-shoulder pattern; a break of $9.50 would confirm.



If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.


Popular posts from this blog

S&P "Bull Trap"?

Image
I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200.  Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed.  The index is also underperforming relative to the Russell 2000. 
Read more

"Black Candlesticks" are a concern for the S&P and Nasdaq

Image
A bright start for bulls on the back of positive $NVDA earnings wasn't enough to generate a day of meaningful gains.  However, it did help stall the losses of the last couple of days. The Nasdaq was the biggest beneficiary of today's action, but not enough to see an end-of-day finish that cleared last week's swing high, nor delivery of a large white candlestick, despite the morning breakout gap.  Technicals are net bullish and relative performance against the S&P has become consistently stronger since the start of May.  While today's candlestick I would view as typically 'bearish', today's volume ranked as confirmed accumulation (bullish). Overall, I would be looking for higher prices from here. 
Read more

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Image
The Nasdaq started brightly but ended up closing below its open price, but above yesterday's close. The S&P did something similar, although the intraday range is narrower. These two setups are somewhat complicated by the new 'buy' triggers in On-Balance-Volume for both the Nasdaq and S&P. And the new MACD trigger 'buy' for the S&P. Price action is key, so I would expect the candlestick to trump the technical picture; watch for lower prices tomorrow.
Read more

Archive

Show more