Tuesday, February 06, 2007

Much Ado

This will be a relatively short post, simply because there's just not a heck of a lot going on the markets. Tons of stocks have basically "straight up" type patterns, and as great as that is for owners of those stocks, it doesn't make a lot of fodder for discussing trend changes or breakdowns.

I mentioned Carnival recently, and this one is behaving as expecting. Look at how "obedient" it was with respect to its trendline.


Capital One has been confounding me for a while, but this has pushed up high enough that it could represent both a press against resistance as well as a double top. Good short possibility.


Hansen (HANS) is fascinating to me since it's clinging to its Fib fan line like there's no tomorrow. I am not taking any position on this, but when it breaks away from this line, the move is going to be fast.


NVR is relatively thinly traded, but past history seems to suggest it obeys its Fib retracements really well, so this might be a good short-term bearish play.


Do a search for "BankRate" in this blog, and you'll see I've mentioned it as a bullish play on many past occasions. It took another big leg up today on handsome volume.

11 comments:

Andrew755 said...

Tim,

Is the S&P still below the ascending trendline???? I remember you showed a chart last week... It hasn't blown through yet has it???

Thanks, Andrew

Tim Knight said...

No, it is still beneath it.

stockshaker said...

does 'boring' usually mean calm before the storm?

I felt somewhat robbed today.

csco not going to be doing anything good to us tomorrow either.

But as of late, it seems like daily action is very illogical. And I would not be surprised if the indices ended in red.

z-stock said...

I agree, with evenflo. Better go back to anonymous, for two weeks,only. This site needs more hits.
I remember losing money on my hydl short, (Tim’s pick from month’s ago) but more than made it back switching to calls. And now with hydl approaching 86 and 89. Do you think you can put up another chart? I think 86 might be hydl high for the year.
z-stock

kingnc said...

hi tim
about HANS the word "breaks away" refers to down move from fib line or up move from fib line or either

thanks

Lauriston said...

Tim - I think HANS could be another NTRI in the making :) patience needed. This market is killing me with boredom. I have some puts from last week that are now at loss but the up and downs and going nowhere is what is really killing me! Tonight I notice Japan is down 1% as it was on Monday, but we never seem to get any of that here. I cannot find decent stocks to go long yet everyday I see 2-4% upmoves!! Look at YHOO EBAY AMZN today! I have no idea what is going on. I will keep being patient, but this is really stretching it...

PB said...

Timbo:

Any thoughts on WYNN?? Can't see people gambling too much when they won't be able to pay their ARM's pretty soon!

I used to think crashes were evil and unnecessary, but they way these markets are acting, I sincerely hope for a nice dousing. Will rationality ever return?

Tim Knight said...

"about HANS the word "breaks away" refers to down move from fib line or up move from fib line or either"

I was deliberately ambiguous, because I'm not sure. Stocks can inch up day after day, week after week, month after month - - it's just creepy sometimes! I mean, just look at Lockheed Martin. Sheesh!!

So I don't know if HANS is going to escape to the upside or downside. I'm staying away from that one.

trader said...

As far as casino stocks including and maybe even especially WYNN, don't forget all the new huge and international revenue they are receiving from the new casino paradise in Macau just off of Hong Kong. Richard Branson is building a new 3 billion dollar casino/hotel (VIRGIN) as we speak.It's an international Vegas.

mde said...

I shorted CSCO and bought puts before close on the IWM..Looks like I will lose even more money tomorrow..This market does not know what a correction is and it pains me to watch my shorts lose money everyday..Damnit Tim, do something..lol..

Andrew755 said...

OMG , the markets are never going down again. It is 1999 all over again. At this rate we are going to DOW 15000 by MAY.....

So much bullishness in the air. 8 straight up days..... this is something of amazement.

Capitulation is in the air....