Watch the Tweezers!
Watch the Tweezers!
May 9, 2012
By Doc Severson
As I produce today?s video, so far the price is/was showing a ?Tweezer Bottom.? This is caused when the candlesticks create what looks to be a set of tweezers, and is shows that the early selling pressure was pushed back on two consecutive days. We?ll see how today ends up, but so far this pattern could mark a short-term swing bottom in anticipation of the FOMC Chairman?s comments tomorrow.
Baidu (BIDU) - Quick Takes Pro Chart of the Day
May 7, 2012 - Baidu (BIDU)
Stocks picks in the car manufacturing sector
When investing in the car sector I see much potential in Geely, Tata Motors and Porsche. On my website I explained why I think these companies offer great investment opportunities.
http://www.sigward.nl/1/post/2012/04...facturers.html
I was wondering which car manufacturers stocks are a good investment in your opinion and why?
VMware
Anyone know the symbol for this one yet?
Foot Locker (FL) - Quick Takes Pro Chart of the Day
May 9, 2012 - Foot Locker (FL)
Barchart.com's Chart of the Day - Henry Schein (HSIC)
archart.com's Chart of the Day - Henry Schein (HSIC) for May 9, 2012
The "Chart of the Day" is Henry Schein (HSIC), which showed up on Tuesday's Barchart "All Time High" list. Henry Schein on Tuesday posted a new all-time high of $78.16 and closed up 3.75%. TrendSpotter has been long since April 27 at $77.29. In recent news on the stock, Henry Schein on May 8 reported Q1 adjusted EPS of 98 cents, above the consensus of 91 cents, and raised its FY2012 EPS guidance to $4.30-4.40 from $4.25-4.34. SunTrust on April 26 initiated coverage on Henry Schein with a Neutral. Henry Schein, with a market cap of $6.7 billion, is the largest distributor of healthcare products and services to office-based healthcare practitioners in the combined North American and European markets.
Dave Landry's Market in a Minute - Wednesday, 5/9/12
Random Thoughts
The Ps took out short-term support but then reversed to close above it. This action scores as a minor positive. However, it doesn't matter. Futures are getting whacked pre-market.
The weak open might actually be a good thing. As I've been saying, I'd like to see this market gap sharply lower and then have the mother of all reversals. This would shake out some nervous longs, make existing shorts feel good, and attract some new shorts. The rally would then subsequently squeeze them out.
So what do we do?
Although a big picture top still appears to remain in place, I'd still avoid making any big picture decisions. As usual, take things one day at a time.
By now, you should have a few shorts on. That should help to mitigate losses in left over longs. Let the market guide you. Honor your stops on existing longs and trail your stops lower/take partial profits on shorts. Following the ebb and flow should help to automatically adjust your portfolio.
As far as new setups, I'm not seeing anything exciting at this juncture. This used to bum me out. Now, I just know it's the market telling me to stay out while it finds its way.
Click here to watch today's Market in a Minute.
Penny Stock Watchlist 5/9
Video to be posted tonight on KWK. Textbook late-day setup to learn from. Speaking of KWK I took a small loss this morning on the gap down after the earnings report. I sold XOMA today too for profit. Bought ARNA*, planned to sell it, but it closed plenty strong so held overnight. Also bought ORYN as its looking like it may get picked up by a big promoter soon. (no not the new APS, think STVF) Just a speculation play at this point. Bought some TASR as well for a swing. Closed over 5, a key resistance spot. Still holding ELTP and NEOM. The list for Wednesday:
ARNA AEMD BBW BWEN DOMK EAHC EMWW GV HENC ISIM JMBA KDSM KGJI KWK MRNA NNVC NWK OMX ORYN PBOF QUIK RARS SPMD SQNS SVNT TASR VRML XNPT XRMB
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