DXD

DXD: ProShares Ultra Short Dow 30

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DXDDXD, the ProShares Ultra Short Dow 30 is looking like it’s preparing to move upwards.

Here’s what stands out:

  • Resistance @ ~$50 was broken.
  • Resistance in the downward channel was also broken by today’s move up.
  • May looks to have created a short term double bottom.
  • There is a positive divergence between the RSI, MACD and STO vs the price trend.  This may be sinking in now.
  • If the price moves upwards and pushes through the 200 day EMA it would be a very bullish sign and a strong movement.

New resistance around $58ish seems probable.  A good entry point would be upon a close above the 200 day EMA and a selling point is ~$58 for a short term move.

$INDU, DDM

$INDU: Dow Jones Industrial Average

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screenshot-chartnotes-mozilla-firefoxJust took a minute to scope out a chart of the DJIA and it’s looking like we have a bullish pattern forming.

The uptrend started around March 9th and if you look forward to March 23rd the price actuall broke through the downward trend line.

There was a text book push up to resistance around 8000 then a move down to support on the previous down trend line.

From the looks of things now, it seems as though 8000 is a very strong level of resistance and has been the top of an ascending triangle.  Today we broke through and CLOSED above 8000.

Another nice move higher and it could be considered a breakout.  In that case it might be time to buy up some DDM which is the Proshares Ultra Dow 30 ETF.

CAR

CAR: Avis Budget Group, Inc

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Avis Budget Group is looking interesting in this current chart.

I think there are two potential options:

  1. If the price can fill June’s tiny gap and break through $8.53 then we could see the price move towards resistance @ $9.17 and then $10.19.
  2. Option 2, which i think is the most likely, is that the price may drop down to $7.14 and bounce off of that support and either ping pong in that sideways channel or again test $8.53 and higher.

I think option 2 will pan out though mainly because i see the RSI looking good… BUT, there is a downward turn on the end (circled) indicating a healthy but minor price correction may take place.

The Slow STO is also showing this same type of signal and has somewhat rolled over.

Buy on bounce around support of $7.14 and/or buy on confirmational cross through $8.53.  Look for resistance @ $9.17 and $10.19.

If the price moves below $7.14 then forget it.

DDM

DDM: Ultra Dow 30 Proshares Fund

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DDM is an ETF that tracks the Dow and is described as:

“The Ultra Dow30 seeks investment results generally equivalent to twice (200%) the performance of the Dow Jones Industrial Average Index.”

That said, there are some very positive signals on this chart (circled in red) that indicate a market rally is probably going to take place soon.

Right off the bat this is what I’m seeing:

  1. The downward channel that began early May was tested and then broken on OK volume.  I say OK because it was above average but the day before (the test) was better.
  2. Resistance @ $61.45 was also broken in this recent push forward.
  3. The 20 day EMA has been crossed.
  4. MACD had a beautiful cross a few days earlier and is now on it’s way up.  This signal is confirmed by 3 points i outlined above.

The RSI is not attractive to me.  I don’t like the slope it’s had since pivoting upwards.

I think the buying opportunity is right now.  I would buy @ the current price of $62.45, put a tight stop loss on it and use the $65.00 mark as a potential selling point.  If the price rockets through $65 then the position will need to be reevaluated.

SCHW

SCHW: Charles Schwab Corporation

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Charles Schwab Corporation large ChartI just got off of the phone with SCHW after opening 2 accounts (a checking and brokerage). Their support was PHENOMENAL to say the least. These guys are doing it right.

While talking to the support guy i realized he was knowledgable in everything from technical analysis, to web technology and it made me wonder what Schwab’s chart might look like.

The image above is what I’m seeing and it looks like now might be a good time to wait and see if we can get a nice upward movement to push through the resistance @ $22.89.

All of the key indicators are setup pretty nicely… but i do see one concerning bit. Check out the volume for the recent up days — it’s weak! I don’t like that, but it doesn’t necessairly mean that Schwab is out.

Buy on a cross through $22.89. Looking for resistance around the $25 mark and if it pushs up through then keep on riding the trend line and moving average.

STLD

STLD: Steel Dynamics Inc – Resistance

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stld againSuper quick update on this one. I made a call on this guy back in April which I feel was not a *great* call. I was expecting the stock to move above $35.56 much sooner but regardless I was reviewing that post today, and when checking the charts again noticed that there appears to be about three touches to the $39.40-$39.50 zone.

I think there could be some nice movement if the stock busts through $39.50 on good volume. It’s a strong point of resistance, but after that point there are no other resistance levels.

Will be fun to see how this guy pans out.

CRME

CRME: Cardiome Pharma Corporation

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chart of CRMEThis chart of CRME looks fairly good.  It’s a bit messy , and that’s how it goes with pharma companies, but i do think there are some tasty nuggets hidden in here.

The RSI has been trending upwards since February and will probably come down a bit to tag the trend line.

Looking @ the chart itself there are a few pretty things here.  Mainly the $10 mark.  Lets start with 2 steps back and look @ the weekly chart.  (I should have annotated a chart for the weekly, but unfortunately i did not.)  The $10 mark is definitely a resistance level Continue reading CRME: Cardiome Pharma Corporation →

PRGX

PRGX: PRG-Schultz International

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12 month chart of PRGXThis (very) messy 12 month chart of PRGX on the left is showing a few good signals.

Primarily I believe PRGX has formed a cup with handle pattern and will be testing the upper resistance shortly if not Now.  There is also an upward price channel that has formed starting around mid January and it looks like the current price action is pushing UP through the middle of the channel.

Parabolic SAR is indicating a bullish move as well.

The RSI is interesting because it has been positively diverging since the crash in Novemeber.  This is a strong signal and it’s clear that it picked back up where it left off after the dip resulting from the formation of the cup’s handle.

  • Buy on strong push through the $10.10 level.
  • Look for resistance around the upper boundary of the price channel near $11 bucks
  • Stop loss, of course 😉
THQI

THQI: THQ, Inc

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THQI chartTHQI appears to be setting up for a break out in the near future.

MACD is under 0 and is moving north.  In addition, it just had a bullish cross.

RSI is also moving north and a couple days ago just passed through the 80 mark which is considered a bullish signal.

STO is a little iffy imo.  The slope of it’s vertical ascent is looking a little too steep, BUT they lines have been layered in a bullish pattern since May 12th.

Resistance levels are setup pretty clearly on this chart.  You can easily spot that the price needs to bust through the $20.82 mark and we could be on our way up.

One concern is that today’s push upwards came on OK volume, but it could have been stronger.

  • Buy = Cross through $20.82 with good volume
  • R1=21.63  Fill the gap
  • R2=22.83
  • R3=23.84
  • 2-3% Trailing stop loss