Trade of the Day
Few global assets have performed better over the past twelve months than the price of gold and the GLD etf is setting up for another trading opportunity to the upside.
Banking stocks while bouncing in recent days are still displaying lots of relative weakness. Particularly the regional banking stocks as represented by the KRE etf are looking vulnerable for another leg lower soon.
Oil exploration and production stocks in recent weeks showed remarkable absolute and relative strength. Active investors and traders may look to buy the XOP etf for a trade.
Gold mining stocks have a tailwind one would be wise to respect
The IWM etf has been a relative underperformer versus larger cap etf's for a long time now and this could continue for the time being.
A combination of fundamental and technical factors put the odds in favor of another push lower in JPM stock and one for active market participants to pounce on.
PYPL stock rallied close to 30% over the past couple of weeks. After this strong run however the stock is approaching some serious technical overhead resistance on the charts.
With negative economic and corporate data likely to overwhelm the headlines in coming weeks, the SPY etf stands a good chance of embarking on another leg lower sooner rather than later.
Cyber security stocks as represented by the HACK etf despite a likely promising future, look susceptible to another pullback in.
Technology stocks such as the SMh etf are now back near levels on the charts that offer plenty of short term technical resistance and thus could lead to another leg lower for a trade.
The QQQ etf has been a relative outperformer versus the broader US large cap stocks for a long time. But this relative strength has begun to fade and further downside likely lies ahead.
After the recent selloff HCA stock not only looks promising 'on the charts' but also has a structural tailwind worth respecting.
Shares of Marriott International MAR stock fell nearly 70% in recent weeks and has now reached promising long-term technical support buying opportunity.
While volatility is high in this market and it is impossible to pinpoint exact to the dollar levels of support or resistance, SBUX stock looks to have reached a significant confluence area of support where it could bounce.
Markets tend to overshoot and undershoot, and the moves down are always quicker. The SPY etf is now reaching more interesting levels to nibble on the long side for a trade.
The gold mining etf, GDX continues to show promising signs both in absolute and relative performance terms, pointing to more upside ahead.
NFLX stock at present offers traders and investors both a structurally bullish idea as well as displays bullish behavior with breakout potential on the price charts.
Shares of gold mining stocks have traded in a choppy manner since late summer 2019. However, the bigger picture trend continues to look bullish, which should benefit shares of Newmont, i.e. NEM stock.
While much uncertainty around the coronavirus remains, UAL stock through the lens of technical analysis is starting to look very oversold and ripening for a bounce.
In the short term it looks increasingly likely that a bounce could occur in the S&P 500 SPY etf and a specific level on the charts is where this could start coming to fruition from.