Black Monday is Nothing More Than a Speck
- October 22nd, 2017
- By Gary S. Morrow
- Write comment
Archive for the ‘Chart of the Day’ Category
Postwar Bulls
- October 21st, 2017
- By Gary S. Morrow
- Write comment
On track for the greatest bull market of all time.
PayPal Has Had a Great Run This Year
- October 19th, 2017
- By Gary S. Morrow
- Write comment
The stock is up over 65% this year. Tonight PYPL will report its third quarter earnings report. We would be a buyer on weakness.
More here in our latest column on realmoneypro.com: www.realmoneypro.thestreet.com
We are long PYPL in some managed accounts.
An Even 50
- October 18th, 2017
- By Gary S. Morrow
- Write comment
Yesterday the Dow Jones Industrial Average closed at a new all-time high for the 50th time this year:
Relentless momentum.
Hat tip Charlie Bilello
A Huge Downside Reversal Today For Goldman Sachs
- October 17th, 2017
- By Gary S. Morrow
- Write comment
Goldman Sachs traced out a key downside reversal on Tuesday. The stock opened the session with a gap higher open following its very solid third quarter earnings report. By the close GS was down over 2.6% for the day leaving behind an ominous top in its wake. For patient investors lower entry opportunities for this financial sector giant are on the way.
Post earnings action such as today’s is not uncommon for GS. As per Bespoke the stock has traded lower after 15 of the last 21 quarterly earnings reports despite topping estimates. Some downside follow-through after today’s nasty sell off is to be expected. GS has layers of support in place after leaving behind a six month consolidation pattern in late September. Investors should expect to see the top band of this solid support zone tested very soon.
In the near term GS investors should keep a close eye on the $231.00 to $226.00 area. This $5.00 zone includes the stock’s May, June and July highs as well as both the 50 and 200 day moving averages. If GS can regain its footing here today’s deep reversal damage will be sharply limited. On the downside, a close below $225.00 would drop the stock back into the middle of its summer range leaving behind a very large amount of overhead supply.
At time of publication we are long GS in some managed accounts.
* * * *
Welcome fellow traders and investors!
As Money Managers and Traders, the mission of our Blog and Radio Show is to go on record and further educate our readers and listeners in technical analysis and proper money management across all asset classes.
Our methods are not the traditional advice you hear repeated and repackaged over and over again, but that’s exactly the point and the reason why we know how to advance and prosper in every kind of market.
To Your Success,
Doug & Gary
As Money Managers and Traders, the mission of our Blog and Radio Show is to go on record and further educate our readers and listeners in technical analysis and proper money management across all asset classes.
Our methods are not the traditional advice you hear repeated and repackaged over and over again, but that’s exactly the point and the reason why we know how to advance and prosper in every kind of market.
To Your Success,
Doug & Gary
- © 2008-2017 This Week on Wall Street
- Follow Doug McKay on Twitter
- Follow Gary Morrow on Twitter
- Web Site Powered by Slingblade Interactive
- Disclaimer, Terms of Service & Risk Disclosure:
All trades, trade reports, charts, text/audio trade OR market coverage, training sessions, phone sessions AND/OR any trading results, of any kind, should be viewed as hypothetical and without merit; and if they were accurate, they may never be able to be duplicated in the future - it is not our intention to make exacting specific trading recommendations for each individual client, subscriber or viewer, and no claims are being made that we are initiating the signals posted in a definitive manner based on price and percentage.
Your attempt to duplicate these posted trades may be hindered by the inherent delay in receiving a post AND executing that post, market liquidity, AND your own trading issues - slippage, commissions, trading software/internet outages, etc. A stop loss may not limit your loss to the amount intended. NO representation is being made that any account will OR is likely to achieve profits or losses similar to those posted.
Investing and trading involves substantial risk and past performance does not guarantee future results. This site and its information should be viewed for educational and paper trading purposes only. It is important to stress the information on this site is not to be considered as guarantee of success or profit. There is substantial risk of loss trading stocks, exchange traded funds, options, futures, options on futures and commodities. You need to determine your own suitability to trade them.
There may be tax consequences for short term profits/loss on trades. Consult your tax advisor for details on this if applicable. This information is the product of ThisWeekOnWallStreet.com and is for the sole personal use of the viewer and subscriber and may not be used or redistributed by the subscriber or viewer for any other use without the prior written permission of ThisWeekOnWallStreet.com.