Friday Morning Thread

Just as the bearish engulfing candle in Feb  (up arrow) was not indicative of the immediate future price action , I believe the bullish engulfing candle (up arrow) may too prove itself wrong in the short term.  There is still a huge unfilled gap from the action in early Feb .  I will be watching this one. No pos

Thursday Evening

AMZN earnings are being received well in the after hours session.... stock is up about 12% so far. Looks like our old friend the V is back in business.

I've come back to this post to edit.... S&P has cut Spain to BBB+ from A (Outlook negative). The bears hit the S&P futures with large sell orders immediately and current trade is about 1391ish. All of the sudden it looks as though a V shaped recovery is not in the cards... tonight and tomorrow should be interesting as market players digest the news.

Thursday Afternoon

WMT Daily Chart (11:40 AM)

The news has been mixed but generally ugly for the big retailer.  It bounced this morning from just above the 200 day sma.  That could be the short term (maybe long term) bottom if you want to trade it.  Volume has already exceeded the 50 day sma so clearly buyers are interested.

Thursday Morning

Gator's Chart of the Day: CF

CF Industries made an all-time closing high today.  The stock has been trading in a range of about $15 for ten weeks.  Wednesday's volume was well above the 50 day simple moving average and approached double Tuesday's turnover.  The company should be reporting in the middle of May so keep an eye out for that date.

If CF opens higher I think it can be bought with a stop just under the 20 day sma.  If it does move higher be aware that it is likely to pause and maybe pullback from $200 just because it's one of those round number things.  I have no position but I'll be looking at May calls.