AFFX setting up long on trend reversal. Broke both 50 & 200 dma. DMI crossover up. Threatening to break downtrend line. I prefer to buy on a pullback or a move out of consolidation so if there is stasis here an Inverted H&S is constructed and could be bought (or sold short) when it moves out. Gap at 35 target. Problem is the terrible biotech environment. BTK setting up for major drop on long term charts. WLP setting up long. NVLS. All those point & CLick hedge fund cowboys who bought after hours showing us buyer's remorse as the stock sold off all day but recovers a little. Let's see if any respectable non IB analyst questions NVLS rosy revenue outlook for next quarter.
Long 1K WLP 67 Long KLAC 1k 68.5.. tight stop bittersweet story: Shorted 1K VRTS at 37.12 AH last night and covered for a point.
dgabriel, if you are short homebuilders/const sector, what do you think about NVR? It has had the most exponential burst out of all of them.
BullFighter Thank you for asking. Its my own software. Its still in development stage. I used it for the last 3-4 mths and seems ok for getting a fairly reasonable entry point. currently, it gets its realtime stream from Medved's QuoteTracker- I also plan to add support for IB's TWS soon. I also use it to check the long term position (like the chart shown here) before considering a trade.
I am not short currently, but have had a short bias. I no longer do. But will monitor them for possible shorts. NVR and MTH aggressively bullish. The charts of these two demand you consider them long (I would consider these long on a pullback) The others in the sector are consolidating or maybe putting in a longer term top. RYL has stopped propelling up, but who knows what it will do. CTX PHM BZH are well off their highs. Last month's new homes sales declined by 8%, but this does not indicate a trend. Mortgage rates and the Fed are the most influential factors now in these stocks. In March I felt they were in a topping fomration because of the volume spikes and days of distribution. This coincided with a consensus that the Fed would begin raising rates and in fact, mortgage rates spiked almost 1/2 point in late March- just when I had a mortgage application pending. Mortgage rates have since receded and the Fed now appears to be on hold. When there is a clear indication of changes in monetary policy toward tightening and rises in mortgage rates, and money starts to leave the sector, these stocks could have a big drop. But there may be a different fundamental/technical scenario.