In 1982, Rickey Henderson of the Oakland Athletics stole 130 bases. He was also caught stealing 42 times. Both are MLB records. In fact, no one else has ever been caught more than 33 times.
Only four other players (one time each) have been caught stealing 30 or more times in a single season. All of those seasons occurred between 1965 and 1983.
Name the four other “would-be” base-stealers….
Yes, I’ve added to IBM ($IBM) on today’s weakness.
Readers will see that after falling out of bed late this past winter, the shares of IBM had developed a rectangle pattern with a $258 pivot over the following three-month period. The stock broke out of that pattern in response to the above news flow. In doing so, IBM took back its 21-day EMA, 50-day SMA and 200-day SMA.
Relative Strength is still quite robust but has now come off of a technically overbought level. Below the chart, the MACD now has a lot of bullish momentum, and is still postured in that way. Within that indicator, the histogram of the 9-day EMA is now well into bullish territory while the 12-day EMA is holding its ground above the 26-day EMA.
What if we strip away the rectangle? Take a look:
It’s a little lopsided, but IBM has developed a “cup with handle” pattern bearing a $331 pivot. This, in my opinion, refreshes the bullish setup for this stock.
Price Target: $397 (up from $337)
Pivot: $331
Add: Down to 200-day SMA (Currently $272)
Panic: Loss of that 200-day line.
Position: Long IBM equity
Buying CrowdStrike as Strong Quarter Indicates Acceleration
Position: Long CRWD equity
Hmmm…
If that’s a Double Top on the right, then Nvidia ($NVDA) tested the downside pivot this morning and passed that trial.
I will add just a smidge here…
Position: Long NVDA equity.
I wrote a piece on one of my favorite holdings, Advanced Micro Devices ($AMD) here at TheStreet Pro earlier this week. I still believe what I wrote. My target price is still $588. I have been looking at the chart, though and think perhaps a bit of warning (not a call to panic) may be in order. This is the chart that I gave you…
I wrote the following: “Readers will see that AMD broke out sharply in April from the basing pattern (rectangle) of consolidation that ran from late October into late April. The shares obliterated my temporary target price of $456 as May wore on. We sold a small amount. What now? The shares look to have created a Rising Wedge pattern of bearish reversal as Relative Strength had reached technically overbought levels. The daily MACD is also ripe for some bloodletting.”
I then added, “How severe will it be? I’ll tell you what I’m doing. I am likely to add should the stock approach the mid-May high of $470, but not before.” So, I’ve had a clue that a sell-off could be coming. Now, we’ll erase the Rising Wedge pattern, which can be bearish to begin with, and see what we can see…
Looks a lot like a head & shoulders pattern of bearish reversal, doesn’t it. Should that pattern come to fruition, it should be noted that H&S patterns, in my non-scientific opinion, are more reliable than Rising Wedges that in theory can go on almost forever. Just some brain food for the crew here at the Diary.
Positions: Long AMD equity.
Rocket Lab Sees Insider Selling, But My Plan Is to Buy | TheStreet Pro
Positions: Long ALTO. AMZN, EVLV, OCUL, ONDS, PL, PLTR, RKLB, SIDU, SNAP, SOFI, VELO equity. Short OCUL, SNAP, SOFI calls.
Positions: None.
Quantum computing stocks sold off hard on Wednesday ahead of the Quantinuum IPO at the Nasdaq Market Site on Thursday. Quantinuum, which is majority owned by Honeywell ($HON), will officially begin trading later today under the ticker symbol “QNT.”
On Wednesday, Infleqtion ($INFQ) gave up 12.4%, Rigetti Computing ($RGTI) gave back 10.4%, and D-Wave Quantum ($QBTS) surrendered 7.9%. Even the mighty IBM ($IBM) lost 7.2%.
Last night, Quantinuum announced that it has raised $1.68 billion in its initial public offering after pricing 28 million shares at $60 apiece.
I will be adding to my long position in IBM (still up 31.6%) at some point this morning.
Positions: Long IBM equity.
S&P Futures: -32 vs FV.
Nasdaq Futures: -430 vs FV.
10-Year Note: 4.46%.
2-Year Note: 4.05%.
3-Month T-Bill: 3.71%.
US Dollar Index: -0.33%
WTI Crude: $93.53.
Gold: +1.17%
Silver: +0.74%.
Bitcoin: -4.54%.
Position: Long physical gold & silver
