Oil Ticks Lower, Steel Sends Warning: 8 Key Items Shaping the Stock Market Friday
Buffett steps down, the FCC and SpaceX’s Starlink Mobile and other headlines moving the market this morning.
After the Fed, Let’s Return to Regularly Scheduled Programming
With the Fed decision out of the way, let’s discuss the market reaction, energy prices, the Japanese yen, ‘Cheap Chinese Compute’, Space, and how to position now.
CrowdStrike Just Popped. Here’s My Plan and Why I’m Upping the Price Target.
CRWD gained 13.9% on Monday, then traders took some profits. But the roof has not fallen.
The Waiting Game: Here Are 12 Stocks I’m Waiting to Add
Just because stocks are lower doesn’t mean they are a good buy.
US Equity Markets Bend But Don’t Break
A toxic mix of a potential slowing in AI spending, rising oil prices, and increased Fed rate hike bets see markets fall, but they end well off the lows.
Messy Market Action Continues But 2 Big-Cap Names Stand Out
Your best move right now is to focus on trends, not turns.
AI Alarm Rattles the Cages as a Big Fed Decision Awaits
Amid dystopian worries and calls for a slowdown, AI leaders speak out. Oh, and we’ve got some other stuff happening too.
SpaceX Shines Amid Sagging Market, So I’m Snagging Some Shares
Here’s how and why I’m picking up some Space Exploration Technologies and tracking the stock closely.
SpaceX Helps Prevent Pullback With New Price Target
The aerospace firm was among the few AI-related names that carried the day.
SpaceX About to Tumble?
I am not sure what I see just yet with SpaceX ($SPCX). I do think that I see two developing technical patterns and both of those patterns tend to produce bearish reversals.
Here is what looks like a developing Rising Wedge. It does seem to be closing rather quickly. I see the crossover of the 50-day SMA (blue line) by the 21-day EMA (green line). We call that a swing trader’s golden cross. That is often considered to be a bullish signal. That said, the signal is far less reliable when the blue line is falling as it is here. The lower trendline of the wedge would be the downside pivot in this case.
Now, I see a potential Double Top pattern developing with a downside pivot of $130. That’s the central low-point of the pattern. Can we trust it? I am not sure that I trust anything anymore. Both Relative Strength and the daily MACD are set up rather bullishly. That said, two potential patterns of bearish reversal, even if they are still incomplete, probably should not be ignored.
Position: None