Slow Price action but trend-line holds
This trend-line off of the November lows continues to hold. That is great for the bulls. The price action however is really slowing down. Really, all the month's gains from an index standpoint comes from the March 1st rally. Everything else since then has been trapped inside of February's closing price and the March 1st closing price highs. That makes from some dull markets. I'm still keeping one eye on the exit though as it is becoming a little more obvious by the day that the market is lacking momentum to push higher. Particularly in this month here.
T2108, which measures the percentage of stocks trading above their 40-day moving average, has improved over the last two trading sessions with now 49% trading above the MA. Still not great but better than the mid 30's it was in back on Tuesday. USO (NYSE:USO) continues to show signs of wanting to bounce, following the 7-day selloff, but the bounce itself, hasn't been overwhelming by any means. Gold also bounced the past two days in a fairly significant manner. Look to see if it can take out February's highs in the coming week.
S&P 500 Chart
Current Stock Trading Portfolio Balance:
- 5 long positions
Recent Stock Trade Notables:
- Broadcom (NASDAQ:AVGO): Long at 218.63, Closed at 222.71 for a 1.9% profit.
- American Airlines Group (NASDAQ:AAL) (AAL): Short at 44.76, Closed at 44.03 for a 1.6% profit.
- UPRO (NYSE:UPRO) (Day-Tade): Long at 95.35, closed at 96.50 for a 1.2% profit.
- OZRK (NASDAQ:OZRK): Long at $56.12, closed at $54.69 for a 2.5% loss.
- FNSR (NASDAQ:FNSR): Long at $34.25, closed at 34.70 for a 1.3% profit.
- UPRO (Day-Tade): Long at 96.92, closed at 98.03 for a 1.2% profit.
- JP Morgan Chase (NYSE:JPM): Long at 87.21, closed at 89.67 for a 2.8% profit.
- Chevron (NYSE:CVX): Short at 110.03, covered at 111.85 for a 1.6% loss.
- Flex Technologies (NASDAQ:FLEX) (FLEX): Long at $15.62, closed at $16.57 for a 6.1% profit.
- Baidu Inc (NASDAQ:BIDU) (BIDU): Long at $174.70, closed at $187.00 for a 7.0% profit.
- Ollie's Bargain Outlet (NASDAQ:OLLI): Long at 33.20, closed at $32.50 for a 2.1% loss.
- Corning (NYSE:GLW) (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit.
- Illinois Tool Works (NYSE:ITW): Long at $127.74, closed at $129.86 for a 1.7% profit.
- Marriott Int'l (NASDAQ:MAR) (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit.