In reviewing the Short Trade Ideas today, the following trades have either hit one or more price targets and/or exceeded their maximum suggested stop & will be moved from the Active Trades category to the Completed Trades category. Note: Additional market & sector commentary, as well as the outlook for these former trades is included in the comments below. ETFC exceeded the suggested stop of any move above 41.50 for a 3% loss. After breaking down below the rising wedge pattern, the stock caught a sympathy bid with the rest of the financial sector on expectations of rising interest rates. That [...]
The following chart & notes outline the entry criterion, price targets, suggested stop & beta-adjusted position size for a swing trade on TDY, Teledyne Technologies.
I've put together a video covering the Aerospace & Defense Sector and a dozen of the individual components with charts that stood out to me. As a lot has happened in the markets over the last few weeks that has damped the longer-term bearish case and strengthened the bullish case, a dilemma has developed lately which is a very obscure, or more precise, a conflicting technical picture. From a longer-term perspective (weekly charts), I continue to believe that the technicals are bearish. Nearly all major US indices are at or near key multi-year resistance while most or all have recently broken [...]