Charts for the Week of August 5, 2013 – $GLD, $HTZ, $TDC, $BAC, $MU

 

HTZ – Long | SMA Support | Bullish Candles | Regression Channel

– Stock fell below lower channel of the regression channel. Look for a steep rise to get back into channel. – Found strong support at 100 day SMA. – Bullish candles with long lower shadows – Fisher also looks like it’s about to turnover – First support at 100 day SMA – Second support at $22.50 – Price target of $28.31

 

BAC – Bullish Flag | Cup & Handle | Breakout Play

– Bullish Cup and Handle Forming – First Support around 14.45 – Second Support around 13.90 – Buy on breakout above 14.97 level – Price target at 16.35 – Ride the trend till the trend tells you different Feel free to comment, agree/disagree, or just go on a rant =P -Matt

 

GLD – Short | Failed Fibonacci | Crossover Fisher/MACD

Looking for a continuation of bearish trend in gold after failure to break above .236 Fibonacci. Tight Stop at 128.56 Target Price of 115 Bearish Fisher and MACD crossovers

 

MU – Long | Bullish Consolidation | Fib Support | Fisher/MACD |

Bullish Consolidation Wedge. Buy on Breakout with tight stop at 13.30 or loose stop at 12.50. Price Target of 14.64. Bullish Fisher Crossover. Small Bullish divergence on Fisher as well. Bullish MACD Crossover. RSI found support level. Feel free to comment, agree/disagree, or just go on a rant =)

 

TDC – Long  | Triple SMA Crossover | Bullish Divergence | Falling Wedge

  – Look for a strong potential move to the upside due to pretty strong divergence since Nov 2012 – SMA(21, 50,100) crossover confirmed a bullish trend with the stock seeming to have found a higher bottom. – SMA(200) and $60 price level will act as strong resistance. – Stock broke out of falling wedge pattern that’s been forming since July 2012 – A safer way to play this stock would be to wait for confirmation by having the stock reach a higher low above this level. Let me know if you agree/disagree or just feel like going on a rant =)

Economic Indicators: The Week Ahead

The week ahead: July 22–26

Monday: Existing-home sales, National Association of Realtors

Tuesday: No major reports scheduled

Wednesday: New home sales, U.S. Census Bureau

Thursday: Durable goods orders, U.S. Census Bureau

Friday: Thomson Reuters/University of Michigan Consumer Sentiment Index, final monthly release

 

Index/Market Close as of 7/19 Week (%) YTD (%) Dow Jones Industrial Average 15,543.7 0.5 18.6 Nasdaq 3,587.6 -0.3 18.8 S&P 500 Index 1,692.1 0.7 20.7 MSCI EAFE Index 1,733.5 1.3 8.1 Barclays U.S. Aggregate Bond Index 1,806.8 0.7 -2.0 Bank of America Merrill Lynch U.S. High Yield Master II Index 990.6 1.3 4.1 Barclays Municipal Bond Index 972.4 -0.2 -3.4 10–Year U.S. Treasuries (Yield) 2.47% -4.3 45.3 Oil ($/barrel) 108.5 2.4 18.2 Gold ($/oz) 1,296.1 0.8 -22.6

Equity data reflect price changes, not total return.

Source: Morningstar

SWKS (Bullish) – Elliot Wave Consolidation Complete, Support

– Beginning of Next Elliot Wave Series
– Key support at 50% Retracement from weekly high/low
– Rising RSI
– Strong Volume Last Week
– 1st Price Target at $29.51
– 2nd Price Target at $37.34
– Buy on Breakout above $24.43 Level, use as stop
– Pay attention to price behavior when approaching wedge’s upper trend line

– https://www.tradingview.com/v/pO651xiS/

DDD – Long – Rising wedge consolidation; Fib/MA Support

• DDD looks like a buy (Should it hold the key 76.4 Fib level.
• SMA(20,50) should act as support in the bullish case
• Rising near previous highs, just not as overbought
• First Price Target @ $52
• https://www.tradingview.com/e/QedHMNkz/

Existing Home Sales: July 22, 2013

Look for a pick up in existing home sales due to both seasonal factors and a psychological incentive to buy a house before there is a further increase in mortgage rates as they’ve begun to trend up in the past couple months.

	Prior	Consensus	Consensus Range
Existing Home Sales – Level – SAAR	5.18 M	5.27 M	5.01 M to 5.45 M

“Existing home sales in May jumped 4.2 percent to an annual sales rate of 5.18 million which was the highest since the home stimulus credits of late 2009. The gain was very convincing and was centered in the key single-family home category which is up 5.0 percent in the May report on top of a 1.2 percent gain in April. Price data were striking with the median price is 8.4 percent in May alone to a recovery best $208,000. The average price, at $255,300, was up 5.6 percent in the month. Year-on-year gains are 15.4 percent for the median price and 11.2 percent for the average. These price data are not derived from repeat transactions and are subject to substantial volatility, but the gains are outstanding nevertheless. Supply did come into the market in May, totaling 2.22 million homes for sales versus 2.15 million in April, but declined relative to the surging sales rate. Supply measured against sales was at 5.1 months compared to 5.2 months in April.” (Bloomberg)

Sources: Bloomberg.com

PDS (Bullish) – Break above Consolidation Wedge, MA Crossovers

• Rising Wedge Formation w/ major resistance @ $9.33
• SMA (100,200) Crossover on weekly chart
• Resistance Level is @ the 50% retracement from the previous high/low
• First Price Target @ $11.16
• Second Price Target @ $12.82
• Sharp recovery of last weekly candle to finish above key moving averages.
• https://www.tradingview.com/v/wuHtqOmf/

IBM – Testing 100 day MA, Bearish candle Target 181.46

• Despite beating on earnings, IBM missed revenue targets last week
• Bearish candle last week showing low demand
• Look for a breakout below the 100 week MA for confirmation
• Price targets shown on chart . First 181.46, then 168.31
• Price far above 200 week SMA. Large potential downside or mean reversion        
• https://www.tradingview.com/v/4d0fQNcR/

SLCA (Bullish)- Breakout above consolidation wedge, Elliot Wave

– First sequence of another leg up after completion of the Elliot Wave Theory consolidation
– Broke out above rising wedge, which was also a breakout above the 50% Fibonacci Retracement
– Found significant support at the 50% Fib Retracement when drawn from the charts low in Aug to the High in March
– First Price Target @ $25.81
– Second Price Target @ $28.50

https://www.tradingview.com/v/hkvdpG8Z/