End of July Trends

I decided to try something new.  Since it's the end of July, I took a look at all my trend charts (aka - weekly charts) and did a review of them.  I'll be posting the ones here where I noticed an actual trend, or where I noticed support/resistance levels that are set to be broken.

The thick pink lines on each chart denote either a trend, a support, or a resistance.

Apple (AAPL)

AMD (AMD)
AMD looks like they broke below resistance on the weekly

Citigroup (C)

Goldman Sachs (GS)

Nvidia (NVDA)

Sandisk (SNDK)

Does not have a trend, but DOES have a fat pitch going down on the weekly

Yahoo (YHOO)

July 24th, 2013

Sorry no posts in a while, I've been dedicating my evenings to earnings research and truthfully haven't thought to take a break to make a post.  Today's post comes from my iPad because my back is killing me, so no pictures of charts or anything like that.

Earnings reports are coming full force.  Apple (AAPL) reported last night, and while revenue and profits are down compared to this time last year, Apple still beat because Wall Street was expecting a terrible quarter.  Apple is suffering from a slowdown of iPhone sales in China, but is being buoyed by an increase of iPad and iPhone sales here in the US.  They're practically the only Nasdaq stock that's advanced in the last 24 hours.

AMD reported two days ago as well.  Their earnings missed, and the stock has sunk since the announcement.  Despite the recent dive in their stock price, I am anticipating AMD is horribly undervalued long term.  They are making the GPU for all 3 of the major next gen video game consoles, and they are making the CPU for the biggest two (Playstation 4 and Xbox One).  Add to this the fact that it's July, and retailers have already received so many pre orders that they're worried about having enough supply (of Xbox One and PS3).  Add to this the fact that the life cycle of a console is 5 to 10 years, and you realize this is a minimum of 5 years of massive revenue for AMD.  If I were a private investor, I'd put every ounce of cash I had into AMD.

Other notable earnings beats included Facebook (FB), Baidu (BIDU), and Visa (V).  

On the whole the market has been making VERY small gains this week, going up maybe 10 or 20 points a day.  Today is the first real pullback the major indexes have seen.  Here recently, a lot of stocks and the broader market are acting like they're setting up for a correction to the downside.

And a lot of my charts are showing it should be soon...

March 6th, 2012

AMD
AMD has had a breakout to the downside.  It's a hammer candle though, I don't believe I fully trust it.  The smart thing to do here is to wait for some kind of pullback, see if it tries to re-enter the support level on the chart.  If it attempts to re-enter the support level and fails (ie: the support level becomes a resistance level) I will take this as confirmation.

BAC
BAC is currently working through stage 3.  It is testing its support level now.

BBY
BBY is still building in an upside triangle formation, attempting to break the ceiling of resistance.  I would be leery of this one simply because the market as a whole is poised to turn over and head to the downside, so any trade to the upside here would be going against the general market.

F
F appears to have broken through its support level at $12.20.  I would like to see it pullback and retest an entry above this level before thinking of it as a trade confirmation.  If it retests an entry, and the support has become a resistance, then I will consider it confirmed.

GE
GE has very clearly broken through its support level.  I will consider this confirmation as it has clearly broken its support.  My next post will have a practice trade for GE.