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Dow Jones Industrial Finally Signals a Hold

by srpatterson on Saturday, May 23, 2009 12:09 PM

Dow Jones Industrial Finally Signals a Hold

The Dow Jones Industrial Average finally signaled a hold at the end of this week with all four major indexes now in limbo waiting for a move higher or lower. The charts look like tops with the Dow and the S&P 500 index already completing their top formations. The Nasdaq needs to fall below $1664 while the Russell 2000 can form a top formation with a break below $471.82.

Goldman Sachs Group (GS) - Increased Profit Estimates

by srpatterson on Wednesday, May 20, 2009 8:11 AM

Goldman Sachs Group (GS) - Increased Profit Estimates

Goldman Sachs is one of the few companies with increased profit estimates in the marketplace today. Over the past 90 days their current quarter profit estimates have increased from $1.92 a share to $2.44 a share, a 27% increase. Likewise the next quarter estimates and the year profit estimates have also moved higher with the analysts that cover the stock.

Short the Market, A little Ahead of the Move

by srpatterson on Sunday, May 17, 2009 1:28 PM

Short the Market, A little Ahead of the Move

With the markets topping out this week and breaking through resistance on two separate days during the past five trading days, I moved from a cash position to a 50% short position. This could possibly be a little ahead of the move downward as most indicators are still neutral to positive. The vehicle that I am using for the short position is the Proshares Ultrashort S&P 500 (SDS). This is the opposite ETF of the one I held a position in during the recent market rally, the Proshares Ultra S&P 500 (SSO).

Markets Pause After Recent Run

by srpatterson on Tuesday, May 12, 2009 11:40 AM

Markets Pause After Recent Run

Taking a look at the S&P 500 chart today showed a 5 day top formation which was enough for me to close out my Ultra S&P 500 Proshares (SSO) positions that I had. Two positions were quite profitable near 20% and 15% with the third recently purchased position losing about 2.5%. When the S&P 500 broke below the recent low of 902, I felt it was time to sell. In addition, the NASDAQ has not performed well the last couple of days and the Bank Stress Test completion didn't provide a catalyst beyond Friday like I had hoped.

United States Oil (USO) Rally

by srpatterson on Saturday, May 9, 2009 3:08 PM

United States Oil (USO) Rally

Along with the markets the United States Oil (USO) ETF has turned positive and rallied from a price of $27.22 a share on April 20th to close at $32.49 a share on Friday. This is a sign that the economy is recovering and should help the oil service companies profit in the current quarter. This rally is not the best overall event for consumers as the price of oil and gas moving higher affects their individual budgets at the pump and in their heating bills.

SSO June Calls Reentry

by srpatterson on Tuesday, May 5, 2009 1:20 PM

SSO June Calls Reentry

I sold my Ultra S&P 500 Proshares (SSO) 24 Calls yesterday figuring I had made a decent 29% return over a two week period and I would get a good reentry point when the market corrected slightly. But with the SSO down 2% at it's lowest point today the Calls where still at the level I sold them yesterday. I think the market is not expecting much of a pull back at this time.

   
    
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