#$wfc

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Wells Fargo, $WFC, comes into the week bouncing off a bottom near the 61.8% retracement of the move up from the April low to the top at the beginning of the year. It has a RSI rising in the bearish zone out of oversold conditions with a MACD negative but crossing up. There is resistance at 78 and 81 then 84.50 and 86.25 before 87.50 and 90.50. Support lower is at 76.50 and 73.75. Short interest is low under 1%. The stock pays a dividend with an annual yield of 2.32% and has traded ex-dividend since February 6th.

The company is expected to report earnings next on April 14th before the open. The April options chain shows open interest biggest at the 85 and 70 put strikes, and at 82.50 and 85 on the call side. In the May chain open interest is biggest at the 80 and 65 put strikes , but spread between 77.50 and 87.50 on the call side. Finally in the June chain open interest is focused at the 75 put strike, and biggest at the 90 call strike, then 77.50.

Trade Idea 1: Buy the stock on a move over 78 with a stop at 74.

Trade Idea 2: Buy the stock on a move over 78 and add an April 75/70 Put Spread ($1.24) while selling the May 87.50 Calls (96 cents).

Trade Idea 3: Buy the April/May 85 Call Calendar (95 cents) while selling the April 70 Puts ($1.09).

Trade Idea 4: Buy the June 67.50/80/90 Call SPread Risk Reversal ($1.28).

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the March FOMC meeting and Quadruple Witching in the books, saw equity markets take a turn for the worse ending at 6 month lows and below their long term moving averages.

Elsewhere, look for Gold to continue its pullback in the long term uptrend while Crude Oil churns around $100 per barrel. The US Dollar Index looks to continue to press on resistance in consolidation while US Treasuries bleed to the downside at 6 month lows. The Shanghai Composite looks to continue a short term downtrend while Emerging Markets pullback in their uptrend.

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

BP, $BP, comes into the week consolidating under resistance. It has a RSI flat in the bullish zone with the MACD positive and rising. Look for a push over resistance to participate…

JP Morgan, $JPM, comes into the week rounding out of a pullback. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…

Lilly, $LLY, comes into the week breaking above resistance. It has a RSI in the bullish zone and a MACD positive. Look for continuation to participate…

Lockheed Martin, $LMT, comes into the week rounding out of a pullback. It has a RSI at the midline with the MACD positive. Look for continuation to participate…

Wells Fargo, $WFC, comes into the week pressing against resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push through resistance to participate…

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which following the FOMC meeting and Powell’s unexpected caution that a December rate cut was not inevitable, equity markets brushed it aside and focused on the good earnings reports to hold at all-time highs.

Elsewhere, look for Gold to continue the uptrend with some short term consolidation while Crude Oil moves lower again in consolidation. The US Dollar Index continues to drift to the upside consolidation rounding out a bottom, while US Treasuries hold at the breakout higher in their consolidation, continuing to tease of an intermediate term reversal higher. The Shanghai Composite looks to continue the uptrend at 10 year highs while Emerging Markets also continue their uptrend at 4 year highs.

Wells Fargo, $WFC, comes into the week at resistance and an all-time high. The Bollinger Bands® are pointing higher with the RSI rising in the bullish zone and the MACD positive and moving up. There is no resistance above 85. Support lower sits at 83.25 and 82. Short interest is low at 1.4%. The stock pays a dividend with an annual yield of 2.13% and has traded ex-dividend since August 8th.

The company is expected to report earnings next on October 14th before the open. The October options chain shows biggest open interest at the 75 and 80 strikes on the put side and at the 80 strike followed by the 85 and 87.50 strikes on the call side. In the November chain open interest builds from 80 to a peak at 65 on the put side and rises from 80 to a peak at 92.50 on the call side. Finally, in the December chain open interest is biggest at the 75 then 65 strikes on the put side and at the 85 then 90 strikes on the call side.

Trade Idea 1: Buy the stock on a move over 85 with a stop at 81.

Trade Idea 2: Buy the stock on a move over 85 and add an October 85/80 Put Spread ($1.83) while selling the November 90 Calls ($1.80).

Trade Idea 3: Buy the October/November 90 Call Calendar (92 cents) while selling the October 79 Put (95 cents).

Trade Idea 4: Buy the December 77.50/87.50/95 Call Spread Risk Reversal (41 cents).

If you like what you see sign up for more ideas and deeper analysis using this Get Premium link.   

After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which coming out of a week with the FOMC meeting and Quadruple Witching, saw equity markets continue to look rock solid, making new highs in the index ETFs across the board.

Elsewhere, look for Gold to continue the uptrend to new highs while Crude Oil drifts in consolidation. The US Dollar Index continues to run sideways in consolidation, while US Treasuries may be in the early stages of reversing their downtrend. The Shanghai Composite looks to continue the uptrend to new 10 year highs while Emerging Markets also continue their uptrend at 4 year highs.

Wells Fargo, $WFC, comes into the week pressing against resistance and the 20 day SMA after a shallow pullback from an all-time high. The Bollinger Bands® have squeezed, often a precursor to a big move. The RSI is rising in the bullish zone with the MACD leveling after a reset lower in positive territory. There is resistance at 80.75 and 81.50 then 84. Support lower is at 78.50 and 77.75 then 76.50. Short interest is low at 1.1%. The stock pays a dividend with an annual yield of 1.98% and has traded ex-dividend since May 9th.

The company is expected to report earnings next on October 14th. The August options chain shows biggest open interest at the 80 then 75 and 72.50 put strikes and at the 80 then 85 call strikes. In the September chain open interest is biggest at the 75 put and builds from the 80 strike to a peak at the 90 strike on the call side. Finally, the October chain has biggest open interest at the 80 and 65 put strikes, and it is biggest at the 85 call strike.

Trade Idea 1: Buy the stock on a move over 80.75 with a stop at 78.

Trade Idea 2: Buy the stock on a move over 80.75 and add an August 80/75 Put Spread ($1.30) while selling the October 90 Call (95 cents).

Trade Idea 3: Buy the August/September 85 Call Calendar (88 cents) while selling the September 75 Put ($1.04).

Trade Idea 4: Buy the October 72.50/82.50/87.50 Call Spread Risk Reversal (60 cents).

If you like what you see sign up for more ideas and deeper analysis using this Get Premium link.   

After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which heading into the second week of earnings season, saw equity markets continued to show strength, holding and making new highs.

Elsewhere, look for Gold to continue to consolidate in its uptrend while Crude Oil drifts in consolidation. The US Dollar Index continues short term move to the downside at 3 year lows while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to consolidate the mini break higher while Emerging Markets continue their break to the upside.

Wells Fargo, $WFC, comes into the week approaching resistance. The Bollinger Bands® are open to the upside to allow a continued move, though price is outside of them at the start of the week. The RSI is rising in the bullish zone with the MACD rising and positive. There is no resistance above 77.75. Support lower is at 75 and 73 then 72 and 69.75. Short interest is low under 1%. The stock pays a dividend with an annual yield of 2.08% and has traded ex-dividend since November 8th.

The company is expected to report earnings next on April 11th. The February options chain shows the biggest open interest at the 70 strike on the put side. it is more evenly spread on the call side but biggest at the 80 strike. In the March chain open interest is biggest at the 65 then 55 and 50 strikes on the put side. It builds from 65 to a peak at 75 on the call side but is big also at 80 and 60. Finally, in the April chain open interest is biggest at the 70 put strike and much bigger and concentrated at the 82.50 call strike.

Trade Idea 1: Buy the stock on a move over 77.75 with a stop at 74.75.

Trade Idea 2: Buy the stock on a move over 77.75 and add a February 75/70 Put Spread ($1.00) while selling the March 82.50 Calls ($1.05).

Trade Idea 3: Buy the February/March 80 Call Calendar (93 cents) and sell the March 70 Put (73 cents).

Trade Idea 4: Buy the April 70/77.50/82.50 Call Spread Risk Reversal (87 cents).

If you like what you see sign up for more ideas and deeper analysis using this Get Premium link.   

After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the January options expiry in the books, saw equity markets show strength after a precarious start Monday morning.

Elsewhere look for Gold to continue its assault on the all-time high while Crude Oil rises in consolidation. The US Dollar Index continues to drift higher while US Treasuries remain in a short term downtrend. The Shanghai Composite looks to continue to chop the entirety of a broad range while Emerging Markets remain in a short term downtrend.

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

Alcoa, Ticker: $AA

Alcoa, $AA, comes into the week breaking resistance. It has a RSI at the midline with the MACD crossing up. Look for continuation to participate…..

Cummins, Ticker: $CMI

Cummins, $CMI, comes into the week pressing on resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

McCormick, Ticker: $MKC

McCormick, $MKC, comes into the week approaching resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Wells Fargo, Ticker: $WFC

Wells Fargo, $WFC, comes into the week approaching resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Walmart, Ticker: $WMT

Walmart, $WMT, comes into the week breaking resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…..

If you like what you see sign up for more ideas and deeper analysis using this Get Premium link.  

After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with just 3 trading days left in January, equity markets look ready to finish the month higher.

Elsewhere look for Gold to continue its pullback while Crude Oil reverses higher. The US Dollar Index looks to drift sideways in consolidation while US Treasuries continue their downtrend. The Shanghai Composite looks to extend the bounce to the upside while Emerging Markets continue in consolidation.

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

Ashland, Ticker: $ASH

Ashland, $ASH, comes into the week breaking resistance. It has a RSI rising into the bullish zone with the MACD positive. Look for continuation to participate…..

eBay, Ticker: $EBAY

eBay, $EBAY, comes into the week breaking resistance. It has a RSI moving higher and a MACD about to be positive. Look for continuation to participate…..

Johnson & Johnson, Ticker: $JNJ

Johnson & Johnson, $JNJ, comes into the week breaking resistance. It has a RSI rising toward the bullish zone and a MACD moving higher. Look for continuation to participate…..

Northrop Grumman, Ticker: $NOC

Northrop Grumman, $NOC, comes into the week approaching resistance. It has a RSI in the bullish zone with the MACD crossing up. Look for a push over resistance to participate…..

Wells Fargo, Ticker: $WFC

Wells Fargo, $WFC, comes into the week at short term resistance. The RSI is in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which heading into the last week of November, saw equity markets continue to look strong and ready for more upside.

Elsewhere look for Gold to continue its short term move higher while Crude Oil bounces in the downtrend. The US Dollar Index continues the short term drift to the downside while US Treasuries bounce in their downtrend. The Shanghai Composite looks to stall in its bounce while Emerging Markets consolidate in a broad range.

In this weekend’s article, I will examine a few of the things I have been discussing about the situation locally, and then I will turn to a discussion about the long-term picture. In that discussion on the long-term picture, I will lay out “Three Coming Errors” that I expect market participants to make over the coming 6-9 months, and I believe those 3 errors will govern the structure that unfolds…