Intuitive Surgical Hits $393!
The Hoffman Brothers called ISRG at $152 and it ran to $393 for a 158% gain! See what the Hoffman Bros recommend you buy NEXT.
Our Chart Junkie series is quickly growing in popularity! We are humbled that some incredible minds on Wall Street have reached out to us to contribute to the series. We look forward to bringing you glimpses into those minds, via charts of course, as the weeks roll on …
GLD with Fibonacci Analysis
Our affiliate partner Abdel at RatioTrading takes a look at Gold (GLD) this week: Gold is producing a very similar pattern as it did last year. That is, moving in a pennant formation before deciding which way to break out. As you can see from the last setup, when we broke out it was to the downside. Notice how we used the Fibonacci Extension tool to find a predictive area to where GLD was going. We went right to the 1.272 and the 1.618 retracements. As we bounce around in the current pennant we are looking for the same thing. If GLD breaks to the upside, we expect a move to the 1.272 extension around $100 at the minimum. If it breaks through the pennant to the downside, we expect a move to the 1.272 extension around $81. Remember: nothing is 100%. This is purely looking at Gold from our Fibonacci Trading methodology and applying our analysis. Always trade what you SEE, not what you THINK! (Click here to learn more about Fib Trading Products from RatioTrading)
CA Home Prices v. Ounce of Gold
RealPropertyAlpha worked up a very cool chart comparing California Home Prices to the price of an Ounce of Gold. John notes, “The interesting thing is that CA has erased 20 years of gains vs. gold. The ratio is now at 1988 levels.” Always worth pondering relative real-asset valuations. (Source: RealPropertyAlpha)
Analysis of Fed Reserve Permanent Open Market Operations
Bob English at Precision Capital Management takes a very interesting look at Federal Reserve Permanent Open Market Operations versus S&P Futures activity: On March 25, 2009, the Federal Reserve Bank of New York began regularly conducting permanent open market operations (POMO) for US Treasury securities, whereby it purchases them from large primary dealer financial institutions. This capital can then be leveraged by 100 times or more for deployment in the equities markets. We have separated the POMO days from the non-POMO days and presented the net S&P 500 futures point accumulation and other statistics for each hour of the trading day. Manipulation? You decide. (Source: Precision Capital Management)
Long Term VWAP on SPY
Tyler Durden at Zero Hedge looks at one of my absolute favorite indicators, Volume Weighted Adjusted Price (VWAP), on the SPY. As we can see, we are playing a nasty game of mean reversion. (Source: Zero Hedge) Click here if you missed the first-ever interview with Tyler earlier this week.
S&P from 1973-74
S&P 2008-09
Barry Ritholtz compares the MACD indicators from the bear market of 1973-74 with the same for the current bear market. If human behavior operates in patterns, then this is a compelling analysis to consider. (Source: The Big Picture via The Chart Store)
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