Getting Jiggy With It (RIMM)

Research in Motion, maker of the Blackberry, pleased wall street with earnings yet again today and the stock is approaching the all time high at $137. There is absolutely nothing bad to say about this weekly chart. RIMM has been running since mid 2006 when it was in the low 20's (pre-split). After forming a deep base the stock looks poised to do what it did when it broke $30 and $50 for the first time (go up alot more). IBD will be all over this stock so watch for a violent move to the upside soon. Na na na na na na naaa naaaaa.... RIMM's gettin jiggy with it...

ICE Setting Up For a Nice Short

This chart looks alot like the AAPL chart I posted earlier. ICE is about to smack up against it's 200 dma at $152.50 after a nice run. As we know well, ICE tends to fake traders out with false moves and I wouldn't be surprised to see it break the 200 dma before reversing. Since ICE and the broad market are in primary downtrends, I'm thinking there may be a nice short entry on ICE at horizontal resistance around $155. There should be heavy resistance in the $152.50-$155 range which seems like a decent area to try a short. I'd place a stop around $157 and target that area of price congestion around $130 or the 50 dma at $133.71.

AAPL Short Entry Here @ $150

I'd put a stop at today's high of $151 then lower that to $150 tomorrow. The flattening 50 dma around $130 seems like a good target but watch out for RIMM earnings after the close tonight. Is it just me or does it seem like AAPL ripped off this video for their ipod commercials?



*UPDATE - They did use the song for an ipod touch commercial.

A Retro Dow Heads Back to the 90's

Yesterday I posted a stunning chart of the Dow Jones Industrial average in the 90's. The benchmark index more than quadrupled before it ended the decade near the highs around 11,600. Today I was looking at a more recent chart of the index when I noticed something somewhat disturbing, the dow is back at that late 90's level.

A few weeks ago I posted a dow chart which suggested that the tide was turning for the bulls. The dow broke it's 50 dma and we all know about how hard our loving federal government has been trying to save wall street, so a rally seemed appropriate. Unfortunately for those who own stocks, the index ran into a declining trend (in red) line bounced off a horizontal area of resistance we've been watching (in blue). For now, the dow remains in a long term down trend but is range bound in the intermediate term. The volume has been weak lately as the market sold off but notice how the last big leg down (begining in Dec.) also started on low volume. If this decline continues I would definately be looking for the volume to increase.

My money is on a retest of the recent lows around the 11,700 level and I wouldn't be surprised to see new multi year lows in April. Does anyone else find it disturbing that the market has made no forward progress in the past eight years? It truly has been a lost decade for stocks and music.

Saturday Rock Blogging: Smells Like Teen Spirit

According to VH1, this was the greatest song of the 90's. While I'm not sure I would give it the #1 spot, this revolutionary track does deserve to be in the top 5 for sure. I don't think the 90's was the greatest era for music or anything but it sure beats the hell out of the past eight years. This week I'll post some 90's music videos for all you cool kids out there that were watching MTV back when it didn't suck. Any favorites?

And by the way, the 90's was a golden era for stocks. The dow more than quadrupled in that period (see above). Ah, the good old days...

Heres a bonus Nirvana track in honor of the lost 90's: