Professor’s Comments update August 21, 2013
Posted by professor at August 21st, 2013
I’m still watching RCL on the 60s. I don’t expect to see much action until the Fed minutes are released at 2pm. Remember, we’re on a VIX Buy Signal, and oversold, so IF the market like what they see in the minutes, we could start to rally.
Petsmart, PETM, a stock that was highlighted by Emeritus last night for the Honor Roll, is being hammered this morning after what appeared to be an OK earnings report. The stock was down as much as 4 points, but is currently down only 2.65 points. The decline has turned 2 of the 3 PT indicators on the Daily charts negative. However the MACD remains positive. So the indicators are still considered GREEN! As long as all three of the indicators do not turn negative, for Rifle Trading purposes, the indicators are still GREEN.
PETM is in a well defined uptrend, that now has pushed its 2 period RSI into oversold territory. In other words…it’s on sale. And IF the 60s turn positive, it’s a Rifle Trade.
EEV has moved up to the 26.20 level, approaching the gap low at 26.70. I will be watching the stock very closely now to see what it does during he next few days. As long as the 60s remain positive, I’m holding.
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Category: Professor's Comments