Sam’s Morning Note 04-26-24
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Each day we write a few articles covering stocks making key technical developments.
Airlines are turning downward once again.
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Delta Air Lines Inc. ($DAL) continues to trade lower, down -3.31% at $40.74 on a volume of 4,505,530 shares today. Last week we saw a brief rise in airline stocks that looked to be a bottom and a breakout. That breakout has now turned into a break below the lower bollinger band which is a very bearish move. There looks to be more downside in these stocks.
Delta Air Lines Inc. is below the 50 day moving average and below the 200 day moving average. These are bearish, bearish indicators respectively.
Delta Air Lines Inc. Delta Air Lines Inc provides scheduled air transportation for passengers and cargo throughout the United States and around the world. The Company's business segments are airline and refinery.
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Bullish move on The Boeing Co.
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The Boeing Co. ($BA) is crossing above the 200 day moving average today. This is a bullish development, the 200 day is a well respected longer term resistance line. A confirming bounce off the the 200 day will further confirm today's move above the long term resistance.
The Boeing Co. is above the 50 day moving average and above the 200 day moving average. These are bullish, bullish indicators respectively.
The Boeing Co. Boeing Co, together with its subsidiaries designs, develops, manufactures, sells, services and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems and services.
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Gapping down today
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Buffalo Wild Wings Inc. ($BWLD) is off to a rough start, gapping down, currently down 12% on a volume of 3,048,880 shares. It appears to have stabilized at this level so the sell-off looks exhausted. Now we will wait to see if it will close the gap at all.
Buffalo Wild Wings Inc. is below the 50 day moving average and below the 200 day moving average. These are bearish, bearish indicators respectively.
Buffalo Wild Wings Inc. Buffalo Wild Wings Inc and its subsidiaries operates restaurants as well as selling Buffalo Wild Wings and Rusty Taco restaurant franchises. The Company offers offers dining and bar areas that provide distinct seating choices for sports fans and families.
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ABX at fresh highs
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Barrick Gold Corp. ($ABX) hit a new 52 week high today. Gold has been an outperformer this year and continues to run higher. This new 52 week high confirms the uptrend is still intact. ABX is at $16.61, and has traded in a range from $5.91 to $16.70 over the past 52 weeks. Volume was last at 8,580,160 with a 50 day average of 21,380,592.
Barrick Gold Corp. is above the 50 day moving average and above the 200 day moving average. These are bullish, bullish indicators respectively.
Barrick Gold Corp. Barrick Gold Corp produces and sells gold and copper. The Company business activities also includes exploration and mine development. It holds interests in oil and gas properties located in Canada.
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Some stocks hitting fresh 52 week highs
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New Oriental Education & Technology Group ($EDU) is hitting a new 52 week high today. Over the past 52 weeks EDU has traded from a low of $18.09 to a high of $34.10. EDU was last at $33.96 on a volume of 1,456,320. Average daily volume has been at 1,513,716.
New Oriental Education & Technology Group is above the 50 day moving average and above the 200 day moving average. These are bullish, bullish indicators respectively.
New Oriental Education & Technology Group Inc provides private educational services in China based on the number of program offerings, total student enrollments and geographic presence.
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AXP is clearing a short term moving average
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American Express Co. ($AXP) is crossing above the 50 day moving average. The 50 day moving average is viewed as a medium to short term support / resistance. AXP is also filling the gap created from earnings. I have a profit target of $65 for this stock in the next few months.
American Express Co. is above the 50 day moving average and below the 200 day moving average. These are bullish and bearish indicators respectively.
American Express Co. American Express Co is a payments, network and travel company, which offers credit payment card products and travel-related services to consumers and businesses.
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A look at United States Steel Corp.
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United States Steel Corp. ($X) is breaking out of downward channel and is now above its 50 day moving average. The stock has established a floor around $6.50. X was last at $8.43 on a volume of 15,350,600. Average daily volume has been at 10,352,661. This increase on higher volume is a good signal for further upside.
United States Steel Corp is an integrated steel producer of flat-rolled and tubular products with production operations in North America and Europe.
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Momentum in favor of $Game
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Shanda Games Ltd ADR (Sponsored) Repstg Cl A ($GAME) is resolving it's latest consolidation to the updside. Shanda Games Ltd ADR (Sponsored) Repstg Cl A is up 1.02% at $6.95 on a volume of 604,109 shares today.
Shanda Games Ltd ADR (Sponsored) Repstg Cl A is above the 50 day moving average and above the 200 day moving average. These are bullish, bullish indicators respectively.
Shanda Games Ltd ADR (Sponsored) Repstg Cl A Shanda Games Ltd is an online game company in China. It develop and source a broad array of game content through multiple channels, including in-house development, licensing, investment, acquisition, joint development and joint operation.
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Alcoa saw a huge surge in volume today on news that it will split its business into two entities next year.
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Alcoa, Inc. ($AA) is trading on higher than normal volume today. Alcoa, Inc. is flat % at $9.37 on a volume of 45,068,900 shares. That's already 2.14 times the normal daily volume of 25,812,599.
Technical traders look at heavy volume as we see in Alcoa, Inc. today to confirm existing or developing signals.
Alcoa, Inc. is below the 50 day moving average and below the 200 day moving average. These are bearish, bearish indicators respectively.
Alcoa, Inc. Alcoa Inc manufactures and engineers lightweight metals. It products include aluminum, titanium, and nickel, which are used in aircraft, automobiles, commercial transportation, packaging, oil and gas, defense and industrial applications, among others.
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Clearing short term moving average
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ProShares UltraShort Lehman 20+ Year Treasury ($TBT) is crossing above the 50 day moving average. The 50 day moving average is viewed as a medium to short term support / resistance.
ProShares UltraShort Lehman 20+ Year Treasury is above the 50 day moving average and above the 200 day moving average. These are bullish, bullish indicators respectively.
ProShares UltraShort Lehman 20+ Year Treasury The investment seeks daily investment results that correspond to two times the inverse (-2x) of the daily performance of the Barclays U.S. 20+ Year Treasury Bond Index.
The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times the inverse (-2x) of the daily return of the index. The index includes all publicly issued, U.S. Treasury securities that have a remaining maturity greater than 20 years, are non-convertible, are denominated in U.S. dollars, are rated investment grade, are fixed rate, and have more than $250 million par outstanding. The fund is non-diversified.
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DY at fresh highs and remains in its long term uptrend
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Dycom Industries Inc. ($DY) hit a new 52 week high today. DY is at $77.33, and has traded in a range from $24.84 to $78.60 over the past 52 weeks. Volume was last at 501,203 with a 50 day average of 473,656.
Dycom Industries Inc. is above the 50 day moving average and above the 200 day moving average. These are bullish, bullish indicators respectively.
Dycom Industries Inc. Dycom Industries Inc provides specialty contracting services throughout the United States and in Canada. Its services includes engineering, construction, maintenance and installation services to telecommunications providers.
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ATVI hitting fresh 52 week highs
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Activision Blizzard Inc. ($ATVI) is hitting a new 52 week high today. Over the past 52 weeks ATVI has traded from a low of $17.73 to a high of $30.00. ATVI was last at $29.52 on a volume of 58,509,900. Average daily volume has been at 9,655,724.
Activision Blizzard Inc. is above the 50 day moving average and above the 200 day moving average. These are bullish, bullish indicators respectively.
Activision Blizzard Inc is an online, personal computer, video game console, tablet, handheld, and mobile game publisher. It has three operating segments: - Activision Publishing, Inc., Blizzard Entertainment, Inc. and Activision Blizzard Distribution.
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Cranking up the volume at a capitulation low.
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Freeport-McMoRan Inc ($FCX) is trading on higher than normal volume today. Freeport-McMoRan Inc is up 1.20% at $10.40 on a volume of 101,517,000 shares. That's already 5.41 times the normal daily volume of 35,711,500.
Technical traders look at heavy volume as we see in Freeport-McMoRan Inc today to confirm existing or developing signals.
Freeport-McMoRan Inc is below the 50 day moving average and below the 200 day moving average. These are bearish, bearish indicators respectively.
Freeport-McMoRan Inc Freeport-McMoRan Inc, formerly Freeport-McMoRan Copper & Gold, deals in the mining of copper, gold and molybdenum.
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Smith and Weston hitting fresh 52 week highs.
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While some stocks are breaking down, Smith & Wesson Holding Corp ($SWHC) is continuing to hit new 52 week highs. This stock has been in an uptrend all year. Over the past 52 weeks SWHC has traded from a low of $9.03 to a high of $18.83. SWHC was last at $18.03 on a volume of 4,325,740. Average daily volume has been at 868,987.
Smith & Wesson Holding Corp is above the 50 day moving average and above the 200 day moving average. These are bullish, bullish indicators respectively.
Smith & Wesson Holding Corp manufactures firearms. It manufactures handguns, modern sporting rifles, hunting rifles, black powder firearms, handcuffs, and firearm-related products and accessories.
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