Suttmeier, a former U.S. Treasury trader and trading manager in the primary dealer community, has more than 40 years of experience in the U.S. financial markets. Suttmeier is an engineer by education with a master of science degree. He has been writing newsletters and market commentaries since 1984, and his engineering and trading background are the foundation for the combined fundamental and technical analysis used in the stories he writes exclusively for TheStreet.com.
Be patient, buy Ford on weakness to its semiannual and annual value levels at $7.59 and $7.31, respectively, or consider a buy stop given a close above its quarterly pivot at $9.49.
Reduce holdings on JPMorgan with the stock just above semiannual, monthly and quarterly pivots at $118.51, $119.85 and $120.14. FDIC data suggest caution on bank stocks.
Sell AT&T on strength to its annual risky level at $38.53 or on a sell stop, given a price gap below its semiannual and monthly pivots at $36.58 and $36.38. This zone was tested Wednesday morning.
Buy FedEx up to its 200-day SMA at $173.54 and add to positions on weakness to its five-week modified moving average at $165.81. Its weekly chart should remain positive through earnings results.
Buy Adobe on weakness to its weekly value level and 200-day simple moving average, which are converged at $269.99 and $269.61. Declining weekly slow stochastics is a warning.
Book profits on Apple on strength up to its quarterly pivot at $221.65 and monthly risky level at $227.53. Apple is a core portfolio holding but volatility provides trading opportunities. Thursday's high was $226.42.
Buy Broadcom on weakness to its quarterly pivot at $290.32. A fundamental reason to buy this semiconductor giant is its P/E ratio of 15.94 and dividend yield of 3.60%.
Reduce holdings on Kroger on strength to its quarterly risky level at $26.58. The weekly chart is positive, and my second sell level is its 'reversion to the mean' at $29.25.
Reduce holdings on RH on strength toward its all-time intraday high of $164.49 set on June 12, 2018. Quarterly and weekly pivots at $152 and $156.03 should be magnets to prevent a new high.
Buy GameStop on weakness to the 50-day simple moving average at $4.19 and its quarterly value level at $3.90 and book profits on strength to its semiannual risky level at $7.94.
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