Ed Ponsi is the managing director of Barchetta Capital Management, an NFA-registered commodity trading advisory, and is also the president of FXEducator. An experienced professional trader, Ponsi has advised a variety of hedge funds and institutional traders. Ponsi has appeared on CNBC more than 50 times and has been profiled in magazines such as "Technical Analysis of Stocks and Commodities" and "The Traders Journal." He is the author of Selling America Short: The New World Order vs. the American Middle Class, released in Novermber 2011; Forex Patterns and Probabilities, a top-selling book on currency trading that has been translated for release in China; and The Ed Ponsi Forex Playbook, which was endorsed by Steve Hanke, professor of applied economics at The Johns Hopkins University.
Five Below has been an outstanding performer over the past few years.
Market volume has been below average the last couple weeks, but could pick up as the mood swings from one of caution to fear of missing out.
The market stands at a crossroads as it approaches its 50-day moving average. I am buying some protection, here.
Let's check the charts to see which of these stocks should be in your portfolio.
Using a classic ABCD technical pattern as a guide, it appears there is upside potential for the market before it encounters resistance that could stall this nascent rally.
Don't be surprised if we see similar issues with other U.S. companies that do significant business in China.
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