I will be on a weekend vacation through Monday, so no charts till then.

Good Luck,

Joey

Stock Chart Analysis SLV

iShares Silver Trust (ETF) (Public, AMEX:SLV)

Gold and Silver have had a very sharp move recently, specifically heading into the much anticipated Fed release. While this could just be the beginning of something, it may of gotten ahead of itself in the near term. I'm not sure why there is a disconnect between Gold and Silver, but the GLD etf is at new yearly highs while SLV remains mired under it's 200 day sma. Looking at the chart of Silver below, it is pushing up against a trendline and it's 200 day sma which may prove to be a little much for it in it's extended state. I'm not sure if it will reverse here and retest the recent lows, but it seems like it will at least backoff and retrace to the 20 day sma. There could be some decent shorts in the sector, being that the miners are also overbought. I am looking at PAAS and SSRI as possibilities.



Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis HMSY

HMS Holdings Corp. (Public, NASDAQ:HMSY)

While the markets are pretty overbought in the near term, there are still some stocks close to safe entries on the long side. I mentioned how HMSY broke out of a nice base a month ago, and while it did move out, it came back for a retest of support the past week or so. While there is a chance that HMSY had a false breakout and may of topped, you still have to favor the underlying trend until it is proven. HMSY is now sitting on it's 20 day sma, after a nice move on Fed Tuesday. It may consolidate a few more days, but I believe there is a good chance that it moves to fresh new highs soon.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Today is the 10th Anniversary of my wedding and as much as I would like to discuss the huge move after the Fed dropped rates, I don't think it would go over too well at home. The only move I made today was buying into BZH whom I had mentioned in earlier posts. I think there could be a massive squeeze in homebuilders, and in fact there could be a bottom on the BZH chart. I will try and post my thoughts on this tomorrow. One thing I will mention, right now a lot of people may be fearing they missed out. Keep in mind that these moves reverse some times and the prudent thing to do is not chase stocks. Stocks like WYNN, BIDU, RIMM and AMZN have had strong moves leading into todays move and buying now will likely have you underwater soon. Look for stocks like ONXX or DRYS who are starting to move after a pullback.

Good Trading,

Joey

With the Fed meeting coming up on Tuesday, and all the uncertainty, I think it makes sense to not recommend new swing trades until after the reaction. I will not be initiating new positions other then daytrades as well. One group that looks promising for tomorrow (daytrades) are homebuilders. It looks like they may get a short squeeze heading into a fed meeting where a rate cut seems like a foregone conclusion. They may keep running after the decision as well, but who knows at this point. I'm looking at BZH as a possibility here. Also, momentum stocks like AMZN, BIDU, RIMM, WYNN, LVS, etc. have been giving good intraday moves.

Good Trading,

Joey