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MGM long off 50 ma. Breaking DECADE long resistance hereSo I want to sell my house and put it all into MGM. We are breaking MULTI-DECADE resistance here! On the monthly chart, we haven't seen these levels since 2008. On a weekly chart, we broke over major resistance last month and have continued higher. Just off our relative highs, we didn't quite make it to the 1.618 extension. This pullback to the 50 ma and touch of the trendline from the summer into fall following earnings is an opportunity to get in long to take it up to $56. That being said, I need to practice prudence because on the daily, we can see that we are hovering just below resistance. I really want to see a daily closure over $46 today. The only thing that I am noting is that on the daily, we are close to having the 100 and 200 sma's catching up and perhaps we want to retest? The 100 sma happens to be sitting right at the halfback off of this latest fib extension impulse wave drawn. I am long as of this afternoon with a stop under yesterdays low. If we break below that, I will anticipate touching the 100/200 smas, but at least the 100 sma and would like to try to get long again there pending price action. Also have an alert set for the 100 sma now as I would like to get more of this in my retirement. I grabbed some in spring 2020, but would like to add to that long-term hold. **MGM long** Entry: $45.95 Stop: $45.45 1st target for 25%: $48 2nd target: $57
NYSE:MGMLong
by nurseblood
USDCAD bearish divergenceThanks for viewing, Just a quick one to say that there is some quite strong RSI divergence apparent on the daily timescale - a higher high compares with a (much) lower RSI peak. Maybe you have some reasons to be bullish on the USD right now - I don't. - Recent 0.5% emergency rate cut and expectation of another 0.25 - 0.5% cut next week - Early last week many saw negative interest rates as impossible - not so much towards the end of the week though. Cramer, Gundlach and others now envisage near term negative rates, - 10 year treasuries now WELL under 1% nominal return - this is already a negative real rate of return, The only possible way to make money off these instruments is in the hope that yields go to zero or lower, because rate increases during the duration of the instrument would wipe out significant value. - The US President has raised USD devaluation as a possibility as well as calling for lower and lower interest rates. Luckily for him, the US Fed has come to believe that it is their role to support the stock market so he will gt his wish - no matter the downstream implications for the US. - Ok, I am going off track for a bit. It is becoming evident just how badly managed the C****-19 outbreak is being handled in the US (especially Washington State - which has gone from containment to triage / management of the outbreak) with cases well on their way to going geometric - By the way; what large manufacturer is based in Washington State that will be affected by a freezing up of global travel, financing and has already had a string of super negative stories preceding this outbreak? The CDC that is so effective in containing an outbreak on the movies blocked testing for weeks, produced a flawed test that has had to be recalled, might just have produced an semi-effective test that will enable testing of the virus that is already out of control. The only way to stem the spread now is to enforce mandatory and aggressive social distancing, testing, and contact tracing (Singapore has seemingly prevented exponential growth at this point - as well as producing a 99% effective test that takes 3 hours). Clearly putting someone who doesn't believe in science in charge of a task-force trying to counteract a fast mutating, fast spreading virus is not helping and may cost hundreds and possibly thousands of people their lives - if you don't believe me just wait until the cases pass 1 million in the US which will likely be in late April to early May (this is someone else's prediction - not my own). Canada will undoubtedly also be affected, but it will respond appropriately and recover sooner. Soon we in the US will know definitively why a single payer healthcare system isn't socialism - but is just essential in a wealthy democratic society. In Canada people do not have to face bankruptcy if they get sick, they get paid sick days, they have a proper employment contract (I was blown away when I found out from people that worked on Wall Street for one of the largest Companies (at that time that they had "at will" contracts - meaning that even after years of dedicated service they could be terminated without notice and did not get paid sick leave). In the US people will avoid healthcare even when they are sick, even if they are employed and have insurance (because some cannot afford the co-pays and out of pocket expenses) resulting in people infecting their co-workers. There are some pretty fundamental structural reasons why the US is expected to not do as well as Singapore, Canada, or Hong Kong in the context of a extremely easily communicable virus. So, what I am saying is that there are several reasons for people to have the perception that the US is likely to be more impacted by this virus and very possibly is also incompetently run. No one wants any of this to happen, including me. LONG - I am long on gold and silver - assessing Platinum in case of mine closures, Unfortunately mining stocks may not be the winning trade in these circumstances (lower energy costs will help (energy intensive), but freezing up of corporate credit (credit intensive industry), potential virus induced mine shut-downs (labour intensive), and a general sell-off in equities may mean they remain a risky trade in the short-term). -Gold because I wanted to diversify away from fiat currency due to the certain dramatic expansion of the money supply / quantitative easing coming and possible helicopter drops is bullish for gold - the more money printed the more gold has to appreciate in $ terms to account for that - plus I like gold and there are very few safe havens left. I will not be selling gold when the crisis is over but will retain it as unsurance (insurance for when you are unsure and as protection against larger systemic crises with fiat currency or a potentially insolvent Government). Presently around 25% of assets are in gold (which I admit is possibly a bit much) and another 8% in silver. -Silver for the same reasons as gold, and because the % upside is potentially greater, and because I believe that the goldsilver ratio points to historic significant undervaluation of silver relative to gold. If / when the goldsilver ratio dips below 45 (currently 96) I will trade silver for gold - buying silver as a way to get more gold. Bullionstar in Singapore has some great offers - and low storage fees. -Platinum because it is a strategic metal in US industry and defence and domestic sources cannot fulfil US demand. 75% of supply is from South Africa and Southern Africa and is susceptible to labour, electricity supply issues. Potential play for Canadian and US platinum miners -but not yet. I am long some equities - but only unloved undervalued ones (hard to find these days) that have good fundamentals and solid revenue streams. SHORT - I am short USDCAD, USDCHF (flight to safety), and crude oil since it broke below $50, because of cratering demand - OPEC can not cut deeply enough to impact price without drastically cutting their national income. - I am short treasuries in that I wouldn't touch them under any circumstances. They currently guarantee a negative real return and are becoming more and more risky in my view, - I am short S&P500 and a number of individual Companies heavily exposed to supply chains in China (e.g. Qualcomm) or dependent on a majority of their revenue streams from China (e.g. Wynn Resorts, Las Vegas Sands - both get more than 50% of their revenue from China), and some Airlines, also some Oil and Gas Companies.
Short
by flyinkiwi10
2
Short-Term Cycle Down For Las Vegas Sands (LVS)Las Vegas Sands Corporation has been in a bullish trend since 2015 and a tighter bullish trend since the beginning of 2017. On multiple occasions through 2015 bull, three of the technical indicators discussed below are at similar or higher levels, than they are now. These instances have resulted in short-term losses for the stock. I have laid out the reasons and levels to which the stock may drop while it most likely continues its long-term trend. When we look at technical indicators, the relative strength index (RSI) is at 71.5836. RSI tends to determine trends, overbought and oversold levels as well as likelihood of price swings. I personally use anything above 75 as overbought and anything under 25 as oversold. Currently the RSI overbought and beginning to trend down. The positive vortex indicator (VI) is at 1.2795 and the negative is at 0.5811. When the positive level is higher than 1 and higher than the negative indicator, the overall price action is moving upward. When the negative level is higher than 1 and higher than the positive indicator, the overall price action is moving downward. Both values are at extreme levels. The stock should begin to make its descent. The stochastic oscillator K value is 94.4195 and D value is 84.1344. This is a cyclical oscillator that is highly accurate and can be used to identify overbought/oversold levels as well as pending reversals and short-term activity. I personally use anything above 80 as overbought and below 20 as oversold. When the K value is higher than the D value, the stock is trending up. When the D value is higher that the K value the stock is trending down. The stochastic is overbought, but the K value is yet to move below the D. The stock could see a few more days of upward movement, however, the drop on June 9 could be the beginning of complete downward movement. During the longer of the two bull trends, the stock drops at least 4% within 15 days. Everyone should be aware the movement in this case could be quick. Anticipation of further drops beyond 3-4% are risky. Considering the RSI, VI and stochastic levels, the overall direction favors a move to the downside. Based on historical movement compared to current levels, the stock could drop at least 2% over the next 25 trading days if not sooner.
NYSE:LVS
by StockSignaler