In Ireland, February 29 is Bachelor's Day - a traditional holiday when women propose to men. Scotland began the tradition in 1288 by passing a law permitting women to propose and if refused, the man had to pay a fine. Only in Europe.
Leap years are also election years, as every politician knows, four years is just enough time for the electorate to forget all their broken promises from last time around. Plus, we all must take a giant leap of faith when you go to the polls.
Okay, back to the markets. It is hard to believe that we are rapidly coming to the end of the second full trading month of 2016. The first two months have been extraordinarily volatile with triple digit swings becoming the norm. As we move into March, I expect to see the markets begin to settle down somewhat.
In case you missed it yesterday, Alibaba Group Holding Limited (NYSE:BABA), took a 5% position in Groupon Inc. (NASDAQ:GRPN) which was enough to push this stock up 40%. Yesterday's action by Alibaba was seen as a black swan event that could not be predicted by any indicator. Groupon had been in a steady decline after hitting a peak of over $27 when it began trading. Since that time, the stock has steadily moved lower and recently traded perilously close to the $2 level.
As I have said many times before, perception is very important in stocks. The fact that Alibaba took a 5% stake in this company should not be overlooked.
Technically speaking all of the Trade Triangles turned green and positive yesterday for the first time in a long, long time. You also saw a 12 month downtrend line broken to the upside which also helped change Groupon's momentum.
Hello traders and MarketClub members everywhere. Today I'm going to look at 10 well-known, big name tech stocks. Some of these stocks are doing well and some are struggling. I'll analyze each of these stocks using a simple, time tested approach. I will be using several technical tools that you can use to determine which stocks to buy and which stocks you should avoid at all costs.
Out of the 10 stocks I will be analyzing, eight of them are traded on the NASDAQ and the remaining two on the NYSE. Here is a list of the stocks I will be zeroing in on, in alphabetical order:
One stock to keep an eye on today is a Groupon Inc. (NASDAQ:GRPN). I created a special report on this stock two days ago and you can read that report right here.
While Groupon beat earnings on the top line, they more or less admitted that their business plan is not sustainable. The problem for Groupon is that merchants/companies are not renewing to continue their service because it just doesn't work for businesses.
Sooner or later, Groupon Inc. (NASDAQ:GRPN) will run out of merchants to sign up and promote. With this stock down over 12% in the pre-market, I expect Groupon to be under pressure today.