pebblewriter

Tag: Boeing

  • Can Boeing Take Off?

    A reminder: our current membership promotion — which slashes the price of a quarterly subscription from $399 to only $299 — is slated to expire tomorrow, July 23.  For details and to sign up now, CLICK HERE.

     *  *  *

    BA has just about reached our channel top target from Jul 3.  From Algos to VIX:

    BA’s [chart] indicates another interim bottom.

    It has now bounced over 12% since our Jun 3 bottom call signaled by ES’s 2.24 tag and has nearly reached the top of the new, gentler falling purple channel, now at about 380.  It’s an important test for the stock — boosted by a monumental PR and its on-again off-again stock repurchase plan.

    Note that the current forecast page has been updated for all major charts including

    continued for members… (more…)

  • Boeing: Fixed?

    Two weeks ago, after Boeing’s second 737 Max 8 crashed, I suggested the most obvious outcome from a charting standpoint [see: One Step Forward, Two Steps Back.]

    Obviously, BA is reacting to the second crash of its key 737 Max 8.  But, its chart already argued for a downturn before the latest tragedy.First order of business will be to close the gap at 369ish.  If it can’t hold at 369, look for it to test the SMA200, the .618, or potentially the .786 Fib well ahead of schedule.

    BA closed the gap that morning, then worked very hard to bounce.  Unfortunately, despite the company’s best efforts (and, no doubt a few billion in buybacks) the stock has had a hard time staying airborne.

    From a charting standpoint, there just wasn’t much support at the original bounce point.  As we forecast, the 200-day moving average and potentially the .618 Fib at would likely need to come into the picture.  That’s why the stock has spent over two weeks in limbo.

    And, that’s why someone dumped a bunch of shares at 4:30 yesterday — 30 minutes after the market had closed for the day.  It took all of two minutes for the stock to drop from 370 to 359, and four minutes for it to recover.  No fuss, no muss.The plunge won’t show up on the daily chart……but, it’s on the hourly chart and — the company hopes — in the memory banks of those who are betting that the company needs more than a software update to restore public trust in its products.Meanwhile, ES’s small white channel broke down overnight.  All targets remain in force, with this morning’s EIA inventory report likely playing a pivotal role in next steps for the overall market.

    continued for members… (more…)

  • One Step Forward, Two Steps Back

    While January’s retail sales saw a modest rebound (+0.2% MoM), December’s were revised downward from -1.2% to -1.6%.

    Futures bumped slightly higher, presumably because a slowing economy protects the market from Fed tightening.  In reality, it was driven by continuing VIX algo-signalling.

    With key DJIA component Boeing off sharply in the pre-market, today could be a tumultuous day.

    Obviously, BA is reacting to the second crash of its key 737 Max 8.  But, its chart already argued for a downturn before the latest tragedy.

    First order of business will be to close the gap at 369ish.  If it can’t hold at 369, look for it to test the SMA200, the .618, or potentially the .786 Fib well ahead of schedule.

    continued for members… (more…)