Rich Ross

facebook_page
twitter_page

Last quote by Rich Ross

We test and hold this key level of support.
Mar 23 2017
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Rich Ross is associated, including S&P, July, and stock. Most recently, Rich Ross has been quoted saying: “We test and hold this key level of support.” in the article This one chart shows why ‘the Trump trade is still intact’.
Automatically powered byStoryzy

Rich Ross quotes

After three years of being unloved and doing nothing, we're now emerging in decisive fashion with a bullish brio here. That tells me the small caps will actually continue to go higher through next year.

That tells me regardless of what you think about the world, Caterpillar is a buy on that breakout.

When you look at this chart, it will be difficult not to be constructive or bullish, if you will, on the broader markets.

We have some symmetry here, which is troubling for a stock that has rallied 300 percent off its lows and is up 200 percent year to date.

We have a phenomenal run in this stock off those lows, then you have another rollover this summer. You dip once and then after a run back into the 50-week you dip again and there's the stock, sitting on the key support at $60.

I have very low expectations for this stock, which could be a positive catalyst, but that's not how I would play it. This is a stock that looks structurally broken, in a longer-term downtrend in a fairly buoyant market, and that's a bad combination.

I'm not telling you it goes there overnight, I'm just saying above $130, this stock can go meaningfully higher, and we do think in the short- to intermediate-term, you do get a test of that $130 level.

If we are able to surmount that $130 high-end resistance of that well-defined trading range, you could project another $50 of upside for that stock. I'm not telling you it goes there overnight, I'm just saying above $130, this stock can go meaningfully higher, and we do think in the short- to intermediate-term, you do get a test of that $130 level.

You've essentially erased any of those post-Brexit gains, and you're sitting on that key neckline of support. Our call is that you break lower beneath the neckline.

That false breakdown to an all-time low that we saw back in July is going to provide the springboard for a test of that critical moving average.

The magnetic quality of that 100-week proves true here.

All of that tells me that we probably go higher.

I think you still buy the stock here, and even on a pullback, you're a buyer on weakness.

With both stock and bond prices at record highs, this is a great way to have your cake and REIT it, too, if you will.

That would be bad. So let's wait before we get too excited about this breakout.

Anyone can trade the breakout, but you have to hold the breakout. So what you want to see is a Friday close above that old high of 2,130, 2,135. And in fact, we really want to see consecutive weekly closes above that level.

With the Dow and the S&P at a new all-time high, crude oil has been one of the rare disappointments out there this month.

We have a triple bottom on the weekly chart with a bullish hammer or exhaustive weekly reversal in the short term – that's a compelling setup.

I think that gold works whether we get that Brexit and chaos ensues [in which case] gold goes higher – or if peace prevails on the 'Bremain,' the dollar eases, providing a bid into gold, commodities and high yield. Whether Britain 'Brexits' or 'Bremains,' gold should 'brenefit,'.

In this case with the S&P just 1 percent off an all-time high, it has the potential to provide a catalyst for a breakout from a multiyear trading range.

No quotes...
More Rich Ross quotes

Quotes by Rich Ross

<
>
facebook_page
twitter_page
This webpage has been created by a robot: errors and absent quotes cannot be totally avoided