The major indices chopped along listlessly for most of Thursday trading session as a batch of disappointing corporate earnings and a rise in first time jobless claims kept buyers at bay.
Notably, shares of Blackstone Group LP (BX) soared to new 52-week high, jumped 6.08% on explosive volume to 18.50, after the world’s largest manager of alternative assets said fourth-quarter profit rose 43 percent as the carrying value of its holdings gained. This is definitely a positive sign going forward. In fact, as the chart below indicated, BX could climb up to test key technical level near 20 after the downward trend halted. Just so that you know, initially profiled in our November 29, 2012 “Swing Trader Bulletin” BX had gained more than 26% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for BX. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Blackstone Group LP (daily)
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This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
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