ByeBye Blackberry
From a peak of $148.13 in 2008 it’s been downhill all the way for BBRY (formerly RIMM) as a publicly quoted stock.
Personally, many of us will be sorry to see it go as it gave us some huge profits in 2011 and 2012, but it does go to show the fragility of tech companies, even when they’re the market leaders and darlings of their industry.
Here are a couple of charts to remind us of the good times we had with Blackberry:
This fragility and speed of consumer trends brings us opportunities, so we should definitely welcome it. Soon enough there’ll be another company that takes the market by storm, and one of the current darlings will be shunted aside. Again, that will create more opportunities for us as professional speculators show us the way.
Goodbye Nokia
Recently I received a message from an OVI Trader recalling things I’d said about Nokia when their collaboration with Microsoft first started and ongoing:
Guy Cohen 2011:
“Nokia will likely be bought out by Microsoft”
Guy Cohen 2012:
“Nokia will likely be bought out by Microsoft”
Guy Cohen around February 2013:
“Nokia will likely be bought out by Microsoft”
I’m happy to accept your predictions for 2016 anytime you are ready mate!
I did answer that I’m happy to make more predictions when they’re as easy as that to make! But predictions don’t necessarily turn into profits unless the market behaves in a predictable manner. It’s fair to say that I’ve said for a while that BBRY was finished for the time being, but its most recent charts haven’t necessarily been our cup of tea.
Now for a current market commentary:
Market Commentary
Well the main indices didn’t form the potential head and shoulders that we thought they might. The S&P and DOW both made new highs and have promptly retraced, while the NASDAQ has powered on.
OVI Express40 Stock Highlights
AAPL is too all-over-the-place right now. When a stock is like this you need to take a breath and let it go, as tempting as the moves may be (no chart attached).
AMZN looks interesting again:
BA has a tasty looking bull flag but the OVI has mysteriously dived underwater (no chart attached).
I still like the overall look of Ford in terms of its OVI, but it’s having problems breaking to new highs and staying up.
I know some of you have traded FB with great success … I’m going to have to remove my fog-goggles on this one!
GOOG: This smells like a head and shoulders to me and the law of big numbers potentially. Ideally we now get a sustained negative OVI and a bearish breakout pattern. Keep watching.
MU: Still looking good.
X: Things looking better for X, though it did give us a nice doji bar reversal last week.
XOM: Look at all those red bars and daily closes near to the lows for each day.
YHOO: Overall it’s a positive chart, but the odd Doji bar for a short term reversal play.
Finally, just to remind you that my annual workshop is on 30th November by Heathrow, so do save the date as I’m making some fantastic new facilities available to attendees. More details on that soon.
All the best
Guy