5/26: Short-term cup and handle. There is some resistance overhead with teh 200-day moving average, but also has some decent support underneath with the 5-day moving average.It is hard to get a good risk/rreward entry on $TSLA so, it can require being aggressive on the entry.
5/26: Double bottom price action that was confirmed at its neckline yesterday. Using today's weakness to buy the dip and see whether we can ride this trade into the massive gap for a fill.
It is a common theme for the market: S&P 500 gets to a key breaking point, everything is lined up for a big sell-off, but bulls and dip buyers come to the rescue and thwart the big breakdown. I mentioned in the last update, that I wouldn't be surprised to [...]
A beautiful double top much like what we talked about on 5/3 when we shorted it then. I am looking for a strong leg down here. Essentially, you a bear flag that can't push through the 50-day or 20-day moving averages. Confirmation on SPX head and shoulders pattern should speed [...]
Fairly significant pattern still working itself out. Appears to me that the price action of late is a dad cat bounce that should be shorted. Looking for the initial move to take price down to $700, then $675. Also the rising trend-line off of the August lows has been violated [...]
Second go around on MA short this month. First time didn't yield us the results we were seeking. However, the chart is still ideal for a drop lower. I'm looking for a move down to $89-$91 area. All the MA's are overhead, and looks ready to roll over. Using today's [...]
Good week overall. It is hard to complain about the overall performance for the week, when all the trades finished in the green, and the market actually finished lower by about -1%. Considering all of that, I'd say the week was pretty good to us. Going into next week is [...]
5/10: LNKD, following their horrific sell-off after their February earnings report, has created a very nice base that it is now attempting to break out of and push into the gap. It has pulled back from $130 over the five days with very light volume and is attempting to bounce [...]
What a crazy week. Honestly, it would have felt much better if we could have simply avoided the trade in USO. It started off great on Wednesday, then you have the 'out of left field' news events with the Libya blockade, and more importantly the massive inferno in Canada, affecting [...]
Heavy amounts of distribution for the better part of April and into May with the 20-day moving average providing substantial resistance overhead as well as an ugly weekly chart that seems to be hitting resistance again on the long-term time frame and on the 30 minute chart it shows more [...]
Nice bull flag pattern in $JNJ that has and continues to find support off of the 20-day moving average. Looking for a bounce here that progressively pushes the stock higher in the days ahead. Has held up very well under recent selling pressures from the market.
Bear flag on VZ that is confirming to the downside along with a nice series of lower-highs and lower-lows. 30 minute chart also suggests some resistance at the $51 area. On the weekly chart there is a massive double top pattern brewing.
