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Futures up nice from the 4 p.m. close...
Possible Inverse h/s setting up on the 5 minute Comp and SP 500 charts...measures to about 2100 and 1190. Nice to see GOOG up ah on a major upgrade...perhaps we'll get our holiday bounce after all.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]ihcayiay[d3][pb50!b200!f][vc60]&pref=...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]ihcayiay[d3][pb50!b200!f][vc60]&pre...
Cup/Handle Patterns....sorry about that.
Continue to see numerous C/H and Continuation H/S patterns setup in scans....
JJ nice catch...not sure it will play out though due to seasonality factors....also i dont like playing H/S patterns with a higher right shoulder...we shall see. Sellers continue to emerge whenever we print a 12ish VIX...
SIRI 60 day average volume is less than 100 mil shares...it'll do about 500 million today....thats 400 million above average that you'd deduct from the average 60 day volume. SIRI is definitely skewing the totals imo...
Take out SIRI and its pretty light...
Zeev at this point with OE about over and next week being a holiday week I'd expect a positive bias into next friday all things held equal.
Read that it was downgraded by BOA ah....chart looks quite bullish intermediate term.
MRVL looks like a nice gapper tomorrow above multi year resistance.
Cannabis...hope you arent short BRCM per your post the other day....why not play the prevailing trend rather than scalping pennies on the short side. BRCM has a 34/5 projection based on its pattern breakout. Seems so much easier to swim with the current huh?
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][....
Good luck scalping pennies.....yeeeesh.
BRCM is holding up well....31 is a major pivot/break point for the stock...
RAT here are a few coiled triangles for your study tonight...
http://stockcharts.com/def/servlet/SC.web?c=gdt,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J39176054,...
http://stockcharts.com/def/servlet/SC.web?c=ttc,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J38366167,...
http://stockcharts.com/def/servlet/SC.web?c=paa,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J39386713,...
http://stockcharts.com/def/servlet/SC.web?c=tk,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J39359038,Y...
Here are a couple of those inverse head/shampoo things...LOL
http://stockcharts.com/def/servlet/SC.web?c=cmcsa,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J3916912...
http://stockcharts.com/def/servlet/SC.web?c=camp,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J39567536...
Shoreco I guess some people get excited about paying taxes...LOL
Not that I'm aware of....however, given that money under hedge fund management is at record levels one has to figure that short side figures are up there. No doubt some that are long/short are gaming the long side. The breakdown of our Nasdaq channel to 1750 no doubt drew in more shorts setting up this recent stealth advance...
Updated the setups list for those who may be interested. Index charts are on pages 1/2. Stock setups are posted on pages 2 through 10. Thanks for voting if you like the charts....
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Fed what about the broad market...take a look at these big picture charts on the indices. All look to be on the cusp of breaking out of Inverse H/S Bottoms...with major upside measurements.
http://www.vtoreport.com/
More food for thought here...
http://www.stockwerld.com/marketeye117.gif
95 RSI means hedge funds are getting the shaft...some blowups around the corner???
Rat here's my take on QCOM....once it clears the 50 day it'll run....my guess is 44 fairly soon and then a handle...after that you know what to expect <g>
http://stockcharts.com/def/servlet/SC.web?c=qcom,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J39165001...
MRVL ready to break out of its triangle???
Great volume early...
http://stockcharts.com/def/servlet/SC.web?c=mrvl,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J38468593...
Updated all index and setup charts....might want to take a look at the One Year Nasdaq chart for my bigger picture take....thanks for voting if you like the charts!
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
That also should tell you that CSCO ain't what it used to be....namely a bellweather. Old tech indeed!
Updated the setups list....lots of breakouts today....plenty of issues currently in consolidation. Good Trading...!
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Denial is always a difficult thing....
Strong futures reversal...hearing there are indications that Bush is going to take Florida....should be a good night for Lee to trade the futures <g>
Nice job....as of about a week ago San Diego had the most points scored of any team in the NFL...doubt that will change after this week. Drew looks legit...
Nice base in place...check out the volume trends...a possible island reversal setting up in time.
http://stockcharts.com/def/servlet/SC.web?c=smh,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J38547386,...
KMRT new all time high...
Bear you wouldn't by chance be a Kerry supporter now would ya...nah...LOL
>>Hi Robb, do you actually hold long and short positions in all the charts where you indicate the trading position? That's an awful lot of balls in the air.>>>
Hi...no actually I tend to choose between 5 and 8 of what I feel to be the better setups when the market is in a positive trend. I prefer to swing trade and rarely daytrade unless I get stopped out. Also somewhat depends on my level of confidence in the markets and the particular patterns. The fact that we put higher lows in on some of the major indices is a major positive...we still have the downtrend line to clear around the 1980 area and then its likely off to the 2025/55 area. From there we may need to backtest the 50/200 day SMA's which are close to crossing back over in bullish fashion. Havn't seen ya over at the EI Board lately???
Take Care....Robb
Some interesting setups continue to show up in scans...Bullish break of the symmetrical triangle on the Nasdaq measures up to the 2027 area. Setups are on Pages 2-5...
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
>>>plexxus, futes are now down 10 on Globex. If market opens below your blue trendline, should QQQ shorts be covered or would that indicate a larger decline developing? TIA>>>
Personally I'd hold the QQQ short position and just trail down mental stops. Watch the 1900 area which provides some lateral support and then 1885 where the 50 day SMA resides. Should 1885 go convincingly things could get nasty to the downside.
Good Trading!
Newly well stated imo. When the market doesn't do as I expect based on the technicals I believe in stopping out with small gains/losses and standing aside until the picture clears.
EAP you've got it....at this point we'll just have to watch to see where the market can find traction. Here is the Comp chart and if you look close it took out its uptrend line towards the close.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J367507...
Also the SP 500 took out 1100 support...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J38048491...
Bigger picture the market remains in a broad range this year as the bulls and bears continue to fight it out for control.
EAP i play what I see in the markets....the two doji's put in on the Dow/SP are normally bullish however Fridays bearish engulfing stick negated those doji's. Looks like we're heading down based on Fridays break of significant support near term on the SP/Dow/Naz. The Comp took out a rising support line thats held this move since 1750.
Updated the setups list tonight....some great breakouts today. Two very bullish doji's on the SP and Dow the past two sessions...Nasdaq looks headed to its June highs. If you like the site please vote.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
FDX breaking to an all time high on strong volume.
http://stockcharts.com/def/servlet/SC.web?c=fdx,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J37669200,...
FDX looks ready to pop anytime....great technical pattern.
http://stockcharts.com/def/servlet/SC.web?c=fdx,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][j37669200,...
Zeev better the doctor than Mr Market LOL