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Updated my setups link....the steel and transport groups look well positioned in the days ahead. Most of the setups are on pages 2/3/4...I see the futures are up some here.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Ivan strengthening rapidly....now 125 sustained winds.
Yep IVAN is also building and the computer models are hot on it becoming a major hurricane in the next 2/3 days. Keep an eye on it....Florida is saturated already from Charley and now Frances. Should IVAN take a similar path could get even worse.
http://www.nhc.noaa.gov/ftp/graphics/AT09/refresh/AL0904W5+GIF/042108W5.gif
Solid action in the broad market considering the INTC report...
Steel stocks look ready for moves next week...take a look.
http://stockcharts.com/def/servlet/SC.web?c=stld,uu[h,a]dhcayiay[dc][pb50!f][vc60][J35475665,Y]&a...
http://stockcharts.com/def/servlet/SC.web?c=nue,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J35513392,...
http://stockcharts.com/def/servlet/SC.web?c=x,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J35475985,Y]...
11 pm advisory has it downgraded to a CAT 3 storm with top sustained winds of 125 mph. Wouldn't be surprised to see it regenerate over the gulf stream after it leaves the islands but this decrease in strength was clearly seen in the weather data the past few hours.
>>>Does that every night when the sun goes down. NOAA says that it is getting wobbly. That means it is slowing down it's forward motion and as such becomes more dangerous.>>>
Bruce thats the infrared loop which is NOT affected by sunlight...the eye was strongly visible late last night at this time and through late today. Its possible its just going through a regeneration phase or it could be encountering some dry air which is being pulled into the system from the north as was reported on the weather channel. The 11 pm advisory should be telling.
Looks like the eyewall is starting to deteriorate some....take a look at the infrared loop and the last few frames show little if any movement and the storm is losing its symmetry. Best thing for all involved is that this falls apart.
http://www.intellicast.com/Local/USNationalWide.asp?loc=usa&seg=StormCenter&prodgrp=FloaterI...
H/S that have right shoulders that are higher than the left tend to have less of a success rate....zbra was one recently that took out the shorts. If you're short RIMM here cant blame you given the action in PLMO and the break of the 50 day in RIMM.
Not knocking the 17c trade but its somewhat a sign of the times. I noticed that RIMM's cousin PLMO is breaking down badly on big volume. Some of my best trades have been exiting with a small gain/loss to avoid a deeper move lower when supports are broken etc...
For 17c....ouch a sign of the times....
Here are a few on watch....
http://stockcharts.com/def/servlet/SC.web?c=yell,uu[h,a]dhcayiay[dc][pb50!f][vc60][J35140920,Y]&a...
http://stockcharts.com/def/servlet/SC.web?c=fast,uu[h,a]dhcayiay[dc][pb50!f][vc60][J35077667,Y]&a...
http://stockcharts.com/def/servlet/SC.web?c=stld,uu[h,a]dhcayiay[dc][pb50!f][vc60][J35139243,Y]&a...
http://stockcharts.com/def/servlet/SC.web?c=usna,uu[h,a]dhcayiay[dc][pb50!f][vc60][J35212168,Y]&a...
>>>Is this a bullish or bearish chart>>>
Many symmetrical triangles have been breaking to the upside recently. They are compressed areas where bulls and bears are fighting it out and when one side gains traction they can really fly. Take a look at how these two worked out. Lately they've been breaking to the upside. What I do is buy a position in the pattern ideally in the low part of the pattern and add if volume is on a 1.5x ADV intraday runrate (Average Daily Volume) or better. Plenty of these type of patterns setting up right now.
http://stockcharts.com/def/servlet/SC.web?c=aapl,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=qcom,uu[h,a]dhcayiay[dc][pb50!f][vc60][J35149758,Y]&a...
Semi's are looking washed out....NVLS warns on revenues yet is up after hours. Also they got downgraded today and the SOX was down 3 pts...hardly bad action. That kind of action tends to make the shorts nervous.
AAPL new 3.5 year high on potent volume....triangle breakout measures to the 37 area.
http://stockcharts.com/def/servlet/SC.web?c=aapl,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][...
Looks like someone opened up a casket to revive this laggard...bull flag in play.
http://stockcharts.com/def/servlet/SC.web?c=brcd,uu[h,a]dhcayiay[dc][pb50!f][vc60]&pref=G
Rat bull pennant...nice chart been a while since we've seen those setup.
Updated my setups...a lot of stocks continue in bullish consolidation. ZBRA on page 4....
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Hack there ya go on the ZBRA move....the higher right shoulder led me to believe this was heading up and out. The more it traded in that bullish flag the more confident I was it would breakout to the upside. Seeing many many of these in my nightly scans...take a look. Think ZBRA can get to 89/90 on this move. Volume was 1.5x ADV which is what I look for on the move.
Nice tail RIMM off the 50 day on a backtest....looks headed much higher imo...
ZBRA making a nice flag breakout....looking for the July highs.
http://stockcharts.com/def/servlet/SC.web?c=zbra,uu[h,a]dhcayiay[dc][pb50!f][vc60][J34846282,Y]&a...
PLMO set to fly here out of that bull flag....shorts on the ropes.
http://stockcharts.com/def/servlet/SC.web?c=plmo,uu[h,a]dhcayiay[dc][pb50!f][vc60][J34917054,Y]&a...
Posted a lot of new setups at this link for those who may be interested...there are 4 pages of setups to access at the bottom of the page. The QCOM triangle breakout measures to the 39/40 area as you'll see on page 3...
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
QCOM a beast....eom
1830 Naz is huge...if that breaks bye bye shorts.
RAT take a look here....big compression triangle break in QCOM....measures up to the 39/40 area.
http://stockcharts.com/def/servlet/SC.web?c=qcom,uu[h,a]dhcayiay[dc][pb50!f][vc60][J34817664,Y]&a...
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Hack its a good draw....i do a lot of technical work myself and it could still hold....a couple of other points to consider are that volume in the right shoulder should be lighter than that in the left. In this case it is not. Much of course will depend on the market. I think 1830 is a critical level as in an ongoing downtrend a failure there such as we saw today would be a normal natural point for a reversal to significantly lower levels. Should the market take out that 1830 area I think many issues such as RIMM and ZBRA etc would end up taking out their recent shoulder peaks.
As always time will tell the tale....enjoy your chartwork.
Rob
Hack the fact that the right shoulder is higher than the left makes me skeptical of this pattern....the head/shoulders pattern is fairly unreliable but I see your take. If you're going to short the stock the 83 area with a tight stop makes sense. We shall see in the fullness of time....
Technical breakout....see my prior post for the chart...volume is confirming the move. Just needs the mkt to hang in there.
RAT nice breakout of a 6 month base today in CREE....volume is at least 2x avg daily volume.
http://stockcharts.com/def/servlet/SC.web?c=CREE,uu[h,a]dhcayiay[d20031018,20040818][pb50!b200!f][vc...
Lee are you still doing the trading room with Jerry...we had a pretty good room over on Paltalk a couple of years back with Natasha/Nettie et. al.
>>>The Bottom?>>>
More like a short term low in an ongoing downtrend....the big boys arent playing any part of this given the putrid volume. I think a move up to max 1830 is possible in the days ahead. But to be honest I think we'll fail somewhat lower with another break to a lower low in time. Lots of overhead at higher levels that wont get taken out if volume stays this poor on the upside.
Rich its Robbb24@aol.com....thanks.
QCOM may be one of the ones to get hit the hardest on the next move down. Looks like its forming a bearish flag pattern if it cant get going soon.
Rich can you send me your new email address. There's something I want to send to you. Thanks in advance...
Storm is headed more for Ft Myers now....and strengthening as it heads towards the coast...check out this loop.
http://www.intellicast.com/Local/USLocalWide.asp?loc=kmia&seg=LocalWeather&prodgrp=RadarImag...
Volume on up days continues to be poor at best....if this lateral consolidation area breaks down could result in another strong leg lower. Looks like a bearish flag in a downtrend...
>>>How could anybody not be bullish on a stock like this?>>>
Jim I'm with ya....there are always special situations long or short whether bull or bear. You have a way of finding those situations and enjoy your analysis always.