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I showed this chart to a friend and she noticed that the trough verticals of the 8 wks cycles mark the junction of price bars and time/price Gann fan lines.
Gann stuff never ceases to surprise us.
My view: a new “overshooting congested zone” was created when the price action was already overdue for a down-trip and a sell signal was already there…This artificial situation should not last too long.
I was lucky to catch the bottom of IWM, to buy Jan calls. Technically, I always watch TNA, which moves better but has lousy options. TNA made an obvious ABC down move with A=C.
Then I legged into the trade by selling (to open) progressively Nov standard monthly calls.
Average cost = 1.77 / tandem.
I could have done better if I were more patient with the selling.
A rotation into the high performers of the Biotech sector is now probable.
Such stocks were indiscriminately sold during the latest 10 days. Today, after the morning bear-breakfast, it appeared that something was changing in the Boys’ perception of this sector.
Interesting observation, 3X! I am watching it to figure out whether this could be a buying opportunity.
For OPEX, building now an IWM debit time spread: buy Jan 73 calls & sell (to open) Nov 73 calls.
Watching CBAK today. It had a big green bar on Friday, but it’s already out of the BB. Can it establish a base close to the closing level…from which it could go higher?
Batteries are back up: PPO, AONE, CBAK.
In particular PPO, manipulated down yesterday, after good earnings. Next target: back to 36 in a few days.
BIDU & BORN breakout!
Yes, I have but, because of technical reasons, I cannot download charts right now.
In a nutshell: NFLX strong RESISTANCE/PIVOT = 173.44 - 174.
So far, it has been rejected right under it (173.38).
Finally: the trade BUY SF //SELL US$ (prviously dicussed = click above)) seems to work and got a confirmation this morning.
There is one big Q about the election: are the results going to be conclusive or “disputable”? If election fraud will be alleged by either of the 2 crooked crowds, that will result in legal suits which could delay the Senate results well into Dec…Lawyers are already sharpening their teeth.
This will be a serious source of uncertainty which the markets will not like. And this time the markets might be in the position to decide what they like and what they don’t.
Either of them! But the reversal has to be VERY STRONG: IMPULSIVE!!!
So far NOTHING!
To keep in mind previous high = 1196.14
MCP broke out. Now 35 is support and 36 new resistance.
I am hedged.
Did you buy those puts?
Next week.
MCP has strong resistance around 35.
Why is PPO dropping? Because, apparently, it has been discussed in Cramerica: "Buy, Buy, Buy!” with sound effects! Now the shorts are coming in! The idiot did it again. Never fails!