Moving further downwards. We have already broken the technical level on the SP500 that we identified time ago. We will see a pullback at some point, but for now we are continuing to focus on the weak stocks to short. CPE has a double bottom point and figure pattern at 4.50 on the 1% chart. The candle stick chart shows the quick pullback on lower volume. Looks like a nice short to me. http://www.paf.am/?di=ZRWD
You use Bulls eye broker software. Where do you get the data feed into the software? Will it accept from IB ? Thanks
We had a huge up bar in FB which we are interested in mainly on the short side. We are still in the range we identified, and these huge up moves have happened before in this range. If we have worse times ahead, an entry at the top of this range could prove fruitful. http://www.paf.am/?di=3B9Z
ACN is a tech stock that is in a nice downtrend, we are abit over extended for going short, unless the bottom falls ut at this point, as we are at a support level. http://www.paf.am/?di=R4ZA
The market is getting somewhat oversold, and we WILL get a pullback at some point. WHEN the pullback comes a short term trader could enter positions in strong stocks, if keeping in mind that the 3 month longer trend is down. We will get a pullback and test the 1400 level in SP500. If we get that far, or if we even go through it - only time will tell.
We've had a big drop and will likely get a rally from here somewhere. Markets move up and down. We could be testing or entering the yellow area during this week. On Friday we saw a reversal bar. http://www.paf.am/?di=BAZ7
For now it seems like we are in the rally we were anticipating earlier. How long it lasts, or if this is the beginning of a larger up - nobody knows. KORS is an interesting stock for an upmove. It gapped earlier this year and we have now tried to close that gap, but failed. Instead we had a Wyckoff spring at the 48 level. On the P&F chart this reversal is happening at the exact level of the 49 top earlier this year. http://www.paf.am/?di=JKLK