Gold and silver (and alot of other things) sold off today in spite of the European LTRO operations, as Bernanke spoke. The decline in gold was over 5% intraday, and 6% in silver. As this daily chart chows - we pretty much spanned the upper and lower Bollinger bands in 1 day. March Madness may know more than the calendars.
Many charts are quite extended. I noticed some nice 1-day pullbacks in the credit card stocks, and personally would like to see them pull back some more to a better buy point.
Wednesday, February 29, 2012
Afternoon Thread - Leap Day
Looks good. Clean and polish and we're done. |
If that is all the reaction we get I think we will try for 1400 unless Greece blows up or we see a mushroom cloud in the middle east.
AAPL 5 Minute Chart |
Morning Thread - Leap Year Day
FULL DISCLOSURE I'M LONG
DCTH - Is showing a reversal and breakout after a prolonged period of consolidation or low volatility on the daily chart. The 50dma shows the reversal quite well. It had been basing above the 200 dma and is now breaking out. Many of the financials have a similar chart except they have more of a double bottom. This is a biotech so be advised.
This is the weekly chart showing that there is a possibility for a decent move.
This is a 1 week 30 minute chart of DCTH going from a period of low volatility to higher volatility. You can see my stop on a partial position just under today's low. I will most likely end up moving my stop closer to $4.50.