Big green bars on the chart mean something. Big green bars on the chart accompanied by big volume bars mean something. MCP gapped down on earnings. Then it gapped up on an acquisition and consolidated above the earnings move. When a stock does this ... "I'm giving you pearls here."
Thursday, March 29, 2012
Thursday Afternoon
S&P Futures Hourly Chart |
Thursday Morning Thread
Gator's Chart of the Day: FCX |
The news from China now suggests they could be slowing more than expected and the hard landing phrase is being used again. With that in mind it could be the right time to short or buy some puts. A fall to 35 or lower seems to fit the picture. That would require a close outside of the lower Bollinger band if it is to happen soon so it could take a few days to complete. My record with puts is not exactly stellar but I may try again with FCX.
Edit: A "buy stop" or sell the puts would be appropriate if the stock moves back above the lateral white line.