Weekend

Is there any turkey left?

Black Friday - Go buy something

SP-500 Weekly Chart

I won't say it's done going up here but it is certainly extended.  It could drop 75 points in a week and still be in the channel.

Thanksgiving

Happy Thanksgiving

Wednesday morning

Don't talk to me 'til I finish my coffee.

Tuesday morning

The practice run did not turn out well.

Thanksgiving seasonality

Weekend thread

Heavenscape by Robert Blair

Friday ...

I remember those days. Well, some of 'em.

Thursday morning

Wednesday morning

Is that a Head and Shoulders developing?

Probably a bit too early to call it (and I'm still looking for a tag of 1814) but if it develops with symmetry it would test 1700ish.  The stochastic just printed a sell signal.

Tuesday morning

Monday morning

Weekend thread

Friday morning

Thursday morning

SP-500 Daily Chart

My new target for the SP-500.  That looks like Toes at the 1:06 mark.

Wednesday evening SPY

SPY 60min

Breakout from about a 3 point range.  Projects to 180+, or 1800 SPX.

Wednesday afternoon

Wednesday morning

Tuesday afternoon

UPDATE - BACK UP AND RUNNNING!

I am having trouble getting the threads to load, thought I might try to put up a new thread.

Edit: nope, still can't get disqus to load. Sorry to anyone else having the same trouble. I just looked at disqus status and they have an outage right now. Not sure when we will be back up and running. Here is a link to check the status: http://status.disqus.com/

UPDATE - BACK UP AND RUNNNING!

S&P futures pushing into the target zone of 1753-1758 here... still have room on short term indicators for selling, so I'm watching carefully.

Tuesday morning

Veterans Day Appreciation

Monday morning

Bottoms are events. Tops are developed.  Is a top developing now?  We will only know in retrospect.  I will say that I find the movements Wednesday - Thursday - Friday to smack of traders feeling like they had to be long followed by a "this is it" Thursday and then the good ol' "it ain't over yet" Friday.  Y'all be careful and honor your stops.  You are using stops, aren't you?

Weekend thread

Golden Gate Bridge by Jarrod Castaing

((Marty - inbound))

SPX Daily / Weekly

SPX Daily

SPX Weekly

Russell 2000

The Russell 2000 inverse head and shoulders that we looked at on the first trading day of the year (January 2nd) and then again on May 15th has now played itself out on the weekly chart. 

The numbers I used from January were: Head 640, Neckline 868, and the target came out to about 1,100. As you can see on the chart, we are now in the target area. The big question is where do we go from here?

Several intermediate term indicators are showing higher risk on the long side now. I thought we might see 1800 on SPX by Thanksgiving, but a big reversal like we had today doesn't look too good for the bullish case. I still think it's possible though... because so far, the SPX is right at the 20day SMA, and the RUT is at the bottom of it's daily chart BB. 

Tomorrow might be a pivotal day.... stay on your toes and trade safe.    

Thursday afternoon

Thursday morning

USO: The trade is on

If you liked the chart/trading plan I posted Wednesday morning then you should take that initial 1/4 position today (if you did not buy into the close yesterday.)  I recommend a stop at 33.32.  (This is just under the low that printed Tuesday and y'all know I never pick round numbers for entry or exit.)  Below is the trade I posted yesterday.


The Trade
I may not get in but this is what I would plan:  Take a 1/4 position on the next open candle. I would like to buy into the close on that day.  My stop would be about 20 cents below the entry.  I would look to add another 1/2 position on the first open green candle and fill the last 1/4 on a bounce from an intra-day dip.

The target is a test of the neckline and I would sell into that level.  While the 200 day sma has not been particularly relevant the price did fall below and immediately trade back above it so don't be surprised if it makes a mirror image of that action on the way up.  If the position is not already full then the bounce would be a good spot to buy the last piece.  

Edit: Remember to pay attention to volume. If it is dropping while price is rising you could get left holding the bag if you buy then.  If volume is average or above then rising price is your friend.

Wednesday evening

Wednesday afternoon

Wednesday morning

USO Daily Chart

I've never been one to trade oil and I have no position now but I have noticed that gas prices have been receding around my neck of the woods for a couple of months now.  I would not be surprised to see regular below 3.00 by Thanksgiving.  That made me look at USO and when I squinted just right I saw a head and shoulders staring at me.  The neckline looks like 36.50 with the top of the head reaching 39.54 so that would give a minimum downside target of 33.46.  It closed yesterday at 33.67. A quick check of the stochastic and I can see it poised to print a buy signal and volume is about average.

The Trade
I may not get in but this is what I would plan:  Take a 1/4 position on the next open candle. I would like to buy into the close on that day.  My stop would be about 20 cents below the entry.  I would look to add another 1/2 position on the first open green candle and fill the last 1/4 on a bounce from an intra-day dip.

The target is a test of the neckline and I would sell into that level.  While the 200 day sma has not been particularly relevant the price did fall below and immediately trade back above it so don't be surprised if it makes a mirror image of that action on the way up.  If the position is not already full then the bounce would be a good spot to buy the last piece.  

Tuesday evening

Or is that a Tesla ?

Tuesday afternoon

Welcome to Lake Red-begon, where every dip is bought

and all the children are above average.

Tuesday morning

Did you know?

127.0.0.1 = 0.0.0.0.0.0.0.1

Monday evening

Monday afternoon

                                   Happy Fall!!!
                                

Who needs yoga pants when there's denim?

Monday morning

Weekend thread

I hope everyone has a safe and relaxing weekend :-)

Friday afternoon

Friday morning