We formed a shooting star as a result of the pullback, which indicates that further distribution may be necessary. The 875 level on the SPX continues to act as a “magnet” if and when prices fall too low or rise too high from this level. This battle is and will continue to be a multi-day battle. For those that freak out during the day having no clue what’s going on, then you need to keep the following charts in mind:
The 60-day chart clearly shows a sustained uptrend, but pay more attention to the 10-day chart. You should be doing this every night on your own, but I have added some extra space for a “blank day” so you can imagine where the support/resistance levels will lead. As you can see, we are still within this 2-week channel. Besides 875, there is intense struggle between 868-878. Collectively, let’s call this area the demilitarized zone (DMZ).
As for individual positions, continue to remain selective with only the very best setups, just in case the market chooses to go against your expectations. Almost everything on my watch list has to be confirmed intra-day, many times minutes before a breakout. Trades have been and will continue to be posted in the comments section and/or PPT, twitter, etc.
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If 870 holds, we may be looking at that two day consolidation that we saw from the 28th to the 29th. With the Econ. Data for next week, I doubt we’ll see a lopsided day today.
Great charts as always!
Sell in May and go away may be replaced by one of the following:
June Swoon
Cry in July
Auger-in August
September Toe Smash
October Disrober
That is all.
“We formed a shooting star as a result of the pullback”
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Not really !
More like Dark Cloud Cover (sorta) ! imo
But hey…why quibble over candlestick details…the post was otherwise well stated !
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CA, allow me to peer into your brain for a second and ask you why you sold your FIG position where you did…do u not think the chart looks poised for the next leg up? it’s showing a lot of strength.
when did you sell FIG? you missed the pop today!
wow…that was a nice pop…i still sold too early but got a good chunk of the pop…
I needed to lock in my April returns. No worries.
Bought COIN $1.51
COIN?? I own that POS from years back but forgot about it.. hmm.. what’s your short term target potential for that?
Add-on position $1.46
Enig – $2 first. This one should really go.
Charts, what’s your opinion on DRYS and CENX? I’m thinking they’re good candidates if they pull back… also with respect to COIN, how soon are you expecting this $2 short term target? Within days, or week(s)?
IO looks ready for it’s next leg up, consolidating at 2.60
Man, look at FIG go!
i like coin here too…nice call…waiting for slight pull back…
ALF – yesterday was not a dark cloud cover. What the fuck are you talking about? It’s a shooting star. Here’s some education: http://www.candlesticker.com/Cs48.asp
DRYS is quite a bit extended, but CENX to about $5.80ish?
Banking coin!
“addict”, with all due respect…
…yesterday (SPY daily candle) was damn sure NOT a Shooting Star !
So…here’s YOU some education…
Shooting Star
Dark Cloud Cover
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Sorry there “lil grasshopper”…but, yesterday tweren’t no Shooting Star !
Just sayin’ !!!
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what is your twitter name? good morning!
yesterday was most certainly a shooting star lol
allan – @WeeklyTA
Alf – how the fuck does yesterday’s candle look like a dark could cover? It’s a shooting star. End of story. Now get the fuck off my blog.
thanks for wres CA. nice pop. what is your target?
My comments were made wrt the SPY Chart. fwiw
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The SPY chart MORE CLOSELY resembles “Dark Cloud Cover” !
The $SPX.X chart MORE CLOSELY resembles a “Shooting Star” !
Tried to post chart links but couldn’t…
Whatever…
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Shismatic:
Yo, Chart Addict, let me get a hit homey! You’ve been tearing it up like a true fiend. Question for ya, and maybe it is silly but I’ll ask anyhow…
When you are buying stocks with lower liquidity (say under 750,000 share traded daily) what is your entry strategy? I have found when try to dip into these with any sort of substantial bank I actually affect the price movement. Are you using limit orders, market orders, and what sort of lots are you dividing the reserved money you have set aside for a particular play. I’m assuming you don’t jump in head first?
Alf -On the spy, then it’s neither dark cloud cover or shooting star. It’s just a black filled bearish gap up. I posted SPX charts. Specify next time.
Shic -You have to scale the orders in and you can’t try to buy blocks and shit all at once. I use market orders for everything. If it’s anything over 500K vol, I usually divide up my orders in half.
Bought CNXT $1.439
W.T.F.????
That ain’t no dark cloud cover you redneck!
On the spy, then it’s neither dark cloud cover or shooting star. It’s just a black hollow bearish gap up. I posted SPX charts. Specify next time.
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Look “addict”…I DID say in the first post that your original post was “well stated”. Not really sure where all the hostility is coming from.
I ALSO used the word “sorta” when referring to the “Dark Cloud Cover” candle.
Thirdly, I was VERY specific in more than one post wrt the SPY Chart.
As far as your so-called “Shooting Star”…technically, it doesn’t meet the precise definition either ! fwiw
It DOES “sorta” resemble a “Shooting Star” though…I’ll give you that much.
I’m done !
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Alf – just friendly TA debate.
Who likes that DBA breakout?
i posted something on it today
http://tacharts101.blogspot.com/ … there is more resistance at where it met its highs(flat trendline going across). the volume breakout was good. it might make a shooting star today and just be a simple fake breakout. it was up so much simply due to weakness in dollar, but if dollar reclaims its support line DBA wont be nearly as strong
Bought CPE $1.84
CGA
caught the XTXI run…nice way to end the week! looks ready to go for next week…still love IO here too.
Super trend still in tact http://tinyurl.com/3oc74u , but no follow through on the new high. I am so impatient that I have been charting all day, hoping something happens.
Really, I think it may be as simple as that trendline.
CPE looks glorious…where do you find these things?
My penny stock treasure chest. PQ and XTXI were also in it.
So you run a hedge fund? And all day you flip penny stocks?
I just don’t see institutional money backing that type of strategy, sorry.
Maybe you have a few rich friends you pooled to flip money around but this is not a strategy that any pension fund or whatnot would even allow you in the room to present.
I know, I know “look at my results”
I am not pointing at the results. I am simply having a hard time reconciling a hedge fund which sits and flips penny stocks.
No confirmation on the shooting star – and no it doesnt even look close to a dark cloud …
You’re right, I don’t have any institutional clients and don’t want any. They are all AIIs. How many discretionary technical funds do you know of? Probably none. You know nothing about my fund’s strategy or holdings.
Today’s action was bullish, 2 doji in a row following a long white.
CA you are on fire…fuck your haters…i run my $$ and 3 HNW families…all they care about is that make i them returns as long as its legal they dont give a fuck if its dollar names..i have been following you on PPT and you have been ripping the cover off the ball…great work and continued sucess
CA………..U DA MAN…..what was your trigger into COIN?
Thanks
RHLL is no bullshit, btw.
__
In the end it’s all about performance. Doesn’t matter how you get there, as long as you get there.
If yow were going to pick one that will be the strongest next week which one would you guys pick?
COIN
IO
XTXI
i own both IO and XTXI, i like their risk reward profiles better…I was in COIN but things got a little shaky towards the end friday so i got out, if it shows strength monday i’ll get back in.