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In addition to all of the quantitative analysis that it provides members, The PPT also offers an organized “User Notes” section, which The Fly and Jeremy purposely designed in such a way to avoid the mindless chatter that you see elsewhere. In order to make a comment, you must first click on a specific stock, index, or ETF first. This helps to focus the conversation amongst members during the precious hours of the trading day.
One such member, @jungleegirl, noted the nice action in $SYNA today. The chart, seen below, is the perfect situation to take a starter position now, and add on further confirmation of today’s bullish engulfing candle. After the steep downtrend, we saw a nice strong day of buying volume today, and a large green candle “engulfing” yesterday’s price action, illustrating the new found strength of the buyers. Accordingly, I did just that, and took a 1/2 long position in the final hour of trading.
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TOTAL PORTFOLIO:
EQUITIES: 66%
- LONG: 60% ($SYNA $ARUN $APKT $KOG $LVS $MELI $HMIN $RDWR $CMI)
- SHORT: 6% ($ANV)
CASH: 34%
If your idea of using FCX to anticipate future market direction is a good one (and I think it is), we might be in real trouble. Weren’t you looking for a >4% down day on heavy volume to confirm a coming leg down in the overall market? Looks like we got one today.
That’s true, but it has also happened after the market has gone (S&P 500) from 1129 to 1046. So, it could just as easily be a washout. FCX is having a bad day and you are correct to point that out, so in no way am I trying to trivialize it.
However, the daily chart of FCX is still doing fine. It could drop more than 10% even after today before it would be retesting its summer lows.
“It could drop more than 10% even after today before it would be retesting its summer lows.”
True. I wonder what the market would look like if that happened.
How about the action in LEN today?
Setting up for tomorrow’s new home sales numbers I guess.
A lotto of sorts but it reversed early and was pretty strong all day.
yup–could be a nice reversal candle on volume today
similar action in $PWAV – @200ema,recent support , oversold on daily and weekly time frames,nice bump in volume
Good look, thanks.
Great work as usual, Chess.
Do you have an intermediate term target for your LVS?
Thanks.
Thanks, Zombie.
I think it goes back above $30. Nothing suggests the stock has topped out. However, I will try and stay disciplined as it did close at key support, dating back to that June resistance.. So, I might stop out on further weakness.
Thanks for the quick reply, Chess.