Inside the 12631 Pelican Chat Room, we have some great ideas flowing literally around-the-clock some nights.
Tonight, well after the closing bell rang, here are just two examples.
First, member “kipper” noted the strength in small cap retail play, CACH. And, indeed, the daily chart is a thing of beauty, first below. If the market cooperates, you have to love this thing on any further strength out of this textbook symmetrical triangle breakout.
If you are looking for something more bearish, member “DarthTrader” calls our attention to EWV, the leveraged inverse ETF of Japanese equities. On the second chart, below, he noted the monthly tiemframe indicates the ultrashort ETF is printing a textbook reversal hammer candlestick for the month of May on heavy volume. Thus, if this ETF is bottoming, then perhaps the Nikkei is topping for something more than a quick pullback? It should be interesting, indeed, as Japan has seen an incredible run.
However, the month of May has yet to conclude, of course. So, we may not even be dealing with a true hammer–Bears will need to close the Nikkei near current lows or lower. Beyond that, we know all reversal candlesticks require confirmation, which means June is setting up to be a huge battle in the Land of the Rising Sun.
And those were just two ideas.
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What is the average return of the pelicans in 12631? What is the best YTD return?
Great image.