There was some encouraging action in some parts of the market today, even as major stocks like Google and major sectors like the homebuilders were sloppy.
I will discuss that and more in detail in my video market recap after the bell.
In the meantime, here is your moment of zen, with algo’s giving us another brutal stop-hunting tick on the 1-minute SPY chart in the final hour.
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what does 12631 stand for?
http://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets
Google. Its your friend…
Chess do you think the two spinning tops on the daily chart can be indicative of a reversal?
Hi Jules, they can be, not a very high reliability type of pattern. Still more to prove.
Off topic, but can you recommend some good literature on Japanese candle stick charting. Thanks.
Jules, here you go: http://www.amazon.com/Japanese-Candlestick-Charting-Techniques-Edition/dp/0735201811/ref=sr_1_1?ie=UTF8&qid=1372193203&sr=8-1&keywords=japanese+candlestick
Ha, beat me to it 🙂
I guess Steve Nison’s book “Japanese Candlestick Charting Techniques” might be considered the classic. I got my copy at a used book store but they aren’t real common, and it’s pretty steep to buy new. Some of the standard technical analysis books have a chapter or two on candlestick patterns, but they seem to be afterthoughts. I’ve done searches on some of the pattern names with mixed success, but I’m not aware of any good websites but there must be some.
If Chess has any suggestions I’d love to hear them.
http://thepatternsite.com/index.html