Patriotic Intraday Action

We are seeing some nice basing and flagging action on shorter-term timeframes for gold and Tesla, seen below.

The gold ETF is working on a 30-minute lateral base. Seeing the “low” come on the right side of the base is actually promising because it becomes less obvious now that a breakout may occur. Let’s see if bulls can clear $127.75.

And Tesla is flagging since the open, second chart below. Intraday traders may look at a move back up through $210 to go long.

What are you trading this morning?

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Chipotle is still setting up, along with Under Armour, as a viable long idea if the bulls keep on being resilient. On the first daily chart, note the tightening lateral base.

And MasterCard is a short idea vulnerable to breaking down yet again for a fresh corrective leg lower.

I went short Facebook inside 12631 yesterday before the bell (timestamped in there), and and looking to see if $66 breaks to the downside.

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Berkshire Hathaway’s weekly chart has a declining RSI (top pane on first chart, below). However, price has yet to breakdown lower. If $166,000 is lost, I suspect the RSI divergence will begin to matter in a big way and Berkshire’s pullback will depend considerably.

Also, note the DDD head and shoulders top on the daily chart, second chart, which I mentioned previously.

And a long idea if we see the market rally: INSY.

Which stocks are at the top of your watchlist this morning?

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I am looking for the video online, but I recall an interview Hugh Hendry gave back in 2006 where he predicted an inflationary head-fake leading to a deflationary crash, followed by yet another inflationary head-fake and another deflationary crash.

Obviously, the estimable Hugh nailed the 2008 inflation trade and subsequent deflationary crash.

So, the issue is whether his prediction will come fully true, with another inflation trade followed by a deflationary crash.

We know the softs and precious metals have been hot, as has natty gas. But take a look at the crude oil monthly chart, coiled as can be.

What say you? Another oil super-spike, just like summer 2008?

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Despite Tesla ramping higher after earnings, futures are decidedly lower tonight.

I ran through some long ideas on my video recap for Wednesday in case bulls pull their usual dip-buy maneuver on the open.

Below, you will find two actionable short setups.

Both major energy player Chevron and retail magnet Ralph Lauren are sporting declining 50 and 200-day moving averages, with price operating below them. On any further weakness I think you can look at them on the short side.

Drop me your top tickers overnight.

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