Somewhere I learned that if a stock breaks to a new high, (52 week high,) then in order for the high to be valid it should push 3% above the old high and close at or above that price.
In the case of [[SY]] with yesterday’s great earnings the stock has been strong all day. Today it must hold $34.27 in order for this new high to be valid.
Of course these are extra ordinary times. Today I only sold 1/3 of my position and will chance holding the rest for more upside. If this was not a bear market I would not have sold any.
Note this is not a buy rec {sic} on SY
Another stock I hold is SNHY. On a short term chart it is supposed to hold $38.43 to remain in its recent uptrend. I’m up $5+ on my last piece and again if this was not a bear market I would hold…That was my intention; to hold through earnings on 8/5….considering the market and that it is thinly traded I will kick it out. Sold @ $37.58
As for the markets; the S&P tried to hold 1274 this morning and now this afternoon tried to hold 1261.
A close here does suggest we test 1239-1245. There is a small chance that today’s action is a 50% retracement, but I would not bet on it.
Beyond that its curtains….lights out…well maybe a double bottom attemp of 1200.
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Where did you got this nonsense 3% change new high validation theory? You are completely fucktarded.
Hey M’
I bet your nuts are the size of rasins!
Your wife left you for a real man!
Now you wan’t to join the YMCA.
I won’t stop you. With the coin I made today I’ll even pay for your sex change.
Peace
My scenario:
Oil/gas sell off late tomorrow morning or early afternoon which lets the market pull out of this 50% pullback. Oil/Gas stays stable for the next week or two allowing the market to complete the final minor wave (somewhere around 1320 spx) and then starts the final leg down to new lows. Kinda like a bear trap within a bull wave within a bear market, haha. This will truely be the last time you can sell your longs and get short or buy energy at these levels before the next spike in oil/gas that will be the catalyst for new market lows.
E’8,
Sounds about right to me.
hi, andar here, i just read your post. i like very much. agree to you, sir.