THE ‘MAJOR WOOD’ PATTERN

Mess around in this screener tonight…

http://finviz.com/screener.ashx?v=111&f=ind_businesssoftwareservices

There is literally not one bad chart in this group if you take it out to a monthly chart. Except for $CTXS and that is because they are stupid assholes and could give two shits and a gay mule about helping their customers.

If the stocks you find are not uptrending, they are in wedge patterns, or are ready to break out. So many names in undisturbed trends despite the volatility this year.

Seriously, major wood here in terms of technical upside. If you are too lazy to sit down and experience the glory that is found here, I WILL DO IT FOR YOU TOMORROW DURING After Hours with Option Addict. I will include my favorites tomorrow, which I will be playing here soon.

I talk about this group on a weekly basis there, but wanted to give the plebs an opportunity to see what we see. Which by the way, why are you not a member of this service yet? Pop in and try it for a month. Tomorrow is a great opportunity to give it a try.

OA

All checklist items for this week are in tact. Marked before the week started, all in tune as predicted.

I’d like to move your attention to this, as it is something that needs to happen right about this time where people are thinking that the market rolls over and are actively engaging the short. Here’s said people:

The item I want you to watch is $EEM and $FXI.

They’ve already left their trading ranges, as they did prior to $SPY in 2010, 2011, and…1998. Actually, $EEM diverged ahead of $SPY in 2011, $FXI did not. They had the best bullish divergence in 1998. In just about all instances, when these two lead a move, the $SPY will follow.

Also. please don’t underestimate the impact of this chart going into year end.

If I’m right, we print new highs prior to the release of The Big Short in December.

OA

Loose leaves fall easy.

I added another position into today’s move lower ($DATA). I’m not lightening on this move, rather, I am taking on more inventory.

The $RUT is already way beyond the early morning high. +1.5%! That means the focus is risk here. Everything else is trying to catch up.

If the USD/JPY remains above $120. This was a successful retest.

$EEM and $FXI have already broken the tops off similar patterns that the $SPX is trading in. When those instruments lead, we follow.

Look out above.

OA

Update: CHART OF THE DAY

This is all an apparition of induced anxiety and fear. This happens to assist you in lightening your exposure or flipping against the market here.

$IBB is about to breakout intraday. This, today, matters.

USD/JPY, right to the middle and turning back up.

FANG needs to assist here, but I think the low is in.

More later,

OA

It’s easier to keep a market pegged during regular trading hours to keep folks engaged. If you want to cause action, you ramp it overnight to get a reaction at the open.

So far this isn’t enough to trigger stops, just enough to piss you off and trigger some pain.

On the day, USD/JPY can’t trade much lower than where it’s trading now, and $IBB will follow through on yesterday’s analysis.

Look for dips to buy. I like $DATA, $PYPL, $FIT and $TSLA

OA

So, the biotech reversal on the day looks solid, and breadth has shown multiple extreme positives here on the day.

The action lower was slow, methodical, and lacking speed.

The market darlings were avoided today, as there were other beneficiaries such as energy and materials that stole the show.

The market won’t rip here into the close because it forces you to take a side and ride into a gap tomorrow.

Which way do we gap? You know my answer…

OA