iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
2,924 Blog Posts

NASDAQ Relaxing Just Below Swing High

NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume.  Price worked higher from Monday, pushing near last week’s high before settling into two-way trade.

The economic docket is extremely light today.  There is a 4-Week T-bill auction at 11:30am.

Yesterday we printed a neutral extreme up.  After a gap down into the week, sellers made an early push.  Their actions stalled out by 10am.  A weak low formed before we made a quick push to range extension up and close the weekly gap.  Responsive sellers were found up here and we traversed the entire day’s range to go neutral.  Sellers could not, however, take out last Friday’s low.  Instead they printed a failed auction before we again traversed the entire range to close near session high, earning the session its ‘extreme’ nomenclature.

Heading into today my primary expectation is for sellers to work the overnight gap fill down to 4866.50 then take out overnight low 4864.75.  Look for buyers down at 4861.50 and two way trade to ensue.

Hypo 2 buyers work up through overnight high 4881.25 and close the open gap up at 4886.50.  Sellers defend at 4887.75 and two way trade ensues.

Hypo 3 strong buyers take out overnight high 4881.25, take out open gap 4886.50 and sustain trade above 4887.75 setting up a move to target teh 4900 century mark.  Stretch targets are 4907 then 4916.

Hypo 4 strong sellers push down through 4861.50 setting up a move to 4849 before two way trade ensues.

Levels:

10042016_nq_mp

Volume profiles, gaps, and measured moves:

10042016_nq_vpgapsmeasuredmoves

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Saudi Princess Flees Paris After Threatening To Kill Local Artist

You see a couple of stories like this every year, where the Saudi royal family commits a barbaric act of feudalism, unaware that the whole world isn’t their kingdom.  Last year it was Prince Majed bin Abdullah bin Abdulaziz Al Saud demanding his boy servants fart in his face while he pleasured himself.  This year it is Princess Hassa ordering her body guard to kill a Parisian painter for taking pictures of the room he was hired to decorate.

The Saudi princess who allegedly ordered one of her bodyguards to kill a Parisian painter and decorator with the words, ‘You have to kill this dog, he doesn’t deserve to live,’ has been named in French media as Princess Hassa, 42, the only daughter of King Salman of Saudi Arabia.

The princess has now reportedly fled Paris, after pleading diplomatic immunity against prosecution, but her bodyguard, who is accused of ordering the unfortunate decorator to kiss his boss’s feet, was arrested and held for two nights before appearing in court Saturday.

The House of Saud sashays around the world committing perverted crimes and getting away with it.  But at least we get some fun news bits from it.

A British businessman with extensive knowledge of Saudi and Gulf life told the Daily Beast at the time of the alleged incident, “So this poor decorator had to kiss a princess’s feet? He got off lightly.”

A dash of British humor brings the story around and reminds us that punishment can be infinitely more severe if you offend your royal leaders.

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Tesla Shares Soar Like ‘BFR’ on Record Sales Figures

Tesla investors are the stewards of winship this Monday, this dumpy Monday when 70% of stocks are lower on the session.  On Sunday, the electric car maker said it delivered 24,500 vehicles in the third quarter, besting Wall Street expectations of around 23,000 vehicles.

Shares of Tesla are up around +4% on the sales figures after recently testing the low-end of their multi-month range.

Look for Tesla to continue to exceed Wall Street expectations as their diverse team of engineers and fearless Leader (all praise and glory to The Leader) press onward with the electric-autonomous car revolution.

Long live Tesla!  Long live The Leader!

eloncat

Writer’s not: I am long of Tesla shares and will always be long of Tesla shares until you pry them from my cold, dead hands.

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NASDAQ Slides into October Gap Down

Futures over at the NASDAQ electronic exchange are pricing a gap down to start the first week of October after an overnight session featuring normal range and volume.  Price held last Friday’s range overnight on balanced trade that worked slightly lower.

On the economic docket today we have Construction Spending and ISM Manufacturing at 10am, also a 3- and 6-month T-bill auction at 11:30am.

Last week also kicked off with a gap down–a slightly larger one.  Then Monday was spent in a tight range.  Tuesday worked higher to close the weekly gap, and when price attempted to break Monday’s low on Thursday, strong responsive buyers were on the scene defending ahead of the lows.  Friday saw price push up before a fast sell at the end of the day.

The performance of each major index last week can is below:

100022016_indexperf

Last Friday we printed a normal variation up which featured an air pocket formation.  This volume profile void formed because price discovery up was taking place.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4865.75.  From here look for a move to take overnight high 4879.50 and close the gap up at 4886.50 before two way trade ensues.

Hypo 2 sellers push down to target the MCVPOC at 4837 before two way trade ensues.

Hypo 3 strong sellers work down to testing the low end of value–4830.75 then 4823 before two way trade ensues.

Hypo 4 strong buyers close overnight gap 4865.75, close gap up at 4886.50, then sustain trade above 4888 setting up a move to target 4900.

Levels:

10032016_nq_mp

Volume profiles, gaps, and measured moves:

10032016_nq_vpgapsmeasuredmoves

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iBankCoin Laboratory Generates Bear Call Heading into October

Greetings and 10,000 salutations from the data factory.  The machines have been oiled and fresh stock fed into their coffers.  The result?  Uniform output of signals and bias.

Signals and bias.

Many people question why I come here, to these hallowed halls, day-in-and-out.  The truth of it is simple–college refused to teach me how to actively speculate in the stock market.  I share my findings so hopefully people less skilled than me learn from my mistakes, and those more advanced correct me or offer guidance.

Nearly 2-years into trading full-time and it has finally become something I am comfortable doing.  Comfortable that I can follow my rules but aware of how quickly it can all go wrong when my ego starts making decision.

And yes, I also write opinion and politics.  That is to expand iBankCoin’s propaganda arm.  Or goal, of course, is domination of the interwebs.  We are a lean organization that cannot succumb to the pressures of social media censoring or political correctness.  If something is bullshit, it shall be labeled as such without a phone call from a stiff editor who lives behind a desk.

Quite the Sunday digression I suppose, heading into the last quarter of 2016.

Anyhow the model I’ve hand built over the last 99 weeks with help from the algorithims inside Exodus and countless conversations with traders much wiser than myself is out with a bearish call heading into next week.

With all the trimmings (NASDAQ transports breaking consolidation to the upside, bullish sector rotations, seasonality) I have reason to think the downside will be limited.  However, early in the week I expect to see some weakness.

If instead the week starts strong, I may look for a spot to fade buyers or book some long exposure.

Over on the NASDAQ futures, I will be scalping longs only (5-6 point grabs) and pressing shorts for more.

Now I must get back inside the laboratory and fuss with my latest gadgetry.  Good day.  Enjoy your American football competitions.

Exodus members: the 99th edition of Exodus Strategy Session is published.  Go check it out!

 

 

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Justice Department Charges Wells Fargo With Illegally Repossessing 413 Service Members’ Cars

The hits keep coming over at Wells Fargo.  While still reeling from their fraudulent bank account scheme, the bank will be paying $4.1 million to settle Justice Department charges that it violated federal law by seizing 413 cars owned by service members without a court order.

The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army National Guardsman in North Carolina who said the bank seized his car while he was preparing to deploy to Afghanistan.

Wells Fargo then auctioned his car and tried to collect a balance of $10,000 from his family, the Justice Department said.

The bank will pay $10,000 to each of the affected service members, plus lost equity in the cars with interest, and repair their credit.

Source: Jackie Wattles, CNN Money

If it keeps on raining, the levy holding WFC shares up is gonna break.  For now, shares in the company continue to behave as if all these bankster activities are a normal part of being a bandit bank in the wild west.

Wells Fargo bandits running hooch across the Rocky Mountains
Wells Fargo bandits running hooch across the Rocky Mountains

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Quarter End NASDAQ Roundup

NASDAQ future are coming into Friday, month-end/quarter-end, with price unchanged after an overnight session featuring a normal range and elevated volume.  The market worked down through the Thursday low briefly (by 3-ticks) before reversing and pushing back up through the Thursday midpoint.  At 8:30am Personal Income/Spending data was inline with expectations.

Also on the economic docket today we have U. of Michigan confidence at 10am, Fed’s Kaplan speaking in Dallas at 1pm, and also the Baker Hughes rig count at 1pm.

Yesterday we printed a normal variation down.  Price opened gap down and once the overnight gap was filled sellers began driving price lower, down through the Thursday low.  This set up an even harder down rotation (news driven, $DB) and finally a small 3rd rotation which probed near the weeks low before finding a strong responsive bid to close the day near its midpoint.

Heading into today my primary expectation is for a fast push down off the open, down to 4823.50 (VAL).  From there buyers step in and work up through overnight high 4847.75.  Buyers continue higher to target 4866.50 before two way trade ensues.

Hypo 2 buyers push off the open, take out overnight high 4847.75 early on then sustain trade above 4866.50 setting up a move to target the open gap at 4886.50 before two way trade ensues.

Hypo 3 strong sellers push down throguh 4823.50 to take out overnight low 4811.75.  Look for responsive buyers down at 4799.75 and two way trade to ensue.

Hypo 4, full on window dressing, push up through current swing high 4892.25 to tag the 4900 century mark.  Look for sellers up at 4907.

Levels:

09302016_nq_mp

Volume profiles, gaps, and measured moves:

09302016_nq_vpgapsmeasuredmoves

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BANNED: State of California To Stop Banking With Wells Fargo

The bankers at Wells Fargo are being hunted like bandits by the state of California.  On Wednesday California Treasurer John Chiang issued a release condemning the bank for defrauding California customers.

Chaing said the gold coast state will no longer use Wells Fargo for the issuance of state municipal bonds, and will no longer invest in any Wells Fargo securities.

The state is distancing themselves from the San Fransisco bank after federal regulators determined Wells Fargo secretly created millions of unauthorized bank and credit card accounts.

Troubles are mounting for the bank despite executives at the firm doing their best to blame their underlings for the fraudulent activity.

Wells Fargo bandits running bootleg liquor in the wild west
Wells Fargo bandits running bootleg liquor in the wild west

Shares in the company are down nearly -10% since September 9th, when regulators levied a small fine against the firm.  This bodes well for former WFC banker Kevin Pham, who last week organized national close your account day, urging customers of the bank to sever their relationships with the bank while also shorting the company’s shares.

Apparently California is on board with the young man’s plan.

The sanctions put in place by California’s treasury will last for at least 12 months.

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Quarter End: Will They Dress The Windows?

NASDAQ futures are coming into Thursday gap down after an overnight session featuring normal range and volume.  Price took out the Wednesday high overnight before trickling lower for the remainder of the night–working back down to the midpoint of Wednesday’s range.  At 8:30am a slew of economic data points were released including Advance Good Trade Balance, Wholesale Inventories, Annualized GDP, Personal Consumption, and Initial/Continuing Jobless claims.  Data was mixed overall, perhaps slightly better than expected.

Also on the economic calendar today we have Pending Home Sales at 10am.

Yesterday we printed a neutral extreme up.  The market opened with a small gap up which sellers quickly closed.  Sellers continued lower, working down into Tuesday’s trend day but finding responsive buyers in the trend’s upper quadrant.  Said buyers became initiative later in the day after working price up through the entire daily range, pushing out through the other side of initial balance and closing the market near session high to earn the ‘extreme’ designation.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4867.25.  Buyers continue working higher, up through overnight high 4876.50 and work up to the open gap up at 4886.50 before two way trade ensues.

Hypo 2 buyers close gap up to 4867.25 and find sellers who push hard and send us back down through value to take out overnight low 4855.  Buyers defend ahead of Wednesday low 4844.75 and two way chop ensues.

Hypo 3 strong sellers work down through overnight low 4855 then work lower to target 4834.25 before two way trade ensues.

Hypo 4 full on rally, close gap 4867.25, take out overnight high 4876.50, close open gap up at 4886.50, the probe up through current swing high 4892.25.  Look for sellers up at 4900, then 4907, then finally at 4916.25.

Levels:

09292016_nq_mp

Volume profiles, gaps, and measured moves:

09292016_nq_vpgapsmeasuredmoves

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Activist Short Seller Pummels LaCroix Parent $FIZZ With Damning Report; Company Immediately Calls The Claims Lies

Shares of $FIZZ are all over the place today after Glaucus Research group issued a 62-page report.  They are also short sellers in the stock.

National Beverage Corp, parent company to beverages sold under brand names like La Croix, Faygo (Detroit, where my juggalos at?), and Shasta issued a response shortly after calling the report “false and defamatory,” in a scathing take down of a report they claim was intended to “severely manipulate” the company’s stock price.

After being down nearly -20% today, the stock has rebounded but is still off by -6%.

Glaucus Research has made some good calls in the past, including shorting AAMC in early 2014.  They produced a Hitler parody during their stay as short sellers, putting custom subtitles on the widely parodied German film “Donwfall.”  It’s actually hilarious, and they were right.  AAMC shares went from over $1000/share to right around $10/share today.  Here’s the video:

Glaucus has had some other hits (and misses) along the way.  Bloomberg with the details below:

Glaucus, which publishes most of its research reports on its website, has targeted more than 20 companies around the world. It came to prominence with a report on U.S.-listed Universal Travel Group in March 2011, claiming the Shenzhen, China-based company falsified its financial statements. The company voluntarily delisted in April 2012. The next year, Universal Travel and two former executives agreed to pay $935,000 to settle a U.S. Securities and Exchange Commission lawsuit alleging that it defrauded investors.

More recently, Glaucus made its first foray into Japan in July when it criticized the accounting of Itochu Corp., which trades everything from commodities to clothing. Itochu strongly denied all allegations. While the shares tumbled the day of the report, they’ve since recovered all losses.

Glaucus also targeted Hong Kong’s Tech Pro Technology Development Ltd. at the end of July, sending the shares down 86 percent the day it said the company overstated profits and inflated the purchase price of acquisitions. Tech Pro demanded an apology, saying the report “has no merit” and is “defamatory.”

Source: Tom Redmond, Bloomberg

In good form, National Beverage Corp immedietly came to the rescue of their shareholders (mostly Nick Caporella, the company’s chairman, chief executive officer and founder, who holds 74 percent of its shares) and issued a PR response.

A false and defamatory “research report” was published today by Glaucus Research Group (whose actions relative to other alleged manipulations can be found on the following site http://www.ipetitions.com/petition/open-letter-to-the-sec-to-regulate-market-manipula). We believe that this “report” was intended to severely manipulate our stock price downward in support of short sellers, whose short position has dramatically increased over recent weeks. The allegations in this “report” are untrue and are based on allegations made in a complaint for the purpose of extorting money from the company. That action was dismissed as being without foundation and the complaint was found to be based on lies. Having failed in that effort, the plaintiff and others associated with him, in violation of both confidentiality agreements and court orders, shared his false allegations with short sellers and their co-conspirators.

Source: Company issued statement, Business Wire

These wild swings are creating opportunities for short sellers to cover, longs who trust the company to add, and momentum traders to just get inside the tape and poke out some gains.

The hit piece calls for an investigation into the firm’s accounting practices.  If they succeed in having an investigation launched, even if it is ultimately proven untrue, share of FIZZ could be in the proverbial ‘fag-box’ for a long time.

Writers note: I started buying FIZZ literally two days ago, FML

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