I won’t be able to gauge any levels until after all of the pre-market earnings are out of the way, but if needed, immediate support is located at approx. 858 SPX. If you look on the 40-day chart, you can clearly see the narrowing rising wedge. A major move is coming soon. Typically, in most cases, these patterns are bearish. Coupled with the fact that the market rallied 28% from it’s March low, it seems likely that we will start heading down sometime soon. All options are on the table.
Pre-market earnings: C, GE, FHN, MEG, STU, AOS. None matter more than C and GE, obviously. As for econ reports, we have only the U of Mich. Consumer Sentiment coming out at 9:55AM EST. Consensus is 58.5 with a range of 58.0 to 61.0, with a previous reading of 57.3.
The SPX is closing in on my near-term target of 875. Even though I am long, I grow uneasy as the wedge continues to take form.
Also, voting for the next tabbed blogger takes place at 9:00AM EST in The PPT (JakeGint vs. Cuervoslaugh). For a cost of $2, you’ll be able to see it’s all about. May the best man win. Goodluck Gentlemen.
Listen up guys Listen up!
The SPX is closing in on my near-term target of 875. Even though I am long, I grow uneasy as the wedge continues to take form.
You and me both, and every guy watching charts on the planet.
Which is why this “easy look” gives me pause, if you know what I mean.
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Goodluck Jake! W00t!
Thanks, JC!
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CA – what % of your portfolio do you put in such plays as FEED ?
20%+. Depending on the set up, it can be more. SIRI and FEED are in the same boat.
Whoah, Nellie!! You play, for real!
I admire your cohones … & I am not gay .. not that there’s anything wrong w that
I LOVE FEED, SIRI, LVLT
This is why CA banks 300%/year
+32.5% for April month-to-date so far.
+112% YTD.
is FEED forming a down-sloping triangle, or is that a “pennant” or “flag”? I’m looking at a 15 minute from the 14th till today
Yes, a pennant.
Hit the +40% mark for April MTD.
Sold half SIRI.
nice retracement to the ascending triangle breakout
bcBcVk