Yesterday price in the NASDAQ composite stretched to a new swing high. We poked up above and no follow through occurred. One of our favorite trades as of late has been the false bear technical patterns. This means, we wait for a technical chart setup which favors the bears occurs, then we watch to see if it follows through. If it doesn’t, then you pile in, essentially calling the sell flow’s bluff. The moves occurring after false moves are often vicious. The effect may be similar into the close of this week, should the sell flow continue overpowering demand.
It will be a more difficult task however, for the long term control of the market is controlled by the buyer. This can be seen as a series of higher highs and lows on the daily and weekly charts of the NASDAQ composite. It has been a resilient bull, and it certainly is an aging bull, but it’s still a bull until proven otherwise.
Intermediate term, we have a solid balancing act occurring. This balance area continues to grow, and I continue to profile it for our benefit. The intermediate term can be seen transitioning from buyer control to balance when a series of higher highs and higher lows became sloppy and now we are seeing indecision. I have highlighted some interesting levels on the following micro composite of intermediate term balance:
The short term timeframe is controlled by sellers. They have successfully pressed price and value lower since yesterday’s new swing high and have successfully negated the buying tails we have seen on recent market profiles. We are set to open inside range, slightly inside value as of this post, which presents a medium risk intraday environment. If price can sustain above 3675 we would negate the seller control on the short timeframe shift to a balanced focus. Otherwise, I am preparing for a test of intermediate term extremes to ensure buyers are still as confident as they were on 02/13. I have highlighted these observations on the following market profile chart:
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sweet Pacific Ethanol..
took a bit more profit at open
continue to hold position Acquired 08/16/2013 at $3.70
CORN
has been a dud..so far
mentioned my plan to take position going into Feb (posted entry late Jan)
added to TBT @69.13
long drawn out play here(a hedge of sorts)
still holding lot from last May at 58 and change..cost avg(up)scoop in Nov and again here today.
no comment on those beaten down retailers..
😉
shhh..
they are looking good sooz, I like that TBT too
ahh yes..shhhh
did you trust in me?
(it is a fave sector of mine)
posting all entries here on Raul’s blog
SHLD $33.93~ARO $6.07~ LULU $45.57
just to name a few..(let’s not even talk about that pos JOEZ..hahah)
all within this month of Feb.
uhhuh..
forgive this repeat I’ve posted umpteen times but it goes hand in hand with my little disco duck..(traded core for at least 8yrs now)
all my pickr Pals know this one..haha
Dance babee..((Dance))
http://youtu.be/ceU4ANZKdOM
taking some more here:
(+239.19%)
Status Filled at $12.5501
Symbol PEIX
Description PACIFIC ETHANOL INC COM PAR $.001
Action Sell
make it a great day all you Beautiful People..even though it’s a Blizzard outside March with wind chill zero..wth!!
Holy Moly..
Change % up(+48.39%) HoD
wowza there..
wait a sec..;)
Change % up (+51.38%)
while I was jammin out that ^
therefore I shall sell more here:
Status Filled at $13.6201
Symbol PEIX
Description PACIFIC ETHANOL INC COM PAR $.001
Action Sell
believe it or not I continue to hold at above mentioned entry $3.70
~cheers
just a little tid~bit info..
It was a penny stock before its reverse split..last year
i feel calm right now, because I appear to have a decent road map with my chart.
That’s what’s up
*as we approah March..
oopsa there