Take a look at how today price action has ended the day.  Isn’t it interesting that the daily bar appears to “sit” on the wall?  Or should I say “price action” is sitting on the support?

Look at the hourly bar:

Same deal.

Let’s see if price action will take off from here tomorrow or fall off the wall like Humpty Dumpty…

On a side note, I’m now loaded up on Biotech stocks. 11 of my 14 positions are biotech related.  My current position included LRAD, AMRN, USU, SZYM, DCTH, CUR, ZIOP, ATHX, GLUU, PACB, THLD, DARA, DNDN, RPTP, and 25% cash.

Trade well!

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Hmm… I choose the latter-  3rd wave of the Elliot Wave pattern.  Take a look at the $RPTP daily chart below:

Since this is a biotech company, the 3rd wave will be quite a sight to see IF it is the 3rd wave.  My target for the 3rd wave is $6.

Or

it could be an ABC correction which, in this case, will probably penetrate the resistance at $5.29 before heading back down.

Roll the dice, close your eyes, and cross your finger… Just kidding, this is not how you trade stock!

I will put a stop below the B wave if this is an ABC correction pattern.

My 2 cents.

Yeap, I bought a starter position on $RPTP.  If price action takes out resistance at $5.29, I will add more.

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Let’s start with the SPY monthly chart:

Did you see how the top of the bar was touching the first wall?  Or should I say the head of the bar was banging on the wall?

Here is the SPY weekly chart:

Clearly current week bar is heading straight to the first wall.  It stops short of penetrating the wall on the close.  Close, but no cigar; at least, not today.

Now look at the SPY daily chart:

Oh, oh!  You can see clearly that price has penetrated the first wall but it has also failed to close above the wall.

Here comes the SPY hourly chart:

You could see price action was deflected from the wall.

Tomorrow will be interesting.  Will price continue upward, penetrate the first wall, and close above it by end-of-day?

Don’t forget to bring pop corn in the morning…

Trade well!

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I’m thinking it is.

Just look at the headlines:

After Successful ALS Phase I, Neuralstem Branches Out  ($CUR)

Neuralstem Grants Licenses For Central Nervous System Therapy Surgical Devices To Cedars-Sinai Medical Center ($CUR)

Rejuvenated Regenerative Medicine: Stem Cells and Athersys on the Rise ($ATHX)

Athersys’ MultiStem Platform Tempts Big Pharma And Investors ($ATHX)

Meanwhile, $ATHX daily chart shows a cup & handle pattern with one giant handle:

Is this a good sign with a big handle?  Beat me!  Nevertheless, the chart does look like it has a lot of support in the $1.50 area going back to last year.

$CUR daily chart, on the other hand, is showing a come-back V shape pattern:

I like to see price action breakout of the downtrend line at the $1.20 area to show that it means business.

Either way, I’m betting my 2 cents that 2013 may be a good year for Stem Cells.  And I’m rooting for $CUR to have a successful ALS phase II trial.  It will be a milestone for those who suffers from the disease.

I currently own both $CUR and $ATHX.

My 2 cents.

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I don’t know about you, but I see a support here at this level.  Take a look at the weekly chart below:

The way I see this, I can place my stop below yesterday low for a low risk trade on the long side.  This is a low risk “catch the falling knife” trade.

My 2 cents.

My twitter feed does not work here; you can follow me @tradingmy2cents at twitter if you are interested.  Thanks.

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I cut my $DCTH position last Friday morning but price action showed strong closing by end-of-day.  This morning, $DCTH gapped up so I decided to jump back in giving that Friday up-bar was a solid break-out from a symmetrical triangle.

I like the fact that today price-action took out the highs of Feb 5th, 2012 and Nov 7th, 2011.

Take a look at the daily $DCTH chart below:

There are profit-taking going on now but the momentum still linger as long as price action can stay above the highs of Nov & Feb.

I’ll be watching this one carefully so as not to give back too much profit.

Trade well!

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What we have here is a spinning top candlestick pattern for the month of February.  Normally, a spinning top candlestick pattern is just like any other candlestick reversal pattern, it simply offers a possible reversal signal. Nothing is guaranteed and it is merely a precaution.

However, when you have a “monthly” spinning top candlestick pattern at the TOP of an uptrend near the walls of two long-term resistance (formed in year 2000 and 2007), you HAVE to take precaution.  You have to acknowledge that there  may be a greater force in play here.  A force that has soundly defeated the bull in year 2000 & 2007.

The month of March is now the key month to watch.  It may dictate the direction for the rest of the year.  A down month in March may confirm the February spinning top candlestick pattern as a bona-fide reversal signal.  In other words, the walls of resistance are too formidable to overcome.

Look at the SPY monthly chart below:

Did you see the tiny spinning top candlestick bar formed in February?

I will be very mindful of the possibility going into March.  Perhaps a little less tolerance  in  giving the trades more times to establish its uptrend.  Come to think of it, I never have much tolerance with my swing trades anyway except for my position trades.  I’ll be keeping an eyes for ETF such as FAZ, SKF, etc.

Just my 2 cents anyway.

Trade Well!

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Take a look at the SPY daily chart below.

It has broken out of the symmetrical triangle to the upside but it could not maintain the upper price level.  Now, it looks like it will close inside the triangle.

If tomorrow fails to break out again and stay above; we may have a consolidation period inside the triangle.

Currently holding LRAD, AMRN, USU, PACB,  SZYM, GLOG, DCTH, CUR, GLUU and 39% cash.

Trade well!

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I’m back in GLUU again after bailing out during the stormy day on Monday.

Take a look at the hourly GLUU chart below:

I’m seeing a potential ascending triangle breakout to the upside.  Two attempts have been made; perhaps, 3rd time the charm?

Stop will the same as my previous ledge @ $2.27.

Just my 2 cents.

Trade Well!

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I’m talking about buying PACB for the 2nd time to see if it will run again.

I bought PACB not too long ago but left a lot on the table after I took profit.

Let’s see if I can make it up from last time and take home more dough this time.

Take a look at the daily PACB chart below

Did you notice the round up from the support at the 89 xma line?  I like the fact that it has taken out yesterday high.

Just my 2 cents.

Trade well!

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