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Thursday, 16 February 2012 04:59 |
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Every 5 to 6 months the world's greatest stock for buyers gives us a short term sell signal. The last one occurred back in September 2011, this is known as a bearish engulfing pattern.
In the last 7 times this pattern has been confirmed, AAPL has dropped at least 7% and in one case 22% with an average of 9 days. In last September the drop was 13% in 5 days and I was able to take amazing advantage of this.
What will happen this time? Hard to say but the stock was way overbought on the RSI and is down $4.50 in premarket today. Watch for the lower low today from yesterdays low for confirmation, then I would watch $480 and $454.50 as support. Read more:
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Monday, 13 February 2012 05:28 |
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In the pre-market there have not been a lot of great setups for today but the broad markets are on an R4 breakout buy signal. I will be looking for pullbacks into support for long entries and most likely preparing for lower risk trades, which means more scalping.
AAPL is taking off pre-market and with an RSI that will be near 90 at the open clearly this stock is in need of a pullback or at least a flat lining. With the latter more unlikely as the volatility spikes in this name, there is no great support level to look for on the daily.
Watch bank names with the news out from Greece and watch the "Bin Laden" spike high of 1373.50 as potential resistance. The market continues to look like the best place to put money and stocks are truly proving that this morning. Read more:
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Friday, 10 February 2012 06:07 |
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I have long been a proponent that the short term direction of the stock market is driven by the swing traders. I have also recognized that a high percentage of the time, Friday's market activity will often be counter to that of the prevailing trend for the week.
The theory behind this phenomenon is that when swing traders have positions from early in the week and have worked in their favor on Friday's, they will take their profits and head into the weekend flat. This theory does not work out 100% of the time, but if you start to pay attention and notice what is going on you will see the data for yourselves.
This week has been a rip roaring week for the stock market and as I write this at 9 am, the futures are down through S4 on a sell signal and this weeks parabolic stock AAPL, Inc. is down $2 pre-market Will the Friday sell off continue? I do not know, but having a plan and sticking to that plan is paramount on Friday reversal day. Read more:
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