Wednesday, February 23, 2011

SPY Need Followup Today

Got a nice drop today but again need confirmation that the move is down. We came threw a key support in 132.56 but must stay below that n a closing basis on Wed. there is a 2nd trend line marked in orange I like to see break then I think we can get some downward direction and test the green trend line.
This chart shows you how I get the orange trend line if you go back to Sept lows and draw up to Dec lows and continue on. That gives you the orange trend line.

Tuesday, February 22, 2011

GLD Why the Bull Flag Won

OK here is my written part why the Bull flag won. If you look I drew up 2 bear flags in blue and 2 bull flags in green. The 1st bull and bear flags have the flag part of the pattern more horizontal then the 2nd flags with the flag more of a angle. The flatter the flag the high percentage that the flag will win.So here you had two flags with the bull having a flatter flag and ended up winning over the bear flag running to today's close of 136.26. I think we have a very good chance of hitting the 139 mark with all the up rest in the middle east

Now here is my video for those who prefer it then the written
video
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Tuesday, February 15, 2011

GLD looks like the Bull Flag won

Disclaimer: This blog is my own amateur interpetations of technical charts and should not be used as investment idea's or trades. Consult your own investment consultant before making any trades video

USO Neutral to Bearish

video
Disclaimer: This blog is my own amateur interpetations of technical charts and should not be used as investment idea's or trades. Consult your own investment consultant before making any trades.

Sunday, February 13, 2011

USO

video

Here is my thoughts on the USO on video. Hope it helps give you a better understanding on technical analysis

GLD 2 Pattern Conflict

Here is a interesting dilemma. Two patterns showing in the same time frame conflicting each other. Marked in blue is a in spirit of bear flag and in green is a in spirit bull flag. So what do you do here. Well my feelings is to stay neutral and let the market show us which way it want to go. One peace of the puzzle is we have not played out the head & shoulder pattern and tagged the 127 target yet but then I have had some debate whether it is a true head and shoulders pattern. I think we go tag the 50 average at the 134 area then which is also resistance level marked in black (133.77 to be exact) then continue to tag the 127 target.

 This my interpretations of technical charting and if you decide to trade you should contact a professional investment consultant before making any trades.

Broke 2000 High But not Confirmed

We broke the 2000 highs on Friday but I always like another day to confirm the break. Vol is still low the Fed still playing the QE2 game so I am still kinda neutral here to see what Monday brings at a close to see where we go from here.
Base on this longer dated daily chart and Fridays break is confirmed on Monday then the next resistance will be 135.91

Friday, February 4, 2011

Gld Whats Next

Well last week I thought we had a reversal candle and might go and test the 20 average on the daily. Well we hit it yesterday, didn't confirm the break today and the candle looks like a topping candle.  I still have that 127 area for a target and if things in Egypt calm down there is a good chance we test that area. Another thing I see is a possible beat flag ( marked in dotted blue lines) which could help us get there. I do not trade this stock but use it as a indicator of market direction.

 Again this is my interpretation of technical charting and anyone looking to trade should consult a investment consultant before making any trades.

#2 Miss

Here is another small cap I was waiting to reach the 38.2% retracement but again the strength in the market broke the down channel and popped. I was serious in picking up a position when it broke but again the over all market being at such highs scared me. I think it might get to 4.50 then should be some resistance and then I see where the total market is and maybe it could be a short at a double top. But will wait and see what pattern develops from this.

Again this is my interpretations of technical trading and you should consult an investment consultant before making any trades

Opxt Missed the trade but not chacing

 

Well short term missed the big move. I was hoping OPXT would have pulled back to the 1.75 area where I was gonna start a position but others thought it was a good bet and moved it up 29% today. The one lessen I have learned  is never chase so I will let the short term trade go because I am still worry of the SPY hitting the 132.56 resistance and this market pulling back
But longer term ( the 2nd chart is a 5 year weekly chart)  I still like this stock because the longer term pattern is very bullish. I would like to see some consolidation here for a week or two, have the market at a whole pull back the 5 to 10 % that everyone is looking for then I will be all over this stock A pull back to the 2.08 will be were I will look to pick this stock up now.

Tuesday, February 1, 2011

No Comfirmation and WOW

Well my last comments yesterday no confirmation on the SPY I wouldn't trade this market. I wish I had listened to my own words. I tried to scalp the SPY on a day trade and lost 10 cents, THANK GOD FOR STOPS. Famous last word, the stop saved me another 20 cent lost but the big thing is I didn't listen to my own word and that the pivot was not confirmed, and the markets rallied to new highs. We broke 130 mark so next support will be even number 131 then my big support is 132.56 the 2000 highs shown on the chart below.Low vol again under the 250 million mark again and the markets go up. Now that we broke 130 it now becomes support. If we break that then next support is that 127.17, But again lets not get to far ahead of our self specially in this market.

This is my interpretations of technical charts and consult a investment specialist before making any trades.