HUI is torn, frayed and downright bearish. What’s more, it’s been bearish since it started to drop from the SMA 200 failure point.
In NFTRH, we managed bounce #1 (off the Dec. low) as just that, a bounce. Then we managed bounce #2 as just that, a bounce. It doesn’t take a trained eye to see why; only a rise above the October high would have set an uptrend for bounce #1 and a rise above the February high would have set an uptrend for bounce #2.
OK, enough is enough. I’ve had it. Just look at these intraday charts. Take note of the circles. In each instance, that is MY trade getting stopped out. Every. Single. One.
……or you could just hang out on a free blog site with me, who actually cares about you and doesn’t wear gross neckties.
I didn’t manage to get a post out yesterday which is always a risk as Wednesday is my busiest day. The tape was dreary and neither bulls nor bears could manage to sustain a move for long but that’s often what happens when a retracement flag is forming, and that is still likely what we are looking at here.
On SPX bull flag resistance is in the 2391.5 area and interestingly the equivalent flag resistance on ES has already broken up. The falling wedge on the hourly RSI 14 has broken up with a target at 70 on the hourly RSI 14, and SPX is still trading around the 50 hour MA at 2388. That needs to be converted to support to open the upside, or resistance to open the downside. SPX 60min chart: (more…)
It’s been a GREAT day so far, with oil fueling the fire of my short-sale profits. Unrelated to that, a Sloper (with whom I correspond via email) brought the stock FIZZ to my attention. It has, as you can see, been ascending mightily, and yesterday, for the first time ever, I decided to short it Just For the Hell Of It. So far, so good! I got lucky.
YES! It’s finally happened! After all this waiting, crude oil has finally shattered the support level I’ve been watching for so many months. Ever since Gartman did his widely-followed broadcast on April 11th instructing people how to take advantage of the bull market in energy, the commodity has fallen EVERY SINGLE DAY with only a single exception. This is very exciting.