I did a post just a few days ago about the diamond pattern forming (but not yet complete) in CBS. Well, as of today, this bad boy is complete, and I remain cheerfully short the stock and long the puts.
I’ve been harping on McDermott as a short since it was around $10 (here’s a post - – not the earliest one – – as an example). It has been a profoundly slow mover, but we’re finally getting some steam………..
This will be the shortest post ever……….a trading friend of mine just wrote me and shared this interesting article called The 64-Month Bubble Pattern. It matches almost exactly the thoughts I was offering in my Six Six Six post from last night. The funny thing is that I didn’t set out writing the post with a conclusion already in mind. I was merely curious, and I counted out the months and was a bit shocked to find such a similarity. Anyway, check out the aforementioned article, since it’s a pretty cool correlate to my own (independent! honestly!) thinking.
In a market like this, maybe I should just stick to long ideas. On Friday, I suggested that Sky-Mobi was breaking out to the upside. Well, the next trading day (today), it’s up about 13% (at least as of now, when I’m typing this). It might relax some to fill that gap, but long-term, this stock looks even better than it did Friday.