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Yesterday I shorted HTCH, and today it's down by about 25%. I shorted HTCH based on what was shaping up to be a nice head and shoulders pattern. Sometimes it doesn't pay to anticipate the completion of a pattern, but sometimes – – rarely – – it works out beautifully.
The irony is that the stock seems to have stopped its plunge exactly at its neckline, meaning the pattern is still not complete, so I've gone ahead and taken my profits, counting myself fortunate.
DISQUS REMARK: It seems that the auto-updating feature has been disabled, therefore you'll need to refresh (F5 key) your screen in order to see new comments. Thanks – The Management.
It's Brian Johnson again and here's a video on the current state of the markets. The bears had a decent day today but everyone will be watching to see if there's any more confirmation tomorrow. It seems these bear runs manage to get about 2 or 3 days out of the traders before the bulls rush in and buy it back up. We made it to some pretty major levels of support on the Indices and therein lies your chance to get in on a piece of the action if these levels are broken over the next couple of days.
Today's going to be mighty interesting. We're on the heels of one of the biggest one-day down-moves in quite some time. The GS grilling is done. And the FOMC announcement (which is usually just a reformatting of the twenty-seven prior announcements that interest rates are going to stay at 0%) always causes waves.
So what's next for the /ES? All this month, it has lurched down, then up, then down, then up, and then down again. The logical move would be a lurch higher; it could happen, but obviously these simple patterns always break at some point; this isn't Groundhog Day, after all. I'm long some items (gold, Goldman Sachs) and short others (like – hurrah! – HTCH). But I'm honestly going to take today one minute at a time, since I'm not convinced of any ultimate direction.
By the way: Disqus seems to be up to its old tricks again. That is – – not working. So it's not you. Sigh.
I was mightily impressed by GLD's performance today. So much so, I kept adding to the position until I had what is probably the most substantial long position in GLD that I've ever had in my life.
In the face of a surging US dollar and a plunging stock market, GLD tacked on 1.67% – – superb! More importantly, it has completed a very spiffy inverted H&S pattern which, in my estimation, provide a target price of $124.90 – – about ten dollars above current levels. I'm optimistic about GLD's near-term prospects as my biggest long position.
Baahhhhh… wonder what Lyin' Larry has to say? I haven't heard (or is
it herd) too much from him lately. Here's another example of a chart
(originated a few weeks ago) that just may work out with a little
patience. —Gary
