Just some symbols for you to ponder; please note about half of the items in my Bull Pen watch list I would buy only on a meaningful pullback; some of these (like TIF) are far, far too sky-high right now, in my opinion………..good night!
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The form exhibited by the decline in Newmont Mining (NYSE: NEM) from its September 22 high at 65.50 into Monday's low at 57.31 has the right look of a completed correction into the area of the sharply rising 200-day moving average (57.18) amidst a glaring positive momentum (RSI) divergence.
This technical combination represents critical support that so far has provided a launch pad from where the price structure can pivot strongly to the upside. As long as last week's low remains intact at 57.31, this should be the start of a new upleg within an intermediate-term bull trend.
Next upside targets: 59.50/60, and then 60.50-61.00.
Originally published on MPTrader.com.
Google lost $26.40 (!!!) on Tuesday, evidently because they are about to hugely overpay for Groupon.
I entered the day short GOOG, and I find the chart below quite interesting. I've basically broken this up into four sections:
(1) Yellow – strong ascent;
(2) Green – strong descent;
(3) Cyan – resumption of ascent, with massive gap-up due to earnings announcement
(4) Magenta – rapidly-accelerating decline
GOOG could be in for much lower prices.