Our patron saint speaks again from the beyond; it is breathtaking to me that not only could he write such material, but actually recite it from memory so flawlessly. We miss you, George.
Slope of Hope Blog Posts
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One of the stocks I don’t touch with a ten-foot pole is Priceline. Yesterday afternoon, during my TastyTrade show, I was asked to chime in on this stock. I said I thought it would be higher today, based simply on the fact that it was sporting a very similar pattern than the one it completed in February 2012.
Well, earnings came out, and the stock slumped, so I figured I’d look like a bit of a dork on today’s show. But, for whatever reason, the stock did in fact open higher today, and I think – – as before – – higher prices are probably ahead. William Shatner’s fortune is probably based far more on PCLN stock than it ever was on Star Trek.
What’s been going on with the ES the past couple of days certainly seem exciting and dramatic when viewed very close……..
The largest short I had on when I entered the trading day was FXE, and I have added to it. This, of course, is the exchange-traded fund for EUR/USD, and although the pattern isn’t complete, a clean head and shoulders pattern is shaping up. There’s a long way to go , but a break of 125.92 would send this hurtling downward, in my opinion (ummm, obviously).
SPX fell away from the daily upper bollinger band yesterday, so this period of rising up just underneath the upper band has finished. What next? Of the three previous similar instances on the chart below (highlighted blue) two led to periods of sideways consolidation lasting several days, and the third led to a sharp retracement into the daily middle bollinger band, now in the 1587 area: