EBAY continues to hold a strong bullish position, with last week’s pullback having hit a 50% retrace of what I count as wave (i) of circle-iii. Ideally, that pullback was all of (ii), in which case red fibs provide upside extensions; however, further consolidation remains reasonably probable until the prior high of 60.93 is taken out.
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Well, with 73 short positions on, constituting a seven figure portfolio, and ending the day virtually unchanged, I am hardly inspired to wax poetic about the “market” right now. I’ll leave you with this curiosity, however: while taking one of my dogs on a long walk to Whole Foods this afternoon, I passed this brand new sign, recently erected by the good people of the municipality of Palo Alto:
BABA is one of my 73 short positions right now. I just wanted to offer an important and gentle reminder to everyone, since the bottom of a chart can often trick you into thinking that there is some kind of wall there – – an important bottom. Because, in your mind, that’s the low end of possibilities. That’s the bottom of the chart. That’s as low as it can go. Intellectually, you know this isn’t the case, but your mind can still make you think that the stock is “cheap” here:
Here’s today’s swing-trading watch-list:
Long VeriFone Systems (PAY)