Slope of Hope Blog Posts
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What I had planned on doing this afternoon was a post of about a dozen terrific energy-related stocks that are good short candidates, but ProphetCharts is almost unusable at the moment. I only managed to get one chart out of it before it stopped fetching them. I sometimes feel like I’ve allowed my child to be adopted, and when I run into the youngster a few years later, it’s become a juvenile delinquent. Sad.
Anyway, the one chart I managed to fetch before ProphetCharts starting puking all over its data servers was Energen, shown below. It’s very typical of energy stocks these days:
(a) a former smooth run-up;
(b) a clean series of lower highs, separated by violent V-shaped recoveries
(c) its current price is, shall we say, lofty in relation to its history as a whole.
Here’s your swing-trading watch-list:
Long Celanese (CE)
The bulls delivered a strong confirming daily candle and tested the daily upper band on SPX yesterday. The good news for bears is that 60min sell signals have now fixed on ES, NQ and TF, with all of them looking close to starting a decent retracement. The bad news for bears is that if seen at all, the low on that retracement is most likely a strong buy, as the technical picture has now shifted heavily in favor of the bulls. I’ll explain why below.
I’ll start with the most bear friendly of the daily charts. On RUT the obvious next target is a retest of the current swing high, though the limited retracement seen so far would suggest that retest should be the second high of a double top before a larger retracement. On the TF chart there is an open IHS target at the retest of the current swing high. RUT daily chart: (more…)
Markets often have an obsession with Big Round Numbers (20000 on the Dow, 2000 on the S&P 500, 5000 on the NASDAQ, and, most relevant today, 50 for crude oil).
Well, crude oil, after having risen nearly SEVENTY PERCENT (which is just great for the economy, right?) in the past few months, made its Big Round Number today and promptly reversed into a bearish engulfing pattern.