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Below is IWM. A couple of weeks ago, it was threatening to burst above its well-formed bullish base. This would have been the end of the world for the bears, and I would have closed my account for the year. It didn’t happen. Instead, it went limp and is now eroding toward the pattern’s perimeter.
My wish: break the barrier. Break the pattern. And don’t come back.
During the course of this year, I have taken a few stabs at Alcoa (symbol AA), but the danged thing moves so slowly that I have just bailed on it. Long-term, and I’m talking years, I think this thing could be vastly lower than it is now. It’s like an oil painting, though, so it doesn’t hold my interest.
Well, ouch. Here’s a sad little tale for you. It involves this chart and three arrows. Let’s read them from left to right:
WIth all the ups and downs of recent days, one short position (by way of being long puts) that consistently is coming through, slowly but surely, is General Motors. A slow bleed-out to support would complete an absolutely gargantuan pattern. There’s 162 days left on these puts, so…………I wait.
