Bigger Picture

This morning”s Livestock at 10:45 ET is linked here: https://roddavid10.mitel-nhwc.com/join/bwzcfpw

Following are several observations I added earlier to the prior thread:
TKMR — I wouldn”t want to own it into the gap back to yesterday”s close. Filling it would require more substantial pressure than just corrective backing-and-filling. But the rally”s original 24.50 target is now support. Testing it intraday as support (which the rally does not require) and closing above 24.50 would help to confirm the new upleg targeting 32+ is underway.
GTAT — Still trading positive for the year, instead of spending much of the year in decline. That”s the hallmark for an optimal JE candidate. Having said that, since the story changed, we should watch anyway for signs of tax loss selling.
MCIG — My next higher target above .292 was .323, narrowly missed yesterday. That doesn”t change the validity of today”s reaction down. Closing above .292 might star suggesting the Falling Knife low won”t be retested, or won”t be retested soon. But that”s the minimum requirement to even begin considering that.
GWPH — We”ve been stalking this from the short side for awhile, pointing out a couple of .618 retracement bounces up to 91 and 79 that kept alive the distributive pattern which finally triggered its next downleg under 84.40. Now its 75-77 target is already being probed. The drop”s momentum remains intact so long as 80.10 isn”t recovered. TKMR comments posted earlier in this thread regarding 24.50 support, and 32+ target.
NLNK — Don”t forget about the minimum requirement to recover 25.45 to reverse momentum up. Anything shallower through the close is probably just a temporary corrective bounce.

Good morning! Our next Livestock is this morning at 10:45 ET, followed by Thursday”s post-close Unlimited session.

Livestock meetings are now configured to be joined by any device. iPads and tablets can add audio by dialing-in to a teleconference call host. I”ll forward the details when I get them… Also, recordings are now done in Flash (.flv) format. The special player isn”t needed, won”t be loaded… Please give me feedback on your experience with the settings so I can make any necessary adjustments. I”m also adding a duplicate recording format (mpX or wav) as needed.

Please circle your calendar for next Thursday evening”s January Effect webinar — for members only. Last week I began discussing the January Effect”s likely benefit to many marijuana sector stocks, which we”re already seeing. We”ll map out expectations, and also reserve time to review your January Effect candidates to help you make year-end portfolio decisions.

Recent strong performances from some ongoing decliners appears to have run out this leg upon testing and retesting resistance. TRTC, ATTBF, TAUG, MCIG would need to attract a new round of buying after tomorrow morning to avoid a multi-session retracement. None of which is bearish — corrections can be bullish.

Meanwhile, yesterday”s “oversold bounce poster children” have largely retraced, but not actually collapsed. Following are several observations posted to the last thread:

MCIG — Attacking the Falling Knife setup”s .25 target to within a half-cent. Remember, the pattern is a temporary bounce, not a durable bottom.
VAPE — Immediately surging after yesterday”s comments wouldn”t be encouraging if volume weren”t also expanding substantially. Closing above 2.05 would be optimal today, required tomorrow, or else another corrective dip would be likely.
GWPH — The reaction down from attacking the 87 resistance yesterday has fallen to fresh lows attacking 80. The new bounce limit is 84.40 to maintain the 75-77 objective.

The following stocks were reviewed in yesterday”s Livestock, whose recording is linked here: https://roddavid10.mitel-nhwc.com/join/mjvtsvh

ATTBF, .35 was relevant on the way down and continues to be relevant on this bounce. Closing above it would indicate a low is in. Until then, a retest of the low is possible.
SPRWF, Volume not confirming the price strength, whose resistance remains at .36.
CNAB, Interesting price action, if not also promising, but must close above 1.25 to signal momentum reversing up.
INSY, Textbook example of volume improving into price strength as resistance is probed and broken.
HEMP, One of several “oversold bounce poster children” examples we viewed.
ERBB, Rising bottoms aren”t bearish, but can”t justify buying under .0176 close, if not also waiting for .02 recovery.
GWPH, Discussed in terms of “Risk:Reward,” as a short-entry with 87 being the stop and targeting 75-77.
MCIG, Thursday”s parameters for a Falling Knife had reached the .215 resistance, which must be exceeded to confirm .25 target remains in-play. Regardless, being a Falling Knife, its bounce is only temporary.
GRNH, One of several “oversold bounce poster children” examples we viewed.
MINE, Probably not a bottom, but the corrective bounce has room to .0105.
MDBX, One of several “oversold bounce poster children” examples we viewed.
STEV, Complex head & shoulders pattern should start resolving up, triggered above .0985.
VAPE, Perfect bounce off of 1.43, but now needs volume expansion above 1.82.
GBLX, Impressive reaction up from critical support at .79, but the momentum reversal signal remains at 1.00.
EDXC, One of several “oversold bounce poster children” examples we viewed.
AGTK, Discussed this as an example of “ineffectual optimism,” and how that bearish formation we focused on last month is now substantial resistance above which inhibits any recovery attempt.
TRTC, We discussed why the low”s Descending Triangle had become likely to break higher last week, which it has. But now resistance is being met and held.
CBIS, One of several “oversold bounce poster children” examples we viewed.
DEWM, One of several “oversold bounce poster children” examples we viewed.
VPOR, Closing above .025 would help to signal a bottom is forming, but the current bounce is just the first and must be corrected for awhile.
ANYI, One of several “oversold bounce poster children” examples we viewed.
TAUG, .022 resistance already failed on Friday, but having closed above .0202 does suggest the next reaction down (probably to fresh lows) could be recovered by a more substantial rally leg.
FITX, One of several “oversold bounce poster children” examples we viewed.
NLNK, Can”t justify buying until closing back above 25.45, and then can”t hold for long without quickly extending through 26.90 on expanding volume
TKMR, 20.40 is critical support to the pullback. Back above 23.45-23.50 would signal the pullback had ended, next targeting 32+.
AAPL, While it”s possible the product problems were unforeseen and are relevant, nothing changes that the stock”s pattern continues to project to one more higher high.
PBR, Discussed as an example of trend having changed, so a signal targeting a complete recovery can”t develop until at least a bottoming phase.

Heads-Up: I was in communication throughout the day yesterday with three of the webinar software”s support and management about the issues that some subscribers have been reporting. One issue was related to their not having the proper setting for smartphone access. Another issue is the recording playback, which will be addressed by changing the recording”s file format to Flash.

To be clear, this software was MY choice, not Marketfy”s. I”ve been using it for years to produce my live futures trading room. So, hiccups in this software should not be considered a reflection of Marketfy. Resolving any issues is a high priority, and I have two more calls scheduled today toward that end.

Anyway, a summary of stocks reviewed yesterday will be posted shortly. Please post any other analysis requests to that thread… Thank you!