Bigger Picture

Thursday”s gap down was recovered, and overnight index futures action already indicates this morning”s open will gap up to the highs. Thursday”s gap down was unlikely to extend because of the market”s shrinking volume ahead of the three-day holiday weekend. That same liquidity factor tends to cut both ways, and could influence this morning”s gap up to reverse back into the range. The key will be in whether or not enough gain is maintained through the open.

I”ll comment on that post-open in this post”s thread on the Activity Feed. Be sure to request any chart analysis there, especially for any position that you”re concerned with holding through the weekend.

Did you miss yesterday”s post-close Livedesk Unlimited? Following is the list of stocks we reviewed, in the order that we reviewed them in case you want to scroll through the Livedesk recording to hear more than just my brief summaries below:
TKMR — Thu”s strength shouldn”t hesitate extending higher Fri to confirm the minimum objective 24.30 is in-play.
NLNK — Deeper pullback Thu than appropriate, unless offset by Fri rally, preferably immediately and substantially.
MCIG — Finally fulfilling my objective to retest May”s low, which could extend to .250-.293, but in any case can”t yet produce a durable recovery.
TRTC — This should be the leg that finally fulfills my sub-.30 target, unless another close were to recover .403-.430
AGTK — The setup for extending the corrective bounce has spent too much time to be reliable at this point.
ATTBF — Needed to close Thu above .45, or at least hold it as support, which I think it did (I don”t believe the last print at .424). Anyway, that was to avoid forming a bearish pattern. Must still close above .47 to be bullish, which I would consider holding long through the weekend.
GWPH — Thu must be the consolidation”s end to resume Tue”s breakout, signaled above 92.80 intraday and confirmed by closing above 93.70.
NVLX — The pattern that formed in meeting my .215 target is vulnerable to a sudden plunge, so I wouldn”t try to catch this Falling Knife.
GBLX — Closing above 1.20 would signal the 1.08 target satisfies the decline, but meanwhile lower targets are in-play.
FITX — Retest of .075 resistance would likely extend to .085 target.
SPRWF — Rally can”t afford to dip back under .30 if this leg intends to extend, and closing under .26 would target .125.
VAPE — Unimpressive volume on bounce off of 2.12, which must hold to avoid 1.88.
ERBB — Closed above .016 Thu, but not sure that wasn”t just a one-day reaction to a temporary higher-profile from news story, and needs second consecutive higher close Fri to confirm .026-.027 is in-play.
TAUG — Thu”s close above .022 needs second consecutive higher close Fri to confirm .027 corrective bounce target in-play.
PBR — Pivot Reversal setup on Thu at target area can be invalidated by fresh high close Fri, or else at least an extended consolidation is underway.

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Click the link above to join me for the weekly Livedesk Unlimited at 4:30 ET. See you there…

REMINDER: This week”s post-close Livedesk Unlimited begins at 4:30 ET. I”ll send another reminder just before it begins, containing the link, which you can find in the Activity Feed”s sidebar. Meanwhile, here is a digest of comments from earlier today:

ATTBF — After holding .47 resistance through yesterday, this morning”s open is gapping up to and through it. Closing back under .45 would signal momentum reversing down to new lows. Meanwhile, closing above .47 would put into play .61-.63

GWPH — Didn”t confirm Tuesday”s breakout yesterday, and trading a little weaker this morning. The maximum allowable pullback just as noise while trying to resume the rally is 91.50-92.00. Back under 91 would start signaling momentum is reversing down.

NLNK — Weaker today after having touched its prior high yesterday. That would be unusual, to top upon only touching the prior high. The pullback should hold 27.07 and react up sharply if the pattern remains bullish.

TAUG — Closed within its pullback target range yesterday, and back above .022 would confirm a dead cat bounce underway targeting .028.

TKMR — Opened up to 21.80 resistance, which is being retested after an interim post-open dip. Tremendous volume expansion, so no bullish excuse not to trend yet higher intraday. Closing above 22.75 would be optimal for signaling the trend remains up.

VAPE — Barely held its 2.12 support through yesterday”s close. Firming this morning must extend above 2.25 to confirm the level”s relevance, and close above 2.35-2.37 to reverse momentum up

VRNS — Having touched 22.22 intraday, today must close above it to signal the recovery”s momentum remains intact. If 23.12 were touched, then the same would apply to it.

PBR — Today”s open gapped down in an ongoing uptrend. This didn”t prevent recovering to probe a fresh trend high intraday. But its reaction down under this morning”s low is threatening to form a bearish Pivot Reversal. This setup tends to produce a substantial retracement of the trend, if not at least a meaningful interruption of the trend

MCIG — I”ve got a pattern targeting .27, too. Accumulation for a position or for even a swing trade requires there to be some sort of bottoming action first. A dead-cat bounce is always possible, but also not a bottom.

The Russians are coming! The Russians are coming! At least, according to the Ukraine”s president”s web site. After that announcement sent index future tumbling under yesterday”s lows, the web site changed its tune. But indexes have yet to recover back into yesterday”s range.

We”ll discuss the broader market”s bigger picture and appropriate individual stock setups at today”s post-close Livedesk Unlimited. Look for a reminder later today. Meanwhile, I”ll add my post-open observations and parameters to this thread in the Activity Feed, and encourage you to do the same.

Stocks reviewed, and their summaries, from this morning”s Livedesk… (reported in order to assist with scrolling through the recording):

ERBB — Closing above .015 would target .021.
ATTBF — A lot of volume being expended in 2 days just to test .47 resistance, but its recovery would target .61-.63.
CNAB — Second dip needed to hold 1.82 as support to maintain near-term recovery potential.
GBLX — Delayed test of my 1.08 target allowed a distributive pattern to form, which might avoid a second consecutive lower close, but won”t be accumulative.
GWPH — Second consecutive higher close today would confirm 117 in-play (since then, the stock has slipped back into negative territory).
AGTK — Must close above .185 to trigger bigger corrective bounce, but still only a bounce.
TAUG — Testing my .0188-.0204 target area, creating potential for the Falling Knife pattern to produce a “dead cat bounce” up to .028.
SPRWF — Upside parameters triggering a rally above .27 and .28 already producing test of .33 intraday. Must close higher to put into play .36 target.
MCIG — Longstanding target of actually probing its .342 prior low is now underway.
VAPE — Tue”s close above 2.35 attacking 2.37 should have launched a recovery leg if the recovery were done.(Since then, I noted on the Activity Feed that closing under 2.12 would target 1.88).
FITX — Must close above .075 Wednesday to confirm .085 in play.

REMINDER: Thursday”s post-close Livedesk Unlimited will begin at 4:30 ET. Tomorrow, on Thursday. In Livedesk.