Saturday Review

The rally extended to its highest levels Friday, while also fulfilling the highest calculable price objectives for a correction. Extending any higher would essentially target new highs. This weekend’s Saturday Review discusses several setups that will help to know which way the market is resolving.

 VIEW THE RECORDING HERE

The following stock requests were reviewed in this order:
LL, PII, GMO, NVDA, BKX, AAPL, TSLA, PNRA, NKE, CSCO, TWTR, UPS, TPX, AYR, SAM

03/05/2016 09:25:17 sm: Can we review the key elements of a Globex Trend Extreme and examples of price action that do not meet the requirements for an intraday retest?
03/05/2016 09:32:45 David B: Good Morning
03/05/2016 09:32:47 Mark Glezer: gm
03/05/2016 09:32:48 David B: yes
03/05/2016 09:32:56 Javier: yes
03/05/2016 09:36:10 sm: That pattern sure looks a lot like Aug – Oct 2015
03/05/2016 09:58:06 MK: are there sleeper highs?
03/05/2016 10:00:18 MK: aka the 22nd-24th?
03/05/2016 10:00:43 MK: of feb
03/05/2016 10:02:35 David B: because this was a friday should we be suspious that the trend is ending?
03/05/2016 10:03:55 MK: thats not the 22nds
03/05/2016 10:03:57 MK: there we go
03/05/2016 10:04:14 MK: yes that pattern
03/05/2016 10:04:20 MK: from the 22nd to the 24th
03/05/2016 10:04:24 MK: that then continues the trend higher
03/05/2016 10:04:34 MK: it fits with the “sleeper low”
03/05/2016 10:04:43 MK: trending
03/05/2016 10:05:01 MK: I’l try and explain better
03/05/2016 10:05:12 MK: i basically reversed your example of the “sleeper low”
03/05/2016 10:05:29 MK:
03/05/2016 10:05:54 MK: another clarifying question. So basically one more higher close is really bad
03/05/2016 10:06:04 Bill G: Can there be intraday spike above 2009 without a close that will not require new highs?
03/05/2016 10:06:08 MK: for those of us that just got massively short
03/05/2016 10:07:20 builder from Oregon: Your sell right after the high was because it had broken the 7 tick that had held for almost 1 hour. With volume breath of +500k, that was a gutsy call.
03/05/2016 10:08:09 Bill G: A dn monday might allow a pivot reversal on Tues?
03/05/2016 10:08:50 MK: gapping up and failing woudl be ideal NO?
03/05/2016 10:11:51 sm: thx
03/05/2016 10:13:45 MK: ok
03/05/2016 10:13:48 MK: i know that
03/05/2016 10:17:38 MK: what happens if no fireworks?
03/05/2016 10:18:08 MK: no fireworks == close above 2009
03/05/2016 10:21:09 builder from Oregon: I passed on the trade because of the breath
03/05/2016 10:22:37 Bill G: Dn open on Tues
03/05/2016 10:22:57 Bill G: No
03/05/2016 10:24:20 Bill G: Dn open ,New high and close below the morning low?
03/05/2016 10:24:58 Mark Glezer: shallow close by a few points can still qualify as a higher close required?
03/05/2016 10:27:15 Bill G: Dn Mon prevents a new high close.
03/05/2016 10:28:03 sm: I like that analogy
03/05/2016 10:28:05 David B: has his been a strong handed rally from the low two weeks ago?
03/05/2016 10:29:25 MK: gotta leave early so stocks….
03/05/2016 10:29:34 MK: LL (bottoming)
03/05/2016 10:29:45 MK: PII
03/05/2016 10:29:52 MK: PNRA
03/05/2016 10:30:06 MK: NKE that good enough to end the rally
03/05/2016 10:30:31 MK: AAPl
03/05/2016 10:30:42 MK: UPS
03/05/2016 10:31:14 MK: TPX (That good enough to end it? Sell Signal & lower obj)
03/05/2016 10:31:35 MK: AYR
03/05/2016 10:31:55 MK: SAM
03/05/2016 10:32:08 Mark Glezer: optimism around 1800 low’s retest still suggests a bear mkt rallly?
03/05/2016 10:32:15 Josey: GIMO, NVDA,CSCO
03/05/2016 10:32:16 MK: thanks
03/05/2016 10:32:28 MK: i just watch the whole thing
03/05/2016 10:32:32 MK: i like other peoples ideas
03/05/2016 10:35:51 sm: BKX
03/05/2016 10:39:43 William: gm….late to the party i;ll catch up later but AAPL , and TSLA , TWTR. Thanks and good weekend to all ;)
03/05/2016 10:41:41 Josey: yes
03/05/2016 11:17:29 Mark Glezer: thx
03/05/2016 11:17:33 Josey: Ty
03/05/2016 11:17:44 sm: thx
03/05/2016 11:17:58 Bill G: Have a good one

Last week’s Saturday Review described the more bearish path being to first probe fresh highs. Monday and Friday did just that. Did the interim dip refuel the rally for much more upside? How seriously should we take any new downlegs? These questions are discussed during this week’s Saturday Review, along with other questions and comments from subscribers.

 VIEW RECORDING HERE

The following stock requests were reviewed in this order:
PANW, CAT, RARE, FB, BABA, HD, ULTA, NFLX, AMD, UNG, RYCEY, NKE, SBUX, EQIX, TITN, SWFT, TNA, DUST

02/27/2016 09:32:21 MK: yes
02/27/2016 09:32:22 Mark Glezer: gm
02/27/2016 09:32:23 sm: good
02/27/2016 09:32:23 tom: good
02/27/2016 09:32:24 Bill G: good
02/27/2016 09:32:30 ap: gm
02/27/2016 09:44:00 MK: so why are we not talking higher objectives?
02/27/2016 09:49:31 Mark Glezer: why gapping down too much wouldn’t be sentiment extreme & attract more buyers than sellers?
02/27/2016 09:51:20 MK: wasn’t the new trend high close was thursday?
02/27/2016 09:51:32 MK: oh ok nevermind
02/27/2016 09:58:27 casjf: do lower gaps remain outstanding forever until they are recovered, or can they ever be neutralized in another way?
02/27/2016 09:58:28 sm: What does two days of ‘obscure signals’ say about the charcter of the current market?
02/27/2016 09:58:50 Mark Glezer: higher first is still likelier than down ?
02/27/2016 10:00:43 sm: bias not being clear
02/27/2016 10:05:11 Bill G: SentimenTrader pointed out stock index futures as of Tues , small traders have record short positions. A jump of $5 billion to $8 billion over previous wk. Quite bullish.
02/27/2016 10:06:48 Josey: Looks like the cover rally
02/27/2016 10:07:31 MK: yeah bill i think that if we remailn higher as we creep towards end of quarter people will start to chase performance
02/27/2016 10:07:33 Josey: Panw CAT
02/27/2016 10:07:39 tom: rare
02/27/2016 10:07:43 MK: to make up for a horrendous 4q and start to 1q
02/27/2016 10:07:52 builder from Oregon: FB
02/27/2016 10:08:00 Bill G: I would agree
02/27/2016 10:08:09 Mark Glezer: BABA – played quick move from 69 to 65, any short potential on a bounce to 69.7 again?
02/27/2016 10:08:11 tom: HD,ULTA
02/27/2016 10:08:37 MK: NFLX
02/27/2016 10:08:40 MK: AMD
02/27/2016 10:09:15 MK: RYCEY
02/27/2016 10:09:44 MK: NKE
02/27/2016 10:11:10 MK: SBUX
02/27/2016 10:11:23 MK: EQIX
02/27/2016 10:11:25 MK: TITN
02/27/2016 10:11:37 MK: SWFT
02/27/2016 10:17:14 tom: thx
02/27/2016 10:17:32 casjf: UNG – if natural gas breaks up, would like to know support and level above which is a breakout
02/27/2016 10:18:47 MK: sweet going to increase my FB short
02/27/2016 10:20:04 Mark Glezer: Thu u said u wanted to see another bounce b4 shorting
02/27/2016 10:22:14 Mark Glezer: k
02/27/2016 10:24:44 MK: Ulta was Earnings
02/27/2016 10:24:48 MK: i was short into that
02/27/2016 10:24:49 MK: =)
02/27/2016 10:25:22 MK: this is a HF darling
02/27/2016 10:28:56 MK: 2011
02/27/2016 10:32:44 MK: European
02/27/2016 10:34:39 MK: the market LOVES hillary
02/27/2016 10:34:47 MK: i think thats the rub
02/27/2016 10:36:49 sm: Interesting observation. Thanks.
02/27/2016 10:37:14 Mark Glezer: lol
02/27/2016 10:37:18 MK: haha
02/27/2016 10:43:43 MK: just curious if that hight on the 16th deserves another higher close
02/27/2016 10:43:46 MK: as a breakout?
02/27/2016 10:44:32 MK: ok
02/27/2016 10:44:34 MK: next stock
02/27/2016 10:44:39 MK: no worries on the ADRs
02/27/2016 10:44:42 MK: as they are hard to chart
02/27/2016 10:50:38 MK: ok
02/27/2016 10:50:41 MK: interesting
02/27/2016 10:52:46 builder from Oregon: TNA
02/27/2016 10:55:23 MK: re: TITN total fraud
02/27/2016 10:56:20 MK: pennant
02/27/2016 10:56:21 MK: ?
02/27/2016 10:56:54 MK: that pattern in december/jan
02/27/2016 10:57:08 MK: similar to the other one that was expandiing
02/27/2016 10:57:25 MK: no 2015
02/27/2016 10:57:37 MK: the pattern you drew at the highs
02/27/2016 10:57:46 MK: you drew a similar pattern
02/27/2016 10:57:49 MK: on a different stock
02/27/2016 10:57:54 MK: that was the opposite
02/27/2016 10:57:55 MK: NO
02/27/2016 10:58:11 MK: the Dec/jan 2014 pattern
02/27/2016 10:58:16 MK: is the same pattern
02/27/2016 10:58:19 MK: as you did in a different stock
02/27/2016 10:58:23 MK: only it was flipped
02/27/2016 10:58:25 MK: yes
02/27/2016 10:58:30 MK: i like that
02/27/2016 10:58:36 MK: i just never noticed them
02/27/2016 10:58:40 MK: so thanks
02/27/2016 10:58:44 MK: i’m going to keep an eye out
02/27/2016 10:59:24 MK: thanks have a good weekend
02/27/2016 11:00:52 MK: can you do DUST if we are charting ETNs
02/27/2016 11:03:00 MK: I’m massively long
02/27/2016 11:03:07 MK: from around here
02/27/2016 11:03:16 MK: 4.70ish average
02/27/2016 11:04:01 MK: just looking for 8
02/27/2016 11:04:11 MK: cuious if thats an appropriate target
02/27/2016 11:04:32 MK: ok
02/27/2016 11:04:33 MK: tahnks
02/27/2016 11:04:51 MK: have a good one
02/27/2016 11:04:59 Josey: Ty, great session!
02/27/2016 11:05:06 MK: still think we’re going to 2000
02/27/2016 11:05:07 MK: =)
02/27/2016 11:05:13 sm: thanks
02/27/2016 11:05:15 MK: see you guys there in a couple week
02/27/2016 11:05:27 Mark Glezer: thx