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Despite initially probing above yesterday”s – If, Then… Market Timing

Despite initially probing above yesterday”s

By Rod David | July 15, 2014 - 11:03 am

Despite initially probing above yesterday”s highs, the opening hour reversed down into negative territory. The next half hour has extended. Temporary detour, or topping? Perhaps a little of each. We”ll discuss that, review MJ stocks, and then analyze charts of any stock you request — at 11:15 ET.

11:15 ET links are below… My earlier comments are reposted lower.
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/chat/

At the open:
TAUG — Dipping into the .053-.056 pullback target noted yesterday.
GWPH — Not buying weakness at this stage
Post-open:
ERBB — The critical .0245 level is being probed by fresh lows through the open. Friday and Monday”s Livedesks displayed the uptrending support that was already being tested, and which is now being broken.
TAUG — .71 resistance would be a minimum objective for a next bounce. Having fully tested the pullback objective, back above .57 would signal that bounce is underway.
Except for STEV, I”m not seeing any fresh highs among today”s gainers. There were several earlier but they”ve reversed back into negative territory — among them ENRT* and EDXC, which closed too low yesterday to maintain follow-through.
(*Having waited until the final 15 minutes to even probe above .18, the pullback potential is even greater, as is the likelihood of rejecting the immediate attempt to extend higher.)
CARA — Fresh lows testing 12.90, which must hold through the close to begin forming a bottom.

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