Saturday Review’s recording (for 11/3/18) …Warning shot, or correction?
On net, last week’s gain wasn’t substantial. But it a weekly gain had become rare, so there’s that. And Fridays close — even being well under its pre-open high — was much, much higher than Monday’s trend low. So, there’s that.
Whatever that is, it hasn’t accomplished enough to qualify as reversing the trend up. Perhaps it is a “warning shot across the bow” at bears that the turn is coming, or at least that it is forming. Or, likelier, perhaps it is only a correction, expending a maximum amount of buying pressure and refueling buyers without reversing the trend up.
This week’s Saturday Review describes each resolution, and their likely paths, while applying the rule sets of my methodology, which can be applied consistently across all liquid markets.
The following stock requests were reviewed in this order:
AAPL, BKNG, DATA, WDC, UA, NEWR, DIS, SYMC, SQ, WYNN, QCOM, TTWO, GE
transcript
Mark G: gm
David B: Good Morning
Rod David: Welcome to Saturday Review. Please post comments and questions as they occur to you.
—————– (11/03/2018 09:39) —————–
Mark G: Sat Review section that usually has link didn’t have today – just a recording from last Sat
Mark G: yes
Mark G: k
—————– (11/03/2018 10:06) —————–
Mark G: simply extending higher can leave the Q if the bottom is in still open
—————– (11/03/2018 10:08) —————–
Bill G: Will a rally from between the current price and 2683 still be considerered a corrective rally even if the rally extends above 2800.?
Mark G: can this H&S break falsely higher to retest its head & then reverse down?
—————– (11/03/2018 10:19) —————–
ljr iPad: stocks (all earnings this week). Looking for positions of strength/weakness to play the earnings event. Thx
ljr iPad: monday: BKNG
ljr iPad: tues: DATA, NEWR, DIS
ljr iPad: wed: SQ, WYNN, QCOMM
ljr iPad: thurs: TTWO
Bill G: Bigger picture it6 wstill could?
—————– (11/03/2018 10:22) —————–
Bill G: 2806 would still be short of a trend change longer term?
—————– (11/03/2018 10:29) —————–
David B: WDC – Does it look like this has completed a bottom?
David B: UA,SYMC
—————– (11/03/2018 10:36) —————–
David B: what level f pull back would be a concern?
David B: levl of a pull back
David B: yes
—————– (11/03/2018 10:48) —————–
David B: is symc a jan candidate?
—————– (11/03/2018 10:52) —————–
David B: what closing level for GE would indicate the selling is done?
—————– (11/03/2018 10:54) —————–
Mark G: RSI diverged positively in SQ on a retest but perhaps it already perfomred on this
—————– (11/03/2018 10:57) —————–
Bill G: Sorry another mkt question—The mkt has corrected about .382 of the distance from Mon low and Fri high. Would a rally from here be considered weaker then if the pullback extended closer to .618 before rallying? I’m thinking the mkt may be about to start the second leg of a corrective rally before starting at least another test of the low.
—————– (11/03/2018 11:09) —————–
ljr iPad: thanks for review and stocks. I’ll watch recording.
—————– (11/03/2018 11:14) —————–
Bill G: ok,thanks. Have a good one.
Mark G: thx much