The week is starting out
The week is starting out on a high note. Get it? Sorry. Anyway, the open gapped up and the balance of the session has trended upward pretty much relentlessly. Could this leg extend to new highs? Perhaps, but the ongoing topping pattern no longer requires it before launching a substantial decline. I described the technical situation on Saturday, and you can view its recording here:
http://www.anymeeting.com/nrodpywxnayx/E950D780884731
Meanwhile, here’s the past week of Activity Feed comments by subscribers and me, so that they’ll appear in the Marketfy search engine:
Brett-ster Hi Rod. Any parameters on ALRM, or is it still too early to tell? Posted 1 week ago
Rod-David ALRM — Yes, it is too early for this pattern to be predictive. Having said that, there seems to be an inflection point at 18.55 which would be validated by rallying sharply if it is pierced. Posted 1 week ago
Miss Kitty Interested in AMZN as a short. What are the parameters and considerations, please? Posted 1 week ago
Rod-David AMZN — While my 579 target has proved very resistant, that’s different from reversing the trend down. And especially with a stock rallying strongly, trying to bet against such wide enthusiasm can be very dangerous. I would consider selling a retest of 579, but only with the plan to cover on a higher close. Otherwise, another stock in a downtrend would be a better short-sale candidate. Posted 1 week ago
guanito Good morning. wow wow – big day today! I may have to catch the re-run but would like to hear thoughts on /ZB , SPX, and /GC please. Only need it once weekly in broad strokes. Tku. Posted 1 week ago
Jo B please look at a good entry for SRNA. ty Posted 1 week ago
Rod-David SRNA — I’ve been watching this testing of .09, volume patterns are very impressive. At this stage, I would look at it more as where to sell, since the only other thing the pattern can do bullishly is to surge. And would not want to be long under .07. Posted 1 week ago
casjf NLNK – ebola vaccine 100% effective. Support & target? Posted 1 week ago
Josey MCIG getting hammered. Cant find any news. Posted 1 week ago
Jo B ty Posted 1 week ago
Josey Rod, Do you see a quick technical trade on KEG? TY ( 1.00 – 1.20??) or is the story over? Posted 1 week ago “Edited”
casjf CVX – posted worst profit in 13 years. People starting to buy at low. Bottom fishing suggestions, if any? Posted 1 week ago
Rod-David NLNK — Closing above 54.50 could extend the rally to 58.60 and higher. Holding today’s test of 54.50 would not be helpful. Posted 1 week ago
Rod-David KEG =– Besides the vulnerability to a falling knife suddenly spiking up, I don’t see anything predicting a recovery anytime soon Posted 1 week ago
Rod-David CVX – Bounces in this pattern are likely to be shallow as the drop essentially saws its way through the prior low. If bounces aren’t shallow, then I would begin considering the potential for a bottom Posted 1 week ago
Josey RAD just can’t close above 9.06. Is time running out? Time to sell position? Posted 1 week ago
Jo B thanks Rod for slapping us in the face with reality..lmao!! appreciate it! Posted 1 week ago
Scotty B Good morning all. I found this blog post that may be informative to those with an interest in macro economics. I feel he does a good job at pointing out structural deficiencies that are starting to show up in the charts. The challenge is to find pockets of hyper growth for long positions , while allocating a porting of your portfolio to the larger trend (long or short) with options or ETF’s http://northmantrader.com/2015/07/26/the-big-ba… Posted 6 days ago “Edited”
Scotty B I thought I should add that I do not have a membership in the paid section of the Northmantrader nor do I have any interest in the site. I only found the publicly shared blog post informative. Posted 6 days ago
Josey Hi Rod, ECIG is still rolling forward. Next target to close over .43? Posted 5 days ago
Rod-David ECIG — .43 is still a big resistance point. But its valid recovery would next target the .55-.60 area. Posted 5 days ago
Scotty B Hi Rod, looking real hard at the SPXS. Chart looking like a double bottom and economic news continues to worry the street. What do you think? Also, thanks for SRNA coverage. Looks good today. Posted 5 days ago
Rod-David I had invited everyone during Livestox to a Saturday Review, which discussed the broader market’s bigger picture. Here’s the recording’s link:
http://www.anymeeting.com/nrodpywxnayx/E950D887… Posted 5 days ago
Scotty B Thanks for the link, I could not make the Saturday Review. Posted 5 days ago
Josey It seems as I look @ multiple pages on my watch list that a lot of stocks across the board have had a nice correction already and if it keeps up I will probably become the contrarian. Posted 5 days ago
casjf CARA – target? Posted 4 days ago
Rod-David CARA – The pullback retested its opening gap, but didn’t fill the gap back to lower levels before extending higher. That’s not optimal, which lackluster volume patterns reflect. Strong resistance above at 23.45-24.00 doesn’t require a retest, but extending above it would be difficult at this stage. Posted 4 days ago “Edited”
Miss Kitty Is NFLX a good short here for a put option or is it too risky to go against the uptrend? Posted 4 days ago “Edited”
Rod-David NFLX – I am never in favor of shorting new highs. Especially with options, which depend on momentum trending. New highs might be appropriate for beginning to build a stock position, but certainly not with anything that is expiring, and not as a trade. Stocks already in downtrends are appropriate candidates to consider. Posted 4 days ago
Miss Kitty Ok thanks for your prompt reply. I’m assuming APPL would be more appropriate for a put option since it is now in a downtrend? Posted 4 days ago “Edited”
Rod-David AAPL — Right, breaking back under 122.25, or bouncing to test it. Posted 4 days ago
casjf OXIS – vol starting to get more interesting. Still needs to get above .0225 for a buy? Posted 4 days ago
Rod-David OXIS — Volume is still entirely too low to consider the pattern as accumulative. But there’s a little expansion on this blip-up to .0175. So, it might be appropriate from a very speculative perspective to nibble here. But I would not be long on a close under .015 Posted 4 days ago
fennecby Hey Rod.
Back into TRTC inadvisable at this stage? Closed under your 13.5 support, so likelier to retest lows before (if) tripling?
And would appreciate your take on GLUU post what seemed like good earnings… (but greeted with selling). Posted 4 days ago
Rod-David TRTC – Until there’s some sort of stabilization, rejection of the expanding volume dip (today), or a test of support (like a lower prior high), the only actionable entry currently available is .16 Posted 3 days ago
Rod-David GLUU – There’s no unfinished business above to rely on attracting price back up. Meanwhile, it looks like post-close action is filling a gap below, but that won’t be bullish without being done intraday, and then also closing back above a relevant resistance. Posted 3 days ago
Jo B Thanks Scotty. I will read it Posted 3 days ago
fennecby thanks Rod x2. Posted 3 days ago
Brett-ster Rod, where do you see support on DIS? Posted 3 days ago
Rod-David DIS — Either closing today and tomorrow back above 112 would be likely next to fill the gap back to yesterday’s close, or else potential support at 106.45 must hold to avoid a much deeper pullback targeting 95-98.50 Posted 3 days ago
Brett-ster Thanks Posted 3 days ago
Josey Time to add to a long RAD position? Posted 3 days ago
Tony 48.75VAPEs Rod… Was wondering if there’s another good spot for MDBX to bounce on its way to 0 like it did at .10? Also could you take a look at NTRR? All chart indicators look quite positive to me, but not sure if I want to enter due to low volume. Thanks! Posted 3 days ago
Rod-David RAD — Why add here? A lot of resistance at 9.45-9.50, and I’d rather stalk a close above it or else a pullback to support Posted 3 days ago
Rod-David MDBX — I was monitoring the pattern until today. The new low puts any other potential bounce at least one week out, depending on this new low not extending any deeper Posted 3 days ago
Josey I thought RAD was a buy over 2 consecutive closes over 9.06. I own it for a long time @ a much lower price so, I will take profits then @ end of day. What is your pullback support? Posted 3 days ago
Rod-David RAD — Resistance isn’t necessarily equivalent to a target. The breakout suggests a much bigger trend is developing. The question I addressed was “Time to add a long RAD position.” I described a couple of trading strategies sdesigned around my pattern interpretation for trading. For position-building, a confirmed breakout IS the time to buy/add. Posted 3 days ago
Josey OK, Thank’s . Posted 3 days ago
casjf AMSG – what is the new support? Posted 3 days ago
Rod-David AMSG — If 78.35 doesn’t hold a test, then 73.95 could be tested Posted 3 days ago
casjf KMI – You were right: $32.85 proved to be pretty flabby support — next lower level(s)? Thanks. Posted 3 days ago
Rod-David KMI – Nothing as strong as $32.85
;) Posted 3 days ago
Jo B great. I should make it today! Posted 2 days ago
Scotty B I will not be able to make it live, but will watch replay. Would you mind commenting on SPY and is there still room for a higher high before correcting? As you know I am really interested in the SPXS. Also, thanks for SRNA updates, it as been very good to me. I am looking forward to your analysis. Finally, USCR has been very good to me. Can you look at the chart and provide a quick Fib extension on the recent new high? Thanks Posted 2 days ago
Tony 48.75VAPEs Would you look at NTRR? Looks somewhat similar to SRNA without the volume. Thanks Posted 2 days ago
Boston Please take a look at FEYE, TASR, PPCH & GTLS if you have time…Thank you Posted 2 days ago
Josey Is ECIG pullback limit .38 now? Posted 2 days ago
Rod-David 24 stocks in 51 minutes… It’s not a record, but it will do. Recording coming soon. Posted 2 days ago
casjf FEYE – Yow! Watch it flying up with the news that Russia hacked the Pentagon! Posted 2 days ago
Rod-David GWPH — My sub-100 target has now been met. Bounces can test the 107 area without even beginning to suggest momentum may be reversing up. Posted Yesterday
Scotty B Thanks Posted Yesterday
casjf DUK – I was in this at 72.55 and then sold it the day after earnings after a head fake down. Now of course it’s going up, but not much volume. I’m inclined to stay on the sidelines a bit longer given the market to see if it goes back down to 72.55 or lower. What do you think? Posted Yesterday
Rod-David DUK – The 30-year Treasury’s high today just fulfilled an outstanding target, so interest rates might head up soon if that holds. This is a large element to Utilities, which would be a concern. Meanwhile, 75.50 could be probed up to 77.80 before suggesting that momentum is reversing up Posted Yesterday
Jo B — Thanks Rod! I luv that Doors song btw Posted Yesterday
casjf — TWTR up on news of renewal of agreement w NFL. 2 insiders also purchased shares. What is support and resistance and what does it need to get above to be interesting? Posted 4 hours ago
Rod-David — TWTR – 2.90 – 26.85 fulfills some near-term buying pressure. But this isn’t an accumulative pattern, and it’s aggressively searching new lows, so there isn’t really support. Posted 4 hours ago
Josey — Is it to soon to nibble on BLCM or wait for 2 closes in the 20’s? TY Posted 4 hours ago
Brett-ster — Rod, where do you see resistance on NTDOY? Posted 3 hours ago
Brett-ster — and KORS? Posted 3 hours ago
Rod-David — BLCM – Nothing in the chart suggests a need to rush into longs. Posted 3 hours ago
Rod-David — NTDOY — It’s tough with ADRs to be as specific, but a very big longer-term resistance is being tested today. That doesn’t at all equate to being a sell signal. Posted 3 hours ago — “Edited”
Rod-David — KORS – 45.25 – 47.00 resistance. Closing above 48.10 would start to signal a bigger bounce underway. Posted 3 hours ago
Brett-ster — Thank you kindly Posted 3 hours ago
fennecby — DDD – just a Dead Dat Dounce? Or has it finally found a bottom? Posted an hour ago
Rod-David — DDD – This is still a downtrend of lower lows and lower highs. Closing above 14.95 would suggest at least a bigger bounce targeting 15.45 underway Posted 29 minutes ago