BIDU Follow Up

I could have picked XLF/FAZ, IB/BIS which we just filled out, Transports which we just filled out, PCLN, FSLR, NFLX, SCTY, etc... there's nothing that special about BIDU that's much worse than any of these other assets so while I update it, keep in mind there's not much on the trade ideas that look much better, everything is falling apart as we suspected it would this week (move to stage 4).

 This is a candlestick reversal pattern in BIDU, it's not at the extreme, convincing head fake move , it seems the market just doesn't have the strength for it as breadth has been peeling away , however even if it could pull it off here, I think 6 months from now you wouldn't give a second thought to the entry other than pride or ego for having top-ticked the exact day, which isn't something I think is important at this stage of the market.

 Intraday you see the large volume to the far right? That usually will produce a short term oversold condition followed by a bounce that can be used to enter on strength, however BIDU is in the general area of "It doesn't get much better than this" as far as entries if you look at the daily chart.

If that volume fails to hold as short term oversold, the market is in big, big trouble.

 BIDU's daily divegrence is big.

This 30 min is very sharp and right at the reversal candlestick area from above, that's a lot of distribution fast.

The 15 min chart confirms the same

As does the 10 min chart...

This 1 min chart isn't anything I'd make firm plans on trading or thinking it's going to lead to a bounce on a short term basis, but again with the volume, it's entirely possible.

Again, if the volume doesn't see the Buy the Dip crowd come in, this market is probably done.