Friday, August 26, 2011
Watch those PM long postions
By now you should be trailing a stop behind SLV/GLD long positions.
GLD 15 min
GLD 5 min
GLD 2 min
SLV 5 min
SLV 2 mn
As they say, bears make money, bulls make money, pigs get slaughtered.
As they say, bears make money, bulls make money, pigs get slaughtered.
Quick Day Trade
If you can use options on this, VXX may make for a quick day trade.
5 min positive divergence.
I wouldn't go further out then today though as the 15 min chart s negative.
I wouldn't go further out then today though as the 15 min chart s negative.
Market Update
We should see a fairly significant intraday pullback coming any moment now.
DIA 5 min
DIA 1 min
IWM 1 min
IWM 2 mn
IWM 5 min
QQQ 1 min
QQQ 5 min
SPY 1 mn
Watch this move-SLV/GLD
This could be the start of a head fake in GLD/SLV
GLD 5 min
GLD 5 min
GLD 2 min
SLV 5 min
SLV 10 mn
SLV 1 min
Financials
I'm going to use several ETFs to compare financials.
FAS Financial Bull 3X
5 mn chart shows the negative divergence off yesterday's open, as well as the accumulation of today's lows.
The 1 min chart showing accumulation of today's lows and what looks to be a pullback, maybe a consolidation getting ready to take place in financials.
FAZ Financial Bear 3X
Here yesterday you can see support for FAZ at the support trendline, if this trendline is broken, FAZ should fall fast.
FAZ 15 min shows to the far left a negative divergence and a head fake in the red box that made new high, then accumulation the second being at yesterday's open lower.
The 5 min chart shows accumulation into the gap lower opening lows yesterday and a current negative divergence.
The 1 min chart shows much the same, several negative divergences.
UYG Ultra Financials Long
The daily chart here is pretty strong and in a leading positive divergence.
Looking at the 1 min, it looks like FAS (Financial Bull 3x) in that there was accumulation of today's lows and it now looks ready for a consolidation or more likely a pullback.
XLF Financials ETF
The 10 min chart shows yesterday's negative divergence on the gap up open and accumulation on the drop this morning.
The 5 min chart confirms all the others with a negative divergence on the gap up yesterday morning, accumulation of today's lows and a current negative divergence suggesting a pullback/consolidation.
The 1 min chart is consistent with all of the other charts, implying at least a consolidation if not a pullback.
FAS Financial Bull 3X
FAZ Financial Bear 3X
UYG Ultra Financials Long
XLF Financials ETF
MCRL Follow Up
MCRL was a long trade idea from 8/23
MCRL Daly chart and resistance-there's a nice "W" shaped bottom in place.
The daily 3C chart looks fantastic.
The hourly chart also looks very good with a leading positive divergence. Note the negative divergence at the red arrow, see the little pre spike in the red box-that is a head fake move. The head fake forces shorts to cover, sucks in longs and ultimately adds a snowball effect to the reversal as longs are forced to sell, adding supply when their positions turn n to losses.
The 15 min chart shows accumulation of the dip today, but also seems to indicate MCRL will pullback on more time before it is ready to breakout, hopefully we'll see strong accumulation on a pullback.
The 10 min chart confirms the15 min chart's findings.
As does the 5 min chart.
And the 1 min chart.
I would think the pullback wouldn't be too deep, maybe to the support level, maybe to the 50-bar /30 min moving average. You can see volume is weak on this move higher, so it needs to gather some strength and make another attempt at the breakout, it may be a good lace to buy if you are not in the trade. Feel free to check with me to see what 3C looks like should the pullback materialize.
Energy Update
XLE
XLE 60 min in a leading positive divergence.
XLE 30 min shows 2 leading positive divergences.
XLE 15 min another leading positive divergence
Same with the 10 min, with sharp accumulation on this morning's dip.
Same as above.
The 1 min chart is indicating either a pullback or a consolidation, I would think t is more likely to be a pullback.
