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Post by huh on Oct 21, 2014 9:26:55 GMT -5
As technical traders we can only short at resistances and buy at supports.
It's pretty simple, really.
The hard part is correctly identifying those support and resistances...and managing losses when and if they break.
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Post by clinton on Oct 21, 2014 9:28:29 GMT -5
SPY 10M obv Attachments:
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Post by huh on Oct 21, 2014 9:51:15 GMT -5
Last night futures took off exactly when the London market opened. And that was after they failed support.
Only waiting now to see what futures do when London closes (11:30 EST). Tech seems to be fading hard. It's mostly banks holding up the S&P, and FAS almost at the 4% mark.
(the irony is that I've been saying for most of the year now that we should see a final squeeze rally led by banks...and then I get caught right in it!)
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Post by clinton on Oct 21, 2014 10:16:13 GMT -5
heres top 10 in that fund I loaded up on me likes Attachments:
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Post by clinton on Oct 21, 2014 10:29:30 GMT -5
glad to not see IBM in that fund either
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Post by huh on Oct 21, 2014 10:41:45 GMT -5
SPX final FIB resistance at 1935. A tag of that moves up major support to 1913.25 (even above yesterday's close).
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Post by crumbdon on Oct 21, 2014 10:47:05 GMT -5
Market should be at a near-term top. Jim Cramer just said it's safe to buy again.
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Post by huh on Oct 21, 2014 11:06:37 GMT -5
Possible intraday double-top now in IWM (& already underperforming SPX & NDX). Downside target ~109.60. The iH&S breakout support (neckline) now sits at 109.28.
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Post by dino on Oct 21, 2014 11:11:28 GMT -5
spy backtesting lt up channel ~193.25. in spxu 47.50, out of amd break even. mental stops on high alert to help avoid face rip off.
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Post by huh on Oct 21, 2014 11:18:07 GMT -5
SPX final FIB resistance at 1935. A tag of that moves up major support to 1913.25 (even above yesterday's close). Final FIB resistance for XLF ~22.85. Measuring both of these FIBs from the 10/08 highs. Hold over those and the H&S-RS-squeeze-to-new-highs is definitely underway IMO.
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Post by huh on Oct 21, 2014 11:30:59 GMT -5
XLE about to backtest the large H&S neckline from underneath ~85.50. (it's final FIB resistance sits ~85.59)
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Post by huh on Oct 21, 2014 11:35:39 GMT -5
AAPL trading above that large pennant in pre-market. Only needs to hold the top of it now for an upside target ~108.75. AAPL backtesting the top of that pennant now @102.00. Looks as if AAPL putting in an "Obama's Poll" pattern (really need a legit name for that pattern). Back to LOD would confirm.
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Post by huh on Oct 21, 2014 11:57:12 GMT -5
KO Coca-Cola EPS in-line, misses on revenue Coca-Cola (NYSE:KO): Q3 EPS of $0.53 in-line.Revenue of $11.98B (-1.2% Y/Y) misses by $140M.Shares -3% PM. Trading down almost 5% @ 41.18. There is an unfilled downside gap ~40.00. Wonder if that will provide support. KO missed the gap fill by 7 cents. But looks as if it's forming a continuation "Obama's Poll" now.
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Post by huh on Oct 21, 2014 12:52:39 GMT -5
I'm sure only a 'coincidence', but on 10/17 there were phantom spikes for:
MSFT up to 45.38 XLE to 85.90
and there were a couple more, but I can't remember which ones now. I was showing them to someone on my computer Friday night. I should have heeded them better.
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Post by huh on Oct 21, 2014 12:58:04 GMT -5
Courtesy of: Ryan Detrick Today could be the 9th 1% move (up or down) in October. Previous most for any month was just 5. stks.co/t0upA
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Post by crumbdon on Oct 21, 2014 13:10:13 GMT -5
What bears???
Did last week really even happen?
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Post by huh on Oct 21, 2014 13:14:01 GMT -5
Saw someone post "AAPL & CMG impresses today"
Ummm...CMG, not so much.
LOL
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Post by huh on Oct 21, 2014 14:07:03 GMT -5
Screw the "DOW 15,000" hats and such. I want a T-shirt that says "I GOT SQUEEZED!". Perhaps with a picture of a flattened bear. (come to think of it, those might actually sell well - surprised the Fed doesn't have them available for purchase at an inflated rate)
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Post by walnut on Oct 21, 2014 14:14:14 GMT -5
That's a STEEP climb waiting patiently for the next drop...
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Post by huh on Oct 21, 2014 14:52:08 GMT -5
Well, on the bright side, at least I learned a new kung-fu style today. It's called "Praying Bear (in Bull's Shadow)".
Got pinched by the very squeeze I've been calling for.
DOH!
Every single topping pattern and indicator I saw both yesterday and today were squeezed. Not one left untouched (well, except the bearish continuation rising wedge in NFLX).
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