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Post by huh on Mar 6, 2015 14:20:23 GMT -5
S&P still needs to back test the neckline ~2088.50-2099. Without that, all of this becomes a false move. And the longer it takes to back test, the more likely this pattern could get squeezed. Kind of what I was thinking when I mentioned earlier about an intra-day short-covering rally. It would be just like a Friday for this to happen. I expect this down move to be fast and short-lived, though. Turnaround-Tuesday is just right around the corner, eh? A real person! lol I thought at least the neckline would get back tested today, but looks like that's going to fail too. Probably hard to get people buying in this afternoon now. Best I can do is have my buy orders ready for next week I suppose
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Post by crumbdon on Mar 6, 2015 14:46:34 GMT -5
Ouch!!!
TAKE DOWN!!
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Post by huh on Mar 6, 2015 14:46:45 GMT -5
Target to cover would be ~16.00 Make that ~15.83-15.85. Might as well grab the extra %. Update to downside target in EYES - now 15.31, but stop >16.80.
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Post by crumbdon on Mar 6, 2015 14:48:24 GMT -5
Sorry not here. Been writing a journal in the lounge, though.
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Post by huh on Mar 6, 2015 14:50:14 GMT -5
OREX traded as low as 6.29 this morning, or down as much as 21% overnight. If you shorted OREX ~8.90, try to cover anywhere between 6.50-6.69 for a 25%+ gain. The 76.4 FIB support & 10dma are at 6.51. And there is a gap below as low as ~5.80. However, if this is actually an iH&S playing out for a move to ~$14, today's move is the backtest of the neckline in the 6.60's. DISCLAIMER: I'm not recommending a long in this today. I'd wait to see all of today's action before even thinking of trying it long. There's also other gaps down around 3.85 & 3.50 (head test?). It would at least have to prove itself over that neckline first. Looks as if OREX will lose that support I mentioned - perhaps as low as 6.15 or so. If short, I'd at least set a stop above 6.70 after it falls into the 6.50's/6.60's. Stop >7.05 now if short OREX.
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Post by huh on Mar 6, 2015 15:00:08 GMT -5
Going to be interesting to see if any of the buy targets changed after today's action. From what I'm seeing so for, maybe only DDD, and only slightly.
I'll have to wait until this weekend to check them. I can't look at another chart today. WAAAAY too many this week. Seeing them when I close my eyes. lol
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Post by huh on Mar 6, 2015 15:04:59 GMT -5
OK...one more chart. The neckline back test for the S&P sits ~2088.50-2088.60 at the close. 2076.20 the resistance to beat now to make that even remotely possible.
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Post by walnut on Mar 6, 2015 15:39:09 GMT -5
down 1.5%, that is something
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Post by jacksrbtr on Mar 6, 2015 16:17:57 GMT -5
Seriously, where'd everyone go? This isn't the ole 'cover your eyes and market goes green strategy', is it? It doesn't work! (trust me) Anyway, have a good weekend all. I'm entering a deep depression thinking about M.Armstrong and what the international sovereign debt crisis is gonna do to us starting in Oct.... So I asked my general practicioner (GP) Internist what I might take for that and he said "I'd give you a prescription for Prozac but in your case I don't think it would do any good.". And then he said he's sick and tired of all the crap he's gotta put up with Obamacare and that he's pulling the plug in June so I gotta look for a new GP ain't that just great when no doctor wants anyone over 65. Fuck me but have a good weekend anyway.
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Post by huh on Mar 7, 2015 10:22:57 GMT -5
So, what do you guys think...a 3% up day for Monday?
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Post by novie08 on Mar 7, 2015 10:30:49 GMT -5
So, what do you guys think...a 3% up day for Monday? Tuesday.
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Post by huh on Mar 7, 2015 10:54:00 GMT -5
So, what do you guys think...a 3% up day for Monday? Tuesday. OK, +3% Monday, then +7 points for Tuesday. How's that? Sounds crazy, but not totally out of the question. There is a small possibility for it in the charts, especially considering the supports AAPL, XLF & IWM held on Friday. I hope/expect it instead pulls back more and finally tags some of the buy targets in the individual names. If the market does continue to pullback, seeing an AAPL target ~118.50. Keep in mind though how great my previous AAPL pull back targets panned out.
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