The spot gold price is still holding above the 1314 support range despite the recent days violent volatility that kept traders guessing if we would get a support range break down or confirmation of holding support. I suspect a lot of sell stops have been triggered at the bottom of the range near 1314 level … Read more
Today the sp500 finished creating its January Monthly price candlestick. The January candlestick finished with an up close and without having created any bottoming tail. A medium to smallish size topping tail was created on the January candlestick by the end of the month. The market was able to evade the creating of a bearish … Read more
The sp500 today is getting hit very hard especially within the context of the previous multi month ‘trickle up’ tape action. It remains to be seen how the market closes today but this is clearly a sign of weakness and supply coming into the market. At 2:11pm the volume on the SPY ETF is close … Read more
I am switching quickly to BOT Short right now. I am seeing a similar pattern starting to develop like we had in the April 2010 top. I indicated in previous posts that there was still a chance we could see supply come into the market at the 1300 range. Today could be the day that … Read more
The GLD ETF which closely tracks the gold price is showing a much needed strong reaction off of very key trading range support at the 129 level. The test of the 129 level was a very key test for the gold market as a break down through that level would have opened the door to … Read more
FRZ Reddy Ice Holdings, Inc is possibly setting up for a breakout from a cup and handle formation. This company is in the portable ice business and it would seem odd that such a business could thrive during 0 degree Fahrenheit temperatures the other day. I suspect a good portion of their business is located … Read more
I am switching to a BOT long signal this AM at 1298 on the sp500. It appears we are about to ascend through 1300 which is a key level for the market and which could provide as a catalyst for more upward momentum. I had written quite some time ago that sometimes during momentum markets … Read more
I really hate to do it, but the market is unwilling to pull back for now, and I need to switch to a BOT long signal tomorrow. As Jesse Livermoore said, “a stock is never too high to buy and never too low to short”. I have been on the neutral signal for some time … Read more
I talked about long bottoming tail candlestick reversals yesterday and I highlighted the stock ALSK as one that came up in my metastock scan. I have been researching the topic and am trying to get a feel for how these reversals take hold. It appears that ALSK should be ready for topside action right near … Read more
I have been trying to come up with a valid long legged hammer candlestick reversal trading strategy. So far I am still in the exploratory stages and have not been able to come up with a perfectly clear system on how to trade them. I am mostly interested in the LONG LEGGED (also known as … Read more