Am sorry for the no show yesterday but I have been and actually still am extremely busy and have no time to give for the markets. Oh, the many joys of being a part time trader! I pretty much missed out on today's move up as I sold most of my longs yesterday. That's OK as the market provides us with new opportunities everyday. But I hope all you readers are making the most of this early Christmas gift. I will be back during the weekend. Just a piece of advise before I leave. Nobody ever got broke taking profits!
Take care and good luck!
5 comments:
Friday... no show and no comment :) Take a look at EMDC again for me and tell me what you think, it looks short term bearish to me but its still in an uptrend and volatility is 37 which usually point to an uptrend in the next 2-3 weeks. I'm trying to determine a trend for the next month (considering selling a jan. put), im still mildly bullish on a few equities until january. Any thoughts? Thanks.
Hi Bill,
I will get back to you on this one sometime during the weekend, definitely before the market open on Monday.
Have fun!
You sure you got the symbol right Bill?
Bill, the first thing that struck me about this chart was that it did not join in the up move last week, which is obviously not a positive sign. According to me, this is a ranging stock which be played as such and any other type of play is just forcing a move.
Top of the range - 14.80 to 15.60
Heavy resistance at 14.80. If it takes much longer to break the above levels, MA(200) is just gonna join from above and thats just going to make things harder.
Bottom of the range - MA(50) is an obvious support but join the September lows and October lows and you have an ascending triangle being formed. Before this ascending triangle started forming, there was a sharp down move from 26 to 8. So, a break of this consolidation pattern to the downside and the lows could be tested again.
I wouldn't wanna go long this pattern until 15.60 is broken but a break of the ascending triangle to the downside with volume, and this could make for a sweet short.
Hope this helps somewhat. Good Luck!
Thanks it does help, thats basically what i was thinking. I see it climbing back to maybe 15ish again before falling back down below support levels esp. with below average volume 8 of the last 11 days and no pattern after general market trends not to mention a sizzle rating of less than .020 on a day with decently positive news. i think a small technical bounce is the only thing it has left in the deck for now before heading back to 11.
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