It was an ugly close today - especially the last 30 min trading took us 45 S&P points down. In the last 30 min, bull flag on 2-day chart, cup and handle formation on the 5-day chart, and potential inverse H/S on the 5-day chart were voided. Only saving grace for today’s close is that [...]

39 Comments

Friday, November 14, 2008
8:30am Earnings Before the Open: ANF, A, GSI, HEW, JCP, SPH.
8:30am Fed Chairman Bernanke speaks at ECB conference in Frankfurt.
8:30am October Import Price Index (last m/m -3%, y/y 14.5%), October Advanced Retail Sales (last -1.2%, ex auto -0.6%)
10:00am Preliminary Nov U. of Michigan Confidence (last 57.6), July Business Inventories (last 0.3%)
12:30pm Fed’s [...]

223 Comments

In intraday commentary today, Surage asked:
Will today be a repeat of 11/7? A strong green day to be followed by a few more days of selling? Or is everyone and their mother calling for this “new” bottom to hold?
Great question! That got me digging in to some numbers on some “reversal” days and 11/7 as [...]

12 Comments

This post by Daneric40 has been promoted from StockTock Social. Dan thinks this wave c of wave 4 of 3 could extend above the pennant’s resistance. Something to keep in mind!

Primary Count:
Wave 4 of 3 is playing out as an “expanded flat”. This is a 3-3-5 wave structure in which wave B is so strong [...]

6 Comments

Today’s low caused me to adjust my lower trendline slightly, but the pennant is still very much intact.

When the market was trading at new lows, we didn’t see the high volume or spike in volatility usually associated with new market lows.

11 Comments

8:00am Joint meeting of FDA Anesthetic and Life Support Drugs and Drug Safety and Risk Management advisory committees.
8:30am Earnings Before the Open: CHNL, CPA, CRYP, DAKT, DRQ, FCSX, FIG, FREE, FSIN, GSOL, GSIG, ITWO, KLIC, MPEL, NJR, OHB, PAAS, RAH, SI, GASS, TEF, UNCA, URBN, WMT, WNS, YGE, ZOLL.
8:30am Sept Trade Balance (last -$59.1B)
8:30am Initial [...]

327 Comments

This post by Daneric40 has been promoted from StockTock Social.
Another horrible down day. Volume picking up, VIX ticking up. Has this decline from peak some kind of huge ABC correction or wave 5 of 3 down? It looks like wave 5 of 3 down. The reason is the wave structure and the sheer breadth of [...]

4 Comments

Update (Nov 13, 5:50 PM):
I bought more SSO this morning when DOW was basically flat. I also bough calls on oversold ESLR for a scalp trade. Despite the midday scare about pennant being breached, I held on to all my long positions as I noticed that the sell off was not broadbased like it was [...]

17 Comments

It’s 6pm and this is the first time I’ve looked at the market all day. I am having some serious Intraday Commentary withdrawals. Looks like the pennant scenario is playing out. Despite the weakness after hours, I would expect a strong bounce from here.

6 Comments

With the announcement last night that Craig needs to step-back from daily interaction on StockTock, I’d like to start opening up discussion with everyone to collect thoughts and ideas for the future of this network. Our goal has always been, and still is, to build it for and around the trader community.
Please join the StockTock [...]

3 Comments