APRIL 26 – Smooth Sailing?

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Whenever we as traders get really really comfortable with our trades and trading, I think it is always a good idea to go back and shake things up a bit, just to keep us on our toes.  Since not a lot has changed on the charts  from the weekend report  through  Mondays trading day - I wanted to focus on trading and 'trade set ups'.

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Waking Up To A New Week Of Trading Ideas

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It was another excellent week of trading.   I received more than a couple of emails  expressing joy over the past couple of months of activity.   I'm really happy to see these results. Since we know that these runs dont last forever without consolidation phases, lets  get right to the trading and our expectations going forward.

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LGCY- This was the trade of the week if you ask me.  I showed this base as having huge potential back on April 9th.

LGCY

This was Last Monday - It was a buy when it bounced right off of the 50sma near $1.00.  These types of bases are explosive.

LGCY 4-18

Last Wednesday -  Still could be bought, inside of that long running base.

LGCY 4-20

APRIL 22 LGCY - It surged to $2.35 Friday!  Well over 100% in 5 days, 46% Friday alone.

LGCY 4-22 b

I am going to discuss what to expect from LGCY and a few other trades of ours that have done well later in this report.  Is this just the start of a break out from the base, or has it exhausted itself?  Stay tuned.

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Friday April 22

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I just wanted to post this Friday report to mention a couple of things about our trades.

 

CRB - This was my Tuesday  chart of the CRB. Notice the area where it was expected to run to , and then it might hit resistance.

CRB 4-18

Today the CRB hit the 200sma and turned down.  Is the Run complete?

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Divisions

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Thursday - 2 trading days left in the week. Again we have had another  great week of trading, but how long will this last?  Should I sell my positions?  Lets do a quick market review and then discuss positions.

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SPX - April 18 had the markets Bullishly moving higher.

SPX 4-18

SPX  April 20  - The SPX is almost at the November highs and remains bullishly aligned. This may be an area that gives resistance, or the shorts may pile in and be forced to cover if it breaks to new highs.

SPX 4-20 Read More

What’s Up? What’s Not Up :)

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Excellent trading, that's what has been up in 2016!  I keep telling myself not to get too used to it, because I know that following the fast run higher is a pullback or consolidation move. This year we are seeing various Sectors setting up at different time frames. We've been able to sell the run higher in some areas and move right into another lower risk set up. What's up?  Very profitable trading!

CENX - This was recommended at the lower end of this consolidation over a week ago.  It tagged that 50sma at $6.50 and the 50sma acted as support and price bounced off .

CENX 4-11 daily

CENX - Over $7 - It was still a buy

CENX 4-11

CENX - Is this a double top or just the start of a major run higher?

CENX 4-19  

This is how I see CENX and several other trades that we put on...

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Perspective

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It's all a matter of perspective. If you fell asleep Sunday night and didn't wake up until after the market closed on Monday, you may have thought that not a lot had happened.  If, however, you read my report Monday morning , you saw that Oil had dropped 4% overnight.   CNBC and many other sources of information where lit up.  Was 'Oil dropping to the 20's again'? Was it 'a great time to go short'?  No, Cycle timing and the charts were pointing to possibly just a small pull back.  We are invested in Oil & Energy, so this was important.   This was our Oil chart in the report.

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WTIC - Oil was early in the 2nd daily cycle, and the first one was R.T., so I expected more than just a day 6th high in this run. Maybe we would get a gap fill?

OIL 4-15b

WTIC MONDAY -  Many ( Not here at Chartfreak) likely jumped in on the short side pre-market, but the shorts got overwhelmed.  This reversal did fill the gap and it did something else too...

WTIC 4-18

Notice this important observation

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Not Quite Finished Yet

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The Markets continue moving along, but in some cases we are not quite where we wand to be yet. Lets review...

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This was the SPX in Thursday mornings report.

SPX 4-13

Now lets look at the Big Picture as of Fridays close

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Friday April 15th

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Its Friday April 15th, so I wanted to remind you that it is Tax day in the States, and I also needed to offer a clean slate in the comments section, since yesterdays comments section was FULL. 🙂

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General Markets : We watched the markets break out Wednesday

SPX 4-13 ... Read More

Get Your Ducks In A Row

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I cannot believe how nicely these markets are getting their ducks all lined up in a row.  This report is going to be as long as a weekend report! You may even be a little surprised to see what I am about to show you...

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SPX - Tuesday I pointed out that the wedge had resolved itself.

SPX 3-12

Break out

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IT IS NOT EASY

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It is NOT easy when you have a stock up 10%, and the other 4 or 5 are up 20% 34% and so on , but we'll just have to deal with it  🙂 .  Yes, I'm kidding, but seriously that is the way it has been lately.  Dont get used to it, it can be short lived reward for the patience that we have put in. Lets discuss selling and rocket ships after a quick review.

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SPX  April 4th chart - I pointed out this bearish rising wedge and called for the markets to stop rising as a result. I said that I then would expect another run higher.

SPX 4-4

SPX - Those wedges can cause a drop or a sideways move that can correct the wedge, and so far we now have a channel . That wedge has fixed itself.

SPX 3-12 Read More