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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?
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...
Notice this important observation
Read MoreThe 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.
Now lets look at the Big Picture as of Fridays close
Read MoreIts 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
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Read MoreI 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.
Break out
Read MoreIt 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 - 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.
Read MoreUsing the April 8th (Fridays Chart), we see the markets consolidating sideways. This usually prepares it for a directional move , up or down. In this case, it can also take that bearish wedge and allow it to become a channel.
The Markets continued that sideways move on Monday...
Read MoreThe environment for trading in 2016 has been excellent for traders and investors that knew where to look. If you have been a subscriber since January, then you have seen so many trade ideas blossom and grow. We have been finding various sectors that had bullish set ups that many were actually afraid to trade in. Coming out of their lows, the potential has been tremendous if you know what to look for.
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For example, just look at this one stock.
MUX - Whether you traded it, or bought and held when it was recommended, it is up over 100% from its lows.
Lets look at a number of current trade set ups with conditions that favor the upside...
Read MoreThis weekend report will be slightly different from past weekend reports. I usually like to cover "Everything" in my weekend reports. I want this report to focus more on what I think could be important at this moment, and less on everything else. We will discuss the meaning of the Starting Gun too, but if you've been here for a while, I would imagine that you know exactly what I am talking about.
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SPX - Less important right now to my current trading. See Fridays report for thoughts on the SPX.
Read MoreLets review a few things on this final day of the trading week
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Read MoreSigns of strength are popping up everywhere...
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April 4th - I've been expecting a dip down to a dcl.
We had the Fed Minutes released today and the SPX ( or markets in general ) is NOT breaking down. These markets are not breaking down at the 13 sma, and they look like they still want higher prices. Is this just going to go sideways as a consolidation?
Consider this too...
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