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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