Happy Independence Day, Everyone!!
As we know, today was a half day of trading. Taking that into account, it looks like volume was on par with yesterday’s action in the overall market. However, we once again failed the 50 MA. I’m not sure if or when we will break it, but I truly wish the market would pick a direction and get back into a trend. Although it’s been true for over a week, it’s very obvious that we are range bound by the 50 and 100 SMAs. Notice that Stochs are turning up as is MACD. This could be an early signal that the bulls are ready to take control. But as always, only time will tell. I have re-assessed my analysis with a more defined bracket trade. Currently, we look to be in a downward expanding triangle. A break out of this trend (and subsequently a break above the 50 SMA) should send us higher. A break below the 100 should keep this short term bearish trend in tact.
REVIEW OF YESTERDAY’S PICKS:
$TLT: You would have gotten triggered in bearish on the 15min rule finishing the day up $0.17.
$COST: No Trigger
$UA: No trigger, but it looks like Friday could be a good entry.
$GOOG: No trigger, but keep an eye on this one. That bottom trend line looks strong.
REAL ACCOUNT ACTIVITY:
$POT: HOLDING (-22%) I see now that I probably went short right at support. It’s all in the perspective of how you draw your trend lines. I should have used the wick from the candle on 11/26. Although percentage wise I’m down considerably, I am not down much monetarily. My stop is remaining in place. If I get stopped out on Friday, then so be it.
That wraps things up for tonight. I hope to have some picks up tomorrow. Again, wishing everyone a safe, fun, happy 4th!