UPDATE: 2:15 PM EDT Something’s gotta give… We’re in a falling wedge within an expanding wedge, with loads of divergence and retesting the earlier lows. UPDATE: 12:15 AM EDT Market seems to have found support here. Only influence I can see is the Nov 5 2010 high of 1227. We’ve made a new bullish falling … continue reading →
BAC reached the bottom of its rising wedge this morning. It tagged 9.32, even better than the 9.40 I was looking for. I sold my remaining August 11 puts at 1.65 for an 83% gain in 9 days. At 8.89, it would complete a bullish crab pattern that would also coincide with the bottom of … continue reading →
ADDENDUM: 10:35 PM EDT: Thanks to ewtnewbie for this question on Daneric’s excellent EW blog: Pebble, love your stuff. I’m glad you cleaned up your Fib chart–it was getting hard to read. I haven’t redrawn mine yet, but are you thinking today as ‘a’ up, with ‘b’ and ‘c’ to come to get to 1270ish–or … continue reading →
I don’t really follow gold, per se. But, seeing that it made a new high today (1646.80), it seems like a good time to take a look at the technical picture. Gold has been in a rising wedge for over three years — a long time, in technical analysis-land. A couple of other things can … continue reading →
UPDATE: 1:00 AM EDT Posting this pretty late at night, only because I needed a long walk on the beach after a day like this. Don’t know about you, but my head’s still spinning. We got exactly the move I was looking for; just didn’t expect it all at once like that. The goal was … continue reading →
UPDATE: 3:00 PM EDT In coming back to the -2 std deviation line of our regression channel at today’s low of 1274.73, we’ve finally completed one of the H&S; patterns I’ve been following. This one has a sloping neckline (blue, dotted), and is the 2nd cousin to the one everyone’s been watching. Here’s a peek: … continue reading →
While we’re all waiting for our heroes on Capitol Hill to ride in on white horses… FRIDAY Friday’s market proved, once again, the power of harmonics. While I, and seemingly everyone else, was watching the 200-day moving average (1284.27) for a bounce, it was a Gartley pattern and a fan line that proved the more … continue reading →
Just made an interesting discovery, that led to an even more interesting discovery. I’ve been watching the VIX calls, and in fact am very happily invested in the August 25’s at .50. Last night, someone pointed out that the in the money calls were trading below intrinsic value. A few minutes ago, with the index … continue reading →
UPDATE: 2:10 PM EDT The market is back to even on the day. But, it’s still not clear whether the advance over the past hour is a completion of the a-b-c or the first subwave of the next wave down. It’s also completed three of the four legs needed for a bearish Gartley pattern that … continue reading →
Two days ago [Intra-day July 26] I wrote about an Inverse Head & Shoulders pattern developing in VIX. I thought it would take us to 21.66, which it did — hitting 23.99 today. I know what you’re thinking. Was that the only H&S; worth watching? Well, to tell you the truth, in all this excitement … continue reading →