Market Strength Continues
The market pushed higher today, with the DIA hitting an unprecedented high price. (The reason that the underlying index, the Dow 30, wasn't at an all-time high was because the DIA takes into account dividends). Want a fun fact? If you bought the Dow 30 on July 6, 1999 {nearly seven years ago} and held it to today, the net change in the index would have been 0! Incredible, considering what's happened during the past six years, isn't it?
I've mentioned symbol ASYT before, but I've got to again state what a picture-perfect inverted head & shoulders this was. Just take a look - particularly on the pullback (highlighted here with an arrow) and the subsequent boost in volume. It's up about 100% since the breakout.
Although my view on the market remains bearish still, for you bulls out there, here are a few symbols which look very attractive to buy: Q, RADN, SCMR, TLAB, TRAD.
6 comments:
What's incredible is that for a 'bear' your recos don't seem to be working out (ie. DIA and AAPL), yet your bullish ones ASYT in particular, do! So much for an easy short (AAPL)!!
I think I am a bull but I value your views from the bear side. I am just interested to know what you see in the attractive to buy recommendations today. Thanks.
C'mon People
You have to be accountable for your own actions. Youre stop should have been right above resistance. Tim even said "I'd suggest a stop of 71.02 on this one.
istance. "
I appreciate that, John. You're right, I *did* state a stop (which is more than I think 99.9% of most would have done). And a nice, tight stop too.
It's funny, because when I suggested the trade, one guy was saying how any idiot could see that was a good pick. Then when it doesn't work out, I'm chastised there too. Just can't win, eh? :-)
- Tim
Please keep giving us more shorts! No bullish recos, bulls make me mad! :) Anyways, on P&F charts, AAPL just hit the trendline, which is down, so it looks like AAPL will still work out, but we seemed to have a little short squeeze here. Also, AAPL is waay to overvalued to be even considered for a take-over candidate. Also, as an aside, retail money flows into equity mutual funds are back to, guess what? February 2000 levels. We all know how nicely the market then toppeded out in March and it was sionara bulls!!!
I look at the 5 yr and 1yr for TOL and I see a head and shoulders with a neck line at 31.59. I also think a couple more fed rate hikes might help the bear cause. Any thoughts on TOL as a prospective short, and it's chart pattern.
Post a Comment