Market Signals strong to start
up: EWP, EWG on news, fcx, euro up huge, /zb down big, SPY, aapl, amzn, xlf.
No reason to consider shorting early.
/cl is wild choppy. /cl is a different beast altogether. /cl can only be traded by monitoring the major sup/res areas -- then waiting for the big moves / extension and riding it back the other way. Playing the middle is pointless.
CIG -- gapping up after a few days above 10 day MA -- daily MA rule in full effect. (follow strength!)
9:19 sell signal /tf (unsure because Market Signals are mostly green)
/zb strengthening --
gap up -- then continuation. signal was good for about 25 ticks.
Market Signals trendup strong.
stocks are always looking for support/resistance levels to overrun -- take out stops -- that's the purpose of daily movement -- to take people out at the worst times.
daily swing buys need to be held for daily swing targets -- not peanuts. Usually take 5 - 7 days to fulfill -- not an hour.
every big move has a tight consolidation pattern before it.
bot MRVL - .20 stop -- below 10 day MA is bad. Heavy call buying is good. Above 15 min. chart. So clear support area must hold 8.70 or out.
/tf double tops then pulls back 20 ticks fast -- playing straight TL breaks would work today -- really more of a range bound after the gap up.
AAPL - could buy as soon as 15 min TL was broken -- simple as that -- ran 14 pts.
LXK -- above 10 day MA today -- will it run now? My main system says yes. Made a nice multi-touch bottom before today's breakout -- so lots of accumulation lower
the market is mostly in chop until -- moving to support to resistance. Your job is to know the levels and then place a bet. You won't know the outcome, but you can lose less on the ones that fail. That's the edge. Knowing the market well, and honoring the entries/stops.
MRVL closed strong. /tf mostly flat all day.
A lot of ER.