futures up premarket
/tf to 780 -- this is a moderate resistance area.
/cl up to 88.
pre-holiday usually bullish but now 200 ticks off Fri lows...
so expecting significantly lower volume and volatility -- especially after Fri. huge move.
Digest and consolidate but bullish bias.
AAPL up to 535 on upgrades.
SINA up 8%
BMTI -- buyout for over 100% premium.
oil up strong.
new highs -- pushing strong. 781.2 /tf
782.9 -- FIB LEVEL created using Daily Chart -- be amazing to see this hit.
and 782.9 HITS. at 8:58. on Puke Candle -- top?
/cl up 100 ticks, /tf 783.50 IWM 83.40 -- touches top of 15 min channel. Major resistance here... but no short patterns developing.
TREND UP DAY -- but gap up opens are different -- usually a trap to get long.
Trend Up Signals --
advn-decn 2150 -- HUGE.
Slight p/b but Trend Up Signals prevent getting short 786 /tf at 10:43.
correct action is to keep getting long all b/o of wedge p/bs/
all sectors green, IbD list 99% green, euro rip, /zb red -- Trend Up Signals should essentially be a 'NO SHORT' policy on the day. Although -- looks like a wedge is forming and breaking in /tf.
very tight range now -- not much to be done here.
Dow +160 pretty typical - oversold into holiday weekend. Not much selling to reverse it either.
With 99 MA supporting a Trend Up Day -- the ONLY trade to take is dip-buying.
If you are trading for a living, you are probably constantly trying to simplify your process.
/cl - rips to new highs - takes out stops. from High several days ago -- very very obvious -- using 15 min. chart.
market grinding up -- no reason to get in the way shorting.
3rd attempt /tf - to push to new highs -- Trend Up Signals is clear -- we may not make new highs, but we sure ain't going back down. However -- now a nice triple top forming over multi-hour period. The longer the base, the steeper the chase. For now... still poor r:r environment.
/tf creeping up but advn-decn is weakening and $TICK is flat -- very noticeable divergence. /cl also broke 99 MA after a huge run.
trying short on divergent TICK and advn-decn -- responsive short here -- so only risking 12 ticks
5 min triple top + 5/34 xover. Really HAVE to take this trade because it probably WILL fail since we're in Trend Up Day -- but a failure would pay off at least 5:1 if Trend Day somehow fails.
Nonetheless... the basic rule should be NO SHORTING on a day like today unless there are much clearer divergent signals.
/tf -- pushing up... /es above 1380 -- charts/signals say higher. Dow up 181. Is that "too much". No such thing. Bear market rallies are fierce for a reason. Lots of fuel.
/tf flat but pushing into the close. AAPL up over 7% !!! best day in 2 years. Major Buying.
IWM finally touches 79 -- obvious target.
/tf touches 790 from 760 on Friday...
/tf closes OVER 791 -- right through VALUE area. Bear squeeze. Trend UP DAY was correct early on.
Sometimes you just got to go with the flow.