Lost power --- trying to catch up.
So far a reversal day -- possibly gravestone doji on Daily Chart.
ADVN-DECN starts at +1534 now under +200
gold / gold miner WOKE UP. That's good for me.
DECK pleasantly green.
AAPL under 520.
slow selling. This day was not unexpected.
/tf now -.36% hitting new lows... at 11:15
/es green -- so risk appetite way off.
/tf - breaking intraday TL but would need to see double bottom confirmation -- too weak to simply buy the b/o today.
I keep looking at the daily charts -- and they keep me from trying to get long.... we need a real pullback here to alleviate overbought conditions.
URBN -- worst store ever at 52 week high... can't understand it. DECK should be at 50 if this is for real.
Remember: Relative Strength.
/es came out of wedge and was always outperforming /tf -- and /es ran 4 pts. but /tf did not. Know your relative strength on dip buys.
End of day recap:
Notice how /tf ramped back to breakeven ... but as I mentioned, /es was clearly demonstrating superior relative strength and it closed up much stronger.
The wedge break in /es was good for 13 points if you just held it with a trailing stop.
Each day, assessing relative strength is one of the primary goals. I managed to catch HAS for .88 (and it closed another .30 higher from my exit) because I noticed it was acting super strong off a wedge breakout on the daily chart.
Relative strength gets you into the movers and keeps you from entering weakness too early.
Today was a reminder to avoid /tf and perhaps look for the same wedge break entries on /es which was acting better. I mostly avoid /gc and /cl because they behave much differently, extremely volatile and you can't use such tight stops.
Anyway -- I was out most of the day so I can't say much. It's nice to be a bull.