Wednesday, June 5, 2013

June 5: wednesday: ADP data

5:26 am: weakness.

Japan market down 3%.

/tf   980 -- already established 3 touch descending TL o/n.

tf 977.3 --  nice little bounce -- created a 3 touch TL. at 7:05 - and a quick 20 tick drop.  Good synchronicity entry.

/gc - breaks TL - now emerging uptrend.

jobs #s a miss by 30k --- /tf rising though after initial drop.

/gc -  had broken out PRE NUMBERS -- NOW CONTINUING.  

/tf -- choppping around -- taking out early traders with the tight stops -- feeding the algos.

costs drop...  + more QE may make for chop -- especially since we start  gap down on top of a down day with $NAMO -31  -- no gimme shorts.  You gotta earn it.

weak IBD:  fslr, tsla, ddd, aig, nflx, goog, 

strong: ADNC - news, partnership
AMBA -- er beat.
CYBX - er beat.

market under pressure,
AD -1600

You need to see  A LOT of confirmation for a long.  Nobody is going to hold on unless there's something to sink ur teeth into.

tf 969.7 --   

ad -1722   staying out.

ad  -1900

keeps going lower so stay out.

Trying to get cute will always cost you.

Look for synch.

/tf  50% retrace  of today's move.  AND STOPS RIGHT THERE.  974


ud hits new lows before 2 pm bernanke --  looks very weak....

look for synch -- symmetry.  Otherwise you are waiting.


I look for symmetry.  It's dynamic and always evolving. 

Super weak day
AD -1914 at the close.

IBD names stomped.

Correction continues.   Not surprising.

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