Mar 192013
 
SWHC short setup

SWHC will trigger a short entry on a break below this Ascending Broadening Wedge Pattern, which has formed following the recent breakdown of the stock’s primary uptrend line and subsequent bounce off support.  T2 (6.18) is the current preferred & final swing target at this time.  Stops TBD upon entry.

Mar 192013
 
SPY update

I’ll be heading out for a few hours this afternoon & just wanted to post an updated SPY chart before I leave.  Yesterday’s gap down found prices opening right on the top of the wedge pattern, which was the second consecutive confirming candlestick to the potential Island Top reversal candlestick pattern on the SPY.  No surprise that the market bounced immediately from the open yesterday as that was the first backtest of the wedge pattern since the overshoot and likely the last IMO.  We’re starting […continue reading]

Mar 192013
 
HLF short trade update

On the last update to the HLF short trade, I had pointed out this triangle pattern on a 120-minute time frame chart stating that a downside resolution to the pattern was likely.  Prices have indeed recently broken to the downside and I have added one additional key support level to watch as shown on this 60 minute chart. My thoughts on HLF continue to be that there is a good chance, contrary to the widely held consensus on Wall Street, that Carl Icahn’s short-squeeze plan, […continue reading]

Mar 192013
 
AAPL first target hit

The AAPL long trade has hit the first profit target for a 4.3% gain from the official entry and a 5.7% gain from the optional (early) entry posted on March 11th.  Consider booking partial or full profits and/or raising stops, according to your trading plan.  T2 (482.50) is still the final target at this time although additional targets may be added if AAPL can convincingly break above the primary (orange) downtrend line, which is also the top of the channel shown on the recently posted […continue reading]

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