I've received a few comments lately regarding the strength of the Russell 2000 (small caps) so I made this video to share my thoughts on the index. I also covered the charts on the following components of that index in order to get a better feel on where the index itself is likely to go from here. Many of these stocks are either active or recently completed trades on the site so for those who wish to skip forward in the video, here's a list of the charts in the order discussed: $RUT weekly, $RUT daily, $RUT 60 min, WNR, GCO, [...]
OMX has hit (and exceeded by over 10%) the final target today for a 29.7% gain in just over 2 weeks. Therefore, consider booking full profits on this trade. OMX will now be removed from the Active Trades category.
the OMX long trade just hit the first target for an 11.8% gain from entry so consider booking full or partial profits and/or raising your stops. also note that upon further review of the charts, i have lowered T2 to the 9.60 level. although i still prefer T1 on this trade, i think it does have a decent shot of hitting T2 for those who might want to give it some time. however, consider booking partial (if not full) profits and/or raising your stops at this point. daily charts in order as posted below, with today's updated chart last:
the OMX setup is breaking out of the previously posted bull-flag pattern, triggering a long entry. due to the fact this is a counter-trend trade, i currently favor T1 at this time.
typically, most setups posted here are either categorized as a long setup or a short setup. however, i will occasionally post a pattern that could go either way, such as a symmetrical triangle pattern. in the case of OMX, this one is a bit more complex. OMX plunged from about $19 in early 2011 all the way to just below $4 last october. from there the stock consolidated, finally breaking out of a very solid, well defined base this august. OMX made a text-book successful re-test of that basing pattern following the breakout and never looked back. after a near vertical [...]