I am getting bearish on this if you cant tell. One more big candle to $250 (pending on what Shalom says on Tuesday/Wednesday) and that should do it for the squeeze, and we will quickly revert back down with gravity. See NFLX for details. This is ripe for a short term PUT, but it may run a little more to shake the shorts.
I also took a short term XOM PUT friday on the doji candle and range, I will take profits at $72.50. Just hope it gets there monday.
ReplyDeleteMy only suggestion for the new site is add bar charts. Not everyone follows candles. And what I mean by "not everyone" I mean me. In all seriousness, not everyone follows candles.
ReplyDeletewhats a candle? WELL typed Ledbedder! the little squiggly lines with changing time frame (1 hour vs daily/week) are what i follow.
ReplyDeleteCandle charts are easy. It is an innovation that the Japanese came up with. They were introduced to the Western world by Steve Nison in his book, "Japanese Candlestick Charting Techniques".
ReplyDeleteA candlestick chart shows low/high and at a glance shows positive (up) or negative (down) trends in a given time period, based on color, usually green (up) or red (down). SO for example, if you have it charting in 3 minute blocks, the timer starts at 0:00 and any move, positive/negative are shown, at the stop time, 3:00 the overall trend for that 3 minute block shows as a green candle (positive or up) or red candle (negative or down). It is a very good at-a-glance tool, which I love for watching the AG/AU charts, so I can glace, get an idea and move on.
who the hell follows a line chart vs a candle... good luck trading tech with that method...
ReplyDeleteLed: I suggest you take Steve Neisons candle stick books/dvds asap. Trading with bar charts is like using dial up for internet.
ReplyDeleteTrust me, there is a whole other world out there with candles.
SGS: I actually do have one of Steve's books. Maybe I'll look at it again.
ReplyDeleteJust looked at AMZN. There are gaps to the downside everywhere. Yep, I can see this doing another Netflix.
ReplyDeleteI've been seeing on all sorts of news and blogs sites about the "decline of Wal-Mart" and the rise of a new retail king to take its place. It promotes to pay $99 now for this new report that make you all kinds of money. We'll I googled keywords out of the headlines of that report, and someone who payed for the report was kind enough to repost the first couple of pages of it on their blog.
ReplyDeleteIt was of course Amazon dot com (AMZN) and all of this advertising looks like a NIA/Ledbed-style scheme.
That's it! I'm going to study up on "Puts" and whatnot. I trade in stocks, but only buy and sell. Looks like there's a whole new way to gamble; may be fun. I have a "Short" account but have never activated it, it looks like it's time I do so.
ReplyDeleteI too am short the market and feel the shorts' pain. Probably more to come as this short covering rally should retrace to at least the 50% fib point of previous market decline. Maybe even more with some Fed juicing on Wed. Fuckers.
ReplyDeleteUS market short hurt doubly so last week as the dollar tumbled too. Ouch. Plus of course gold fell a little for the week. Dumb of me to stay short the market and long gold, which is essentially two sides of the same trade. But it was nice before while it lasted, LOL.
This market rise on light volume smacks of a sucker rally plus other indicators make this rally questionable. I dunno but maybe it is just a classic bear market rally here. I think if you can hang on and resist the urge to cover, the market will yield to the reality of the economic slowdown (recession?) and fall again.. meanwhile 1235 and 1250 are resistance levels to watch on the S&P