I took a short position today in SKX. The stock is extended and today's indecisive price movement on high volume leads me to believe a pullback is in order.
SKX Ready For Pullback
More on the Overbought Status of Apple
Last night I talked about the "rubber band" short setup for Apple. If the stock heads into the close with the same candle pattern that has emerged this morning, I would expect a pullback based on an early "evening star" candle formation. My testing and experience tells me that this type of candle formation is... Continue Reading →
SPY at a Glance
The doji candle printed Friday, which follows a bounce on low volume with overbought stochastics, leads me to believe we'll see a pullback this week.
SPY Prints Possible Reversal Candle
Believe it or not, although SPY was down almost 4 percent today, technically it was a good day. The index printed a bullish "long tail" candle on massive volume, while the Worden T2108 indicator at extreme oversold levels. Generally, this ia a clear reversal signal, at least short term. The index recovered right after I... Continue Reading →
A Bullish Divergence in AAPL?
Frequent e-mailer and one of my most loyal readers, Hal B., asked about a bullish divergence setup in AAPL. I don't have annotation capabilities from my current locale, so bear with me as I explain the chart.I do see a slight divergence that might be used for an extremely short term play. We measure the... Continue Reading →
Market Notes: Indecision
Talk about your emotional swings. I laughed, I cried, and in the end I am merely content. Both the S & P 500 and the Naz closed up slightly after a wild day that saw both bulls and bears doing the profit dance.Take a look at this chart of the Nasdaq. What jumps out at... Continue Reading →
Chart: LVS
LVS has shown solid accumulation during the uptrend. If today's hammer is confirmed by a close above $130 tomorrow, we could see another leg up.
SNCR: No Longer an Ideal Pullback Candidate
I received an email from a reader who asked if today's pullback in SNCR was an entry signal. My answer was a not so subtle, "Not on your life!"In last night's chart post, I mentioned that I liked SNCR on a pullback. Those that have been reading me for some time know that I only... Continue Reading →
Chart: APPL
Earlier today, I mentioned that I felt there was a good chance AAPL would hold it's rebound from the lows of the day and print a long tail at the close. Sure enough, the stock closed near it's high and looks ready for another leg higher, assuming we get confirmation tomorrow. If the stock closes... Continue Reading →
ZUMZ Bullish Englulfing Pattern, Steel, Energy and the UFC
I entered ZUMZ yesterday on a pullback to support, and today it looks as though we have confirmation that the stock is going to bounce. ZUMZ printed a bullish engulfing pattern where three areas of support converged (the 50 day moving average, price and gap support). I could not have hoped for anything better.Conservative traders... Continue Reading →
