I made two speculative trades today, short FCX and long MON. MON is oversold, but still a few points from support. The higher probability setup is to enter long at $70, which I will do if I get stopped out of this trade. FCX shows a bearish pattern, but has bounced over the 50 day... Continue Reading →
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 →
AAPL is on my bullish watchlish. Why wouldn't it be? It has a great price and volume pattern, and has shows relative strength versus the S&P 500.However, the stock is very overbought. Every one of the measures I use to find "rubber band" setups is off the charts. I will likely short the next move... Continue Reading →
My strategy for trading SPY is about as simple as it gets right now: Short strength and buy weakness.I will look to enter long on a pullback to the 200 day moving average. My "rubber band" short setup triggers on continued strength close to $100.
I took a small position in SSO today based on the "oversold bounce" or "rubber band" setup. My stop is just below the support line and I will be quick to take any available profits.Update: I am having trouble with chart annotations and will post chart later today.