Based on the charts from last week, I picked the wrong week to go on vacation. But I don’t regret it, I really needed to recharge. It’s still all systems go for the bulls and all the trends in the trend table are “up”. I suspect things will consolidate a bit after last week’s move and ahead of the Fed decision on Wednesday.
On Today’s Calendar:
- 3:00 — Consumer Credit
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
Gapping down on weak earnings/guidance: HANS -9.0%, IIG -6.1%, CCOI -5.1%, GROW -4.0%, PTNR -2.6%, TS -2.0%… Other news: MDII -10.9% (completes $4 mln private placement of common stock).
Gapping Up
Gapping up on M&A: AL +25.7% (AA offered to acquire AL for $73.25 per share in cash and stock) — Other metal stocks up in sympathy: ATI +9.4%, ERS +7.1%, CENX +7.0%, ACH +4.7, AKS +2.5%, MT +1.9%… AH +4.5% (confirms merger agreement to be acquired by BAE Systems plc for $88.00 per share in cash)… Stem cell stocks mentioned positively in Barron’s: STEM +8.4%… Other news: GSS +7.6% (positive Cramer mention), ZVUE +6.7% (selected as internet/mobile marketing and promotional partner for Ckrush Entertainment’s “LiveMansion: The Movie”), DNDN +6.7% (continued volatility ahead of FDA decision on Provenge), MRVL +5.6% (completes independent review of stock option practices), TASR +5.0% (Sarkozy wins French election, Merriman comments on news), NOVL +4.6% (Reuters reports that Dell joins Microsoft, NOVL in Linux pact).
Disclaimer & How I use this list
A general question. In the event one receives a buy signal from a specific candle formation and the enter signal would be the high above that candle, how long (how many bars) would this signal be in force?
Joseph,
That’s one of those classic “it depends” questions. In general, I’d say a bar or two. But it could be less if the low of the pattern is violated immediately and could be more if it just goes sideways. But I think the further away from it you get the less reliable the signal will be. This is all generalities of course.