The other day I mentioned how bullish both GEOI and ABLE looked. Well things change quickly. Both of them appear to be topping, at least for the short term. GEOI made a bearish engulfing pattern yesterday and also gave a stochastic sell signal:
Posted by 17 August 2004
Shooting Stars Everywhere
I’d have to call today’s action mixed. Yes, the indices closed higher on better volume than yesterday, but they also closed well off of their highs. Sellers stepped in early to squash the enthusiastic morning pop and created shooting stars in the indices and a ton of stocks. 21% of the stocks in my tradeable [...]
Posted by 1 April 2004
Resistance is Futile?
I love how the market sets itself up for these ‘big bad events’. You can just see the anticipation, and now hesitation, over tomorrow’s jobs report. The NASDAQ has rallied from deeply oversold territory right smack into several levels/types of resistance. It’s now perched just below the top of its downtrend channel, just under 2000, [...]
Posted by 23 January 2004
Is the Music Stopping?
Posted by 3 December 2003
Key Reversal
My crystal ball worked pretty well with regards to what would happen once the NASDAQ hit 2,000. It reached that level mid-day, closing a gap from way back in January 15th of 2002 by 0.01 points (damn those technical traders!). It was a very weak attempt to break out above 2,000 and the buyers quickly [...]
