Looks very much to be the exact same pattern here.
About the same duration of selling that finds support at a 'turned' resistance line and then another leg up.
Until the chart shows something else this is what I am trading on. BTW, for what it's worth, Oscar says buy once there are two solid days of down moves in this market...
The guy has been pretty good lately.
Markets are going up again next week. In fact the sell off was a panic caused by profit takers when the market peaked. There was absolutely NO justification for this sell off. Similarly there was absolutely no justification for RIMM sell off. Rimm still has 50% share of smart phone and it beat on the bottom line...and that is what matters in terms of the stock price.
Also, if anyone holds any stock(s) in the energy sector such as ERX or else, hang in there! I anticipate the energy sector will take off next week due to the on-going tension between the U.S. and Iran over the "Iranian secret nuclear site", which will make the crude oil price pop up.
I vote yes for a push up, big money still needs move out of the last of their long positions - it takes them a long time to do it slowly so they don't crash the market. Rarely look out very far, but just this once I'm gonna guess - unless a major line is taken out, after a few days up/sideways, pullback continues to at least 102 area through early Oct and somewhere around the 5th heads back up to take the SPY 110 around Oct 20.
I'm going in heavy on Monday. I've been following DRYS for sometime and missed last run (Sold too early) and was waiting for this pull back. If DRYS pull back little more on Monday, it will be the cue for me to jump in, maybe more than 50% of my porfolio. If DRYS show sign of pop in the morning. I'll jump in 25% of my portfolio and hold. I do agree with Hamm on DRYS. The indicator I use is MACD and MO and are in down turn but reversal should happen pretty soon here. Maybe Monday as Hamm states.
IN a quick nut shell...
BAC in a triangle pattern - 70% odds it continues the prevailing trend but it could reverse...
I have been waiting for a breakout for what seems like an eternity on BAC. I am long at 16.30 after a trade from 12 to 17.50 went very well. I want out at 20+ on this.
C looks to have broken out of a 3 week wedge flag. It could be making a new pattern that incorporates the wedge. C should have a solid floor around 4.00. I am looking for C to possibly establish a new up trend channel from this position after the flag breakout. If it does then then I would expect the move to run to around 7.50 before stalling. Needs to be watched closely.
Like father, like son on this chart...
Large hybrid inverted H&S (also a little like a reversal triangle) in which both shoulders are also inverted H&S patterns with the right shoulder looking almost exactly like the whole pattern. See the boxes.
I am in DRYS at a tad over 7.00. I did not think it would get this low into the 6's but I redrew the neckline to the closing price since this is the way John MaGee gathered his data for decades. DRYS ended at the neckline today. It could be that the neckline on the little pattern also wants to get tagged.
DRYS is a very cool and interesting chart. Take a little time to study it because it would be a great teaching tool... especially if the prices move to 20+ like they are supposed to do now...
Chart looks great. I believe if the fed statements come out good on Monday, we rally. there are other data thats being released this week and if anything comes out "not so good", everything will change. We need to be careful.
I might buy some on Monday with a hard stop
It could if the numbers aren't good. If the jobs numbers stay the same or god forbid are even slightly worse.... There comes a time when it is just prudent to be a bit bearish. Now is the time. Granted for day trading there are always the 20 cent scalps. I just want to see the improved numbers is all.