TIF Tiffany reporting earnings tomorrow. Weekly chart is topping and rolling over. Overbot stochastics, rising wedge and negative divergence will spank it down. You can see a tiny bit of space remaining in the top of the wedge to squeeze out a few more pennies of upside, but, this chart is headed lower, which means the wealthy are not planning on purchasing as many blue boxes as the months tick along.
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Yep, blow out earnings. There was room remaining in the rising wedge for further upside but TIF truly did jump. No position in it, simply posting charts ahead of earnings.
Here's an update, as long as negative divergence remains, which it is as of Friday's close right now, then the spank down will occur--obviously from a higher level now. Have to give it a few days and see what happens, watch the negative divergence closely.
Note added 5-27-11 after earnings are known: TIF earnings hit the ball out of the park so price catapulted to 76 yesterday. The chart will illustrate a useful exercise concerning negative divergence moving forward. The price spike does not matter as much as the four indicators below. Watch those blue lines to see if that negative slope is maintained on all of them, if so, negative divergence remains in place and price will receive the spank down. The volume for the price jump yesterday did not exceed volume from November and March that occurred at lower prices; if the move yesterday was truly sustainably strong, it would have been on blockbuster volume. Volume was strong, but not impressive for the price jump. The smart money was probably selling to Joe Sucka as Joe got hyped up on the media news surrounding Tiffany's earnings.
What an absolute bunch of crap. Tiffany reports blowout earnings, investors wake up and see the report and say: Hey not bad. Think I'll buy some. Stochastics, rising wedge and other nonsense mean absolutely nothing. It's 90% emotion. But, if it makes you feel good consider otherwise. TIF is and always will be a "no-brainer."