S&P Futures - Failure - at May 1st Swing
S&P Cash - Failure - at May 1st Swing
DJIA - Failure - at May 1st Swing
Compq - Failure - at May 4th Gap
The market popped higher in the early going then just hung around until a big selloff in the final 30 minutes. Expecting the market to turn down tommorow.
SKUL managed to complete a 61.8% retracement of its post earnings selloff (15.50 to 14.10) but the force remains to the down side in the short term as well as intermediate and long term. That is, the 30-minute chart, daily, and weekly charts all show supply (high volume down bars) in the background.
It is what it is folks, be careful.
Op you have a Full Blue Moon on August 31st. Maybe that will be your next opportunity to bring SKUL down to single digits. That fish moon (Sturgeon) didn't cooperate as planned. Is it possible that mission to Mars threw the heavens out of whack? Good luck and may the force be with you.
It's going up against the high ($16.10) of the downdraft of May 3rd which had 2.36 Million shares....they're giving it a nice try....but it ain't enough. It got over Aug 3rd which had 2.29 Million shares. Again not enough today probably. It's nearing the top trendline of the channel dating back to May and the top of the downtrend channel dating back to the IPO.
This is exciting! But I doubt the shorts will be denied. There is something seriously wrong with this company. Expecting some bad news soon.
I agree on the broader market (Looks Toppy). Made $$$ on my WFC PUTS and got out, cuz who know what headlines might drive this market over 1400.
Disagree on SKUL. Today was the best day in a long time and no sell-off going in to the close, I posted last week close over 15 is the first major step. A close over 16 and a follow through would be a reversal of the downtrend that the stock has been since IPO and a break out...
If it happens my PT is $20-$22 (A little bit of over shoot) due to the high SI
Today was a strong day for SKUL - and it held on to almost all gains when the market tanked hard in the last 1/2 hour -
To me the big tell was the huge move up on Friday was not a major accumulation day - So the idea that it kicked off a huge new up leg is kind of silly to me - But at the same time this market could easily squeeze a lot of people up to 1410 or 1420 before it rolls -
SBUX was a big canary in the coal mine for me - They are normally a pretty good indicator of the direction that the world economy is going in - Not looking to add any longs here but certainly not confident about getting short ...
plus if you have seen the returns during election years it does not bode well for bears - then again Europe could change all that real fast ...
Good Luck to all
I was just settling in for the evening with a calm clear head when I read that Mumbo Jumbo...
Thanks OP... Now I have a headache...
All kidding aside....
It was a good day for SKUL today... The volume appeared to be in the bid side (JMO following level II activity today)
Tomorrow will be interesting to see if we can push a little further positive)
i really want to get short this market (still long SKUL) but the NYMOT still says wait and who wants to fear getting squeezed by some politician making some statement that moves the market 200 points in an instant - I covered my shorts on Thursday and thought I left some money on the table and look at what happened on Friday - nothing but pain for all the shorts -
Tricky market lately -
tricky market for sure. I haven't done anything for a long while. Still long bonds and cash; bonds and dollar don't seem to want to go down. Crude is showing lack of demand and copper looks weak. Gold is being propped up by the Europeans anticipating the ultimate collapse of the Euro. So, my bias for stocks is still bearish.
Yes, Friday was painful for shorts......but you could have expected it. Because on Thursday it got under the previous high volume Friday low on much lower volume and closed above it with a doji. So, since it could not take out the low it had to go up and test the high.
So now what is the situation? Well, this past Friday it got above the previous Friday high and closed above it. That says it can go higher. BUT it broke above it on much lower volume which makes it suspect. Then today it tested the low of the swing high bar of May 1st on lower volume and closed under the low of that bar by a penny. So, I expect it to turn lower tommorow.
SKUL is in the middle of nowhere and I suspect will try and test the 15.50 regular session high and maybe the pre-market high of 16.00. It will need more than 2.29M shares.......no way. I expect it will fail and then go back down into the bar of June 22nd, 12.81 to 13.49.