Today was a prime example of why I have been saying to take profits quickly lately. Traders are getting spooked easily lately and any Fed speech, Yield Curve BS, Iran headline, terror alert rumor, and job and oil numbers are moving the markets one way or the other. I have been trying to keep trades limited to mornings and afternoons. I entered three swing trades as noted in today's earlier post and was stopped out of one (ISIL) and the other two reversed to near my buy points(POWI and PWEI). I decided to give PWEI and POWI the benefit of the doubt because they are in hot sectors and they both have PWandI in the name ;) . I saw a lot of hammers yesterday and today I saw a lot of gravestone doji's. This tells me I am probably better off playing golf tomorrow rather then trading. Lot's of charts today so let's get to it.
I blew it on my natural gas call a couple weeks ago and I'm gun shy about shorting energy stocks now, as they are quickly becoming oversold. But the following few charts are worth watching.
CLB has triple support here, so if it's gonna bounce it would be here. If it fails, it is a solid short.
GRP is a mutual fund darling, and they may be heading out the door. Failed to hold 50 sma and if the trendline breaks there is some room to fall.
OIS is holding the line, but dipped below and todays rally failed miserably.
A reader asked me to analyze DESC. I would not take a position either way right now. My analysis is on the chart.
MIND is right at support. Watch for a break either way.
BNT looks like a short to me. This is one of the many stocks that were looking like longs that failed.
CTRN is worth watching as two trendlines broke down.
GILD is another long that broke down. This is a sign that markets are deteriorating.
And now for the few longs left. Chips are holding up although SMH looked bad today. I daytraded MRVL today for over 1 point and noticed that it didn't want to give up it's gains. Chart is improving.
PETS followed through as I suspected it would. I think we may get another day or two up.
SWSI is having a battle right here. It had a false breakdown and a false breakout. Watch for the next move.
VLCM looks like it started a breakout and then it died down when the markets reversed. Watch to see if it follows through tomorrow.
Lot's to digest here. If anyone has questions for me on my charts feel free to leave a comment.
Good Luck,
DT
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Hey DT,
As always, great charts. Are you still tracking NGAS? Last time you posted the chart, it had a perfectly formed triangle. Your thoughts.
Thanks.