US Steel X Surges through Breakout Highs Nov 22

Nov 22, 2016: 2:49 PM CST

Expectations for future “stimulus” and transportation/spending projects from the new Republican administration sent raw materials stocks – and futures contracts – surging after the US Election.

Here’s the quick update – after a stellar breakout – for US Steel (X) by request:

On the Daily Chart above we see a positive momentum divergence in October – ahead of the election – and a strong bullish surge of volume.

This was perhaps a precursor or early hint of possible bullish activity yet to come.

Nevertheless, shares broke resistance above $20 in the two days BEFORE the election results which again set a bullish potential in motion.

The big gap occurred post-election on November 9th and buyers dominated the market from there.

Here’s the picture as seen best on the Weekly Chart with additional bullish pressure: Continue Reading…

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Yet Another Emini Divergence at the New Highs Nov 22

Nov 22, 2016: 12:13 PM CST

Breakout? Pullback? Extended Uptrend getting more extended? Divergent Reversal? Let’s plan!

Here’s today’s updated Emini (@ES) trading levels for your trades:

We have a new Fibonacci Grid for the moment that will remain active IF price does retrace from the high.

We’ll keep extending it higher – from the earlier low – until we do get that deeper-than-one-hour pullback.

The Market generally has an upward creep – which we’re seeing – during the Thanksgiving Holiday.

We’ll continue to balance the logical odds for a pullback against this “Holiday Creep” and trade accordingly.

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Continue Reading…

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Emini Breaks on Through to the Other Side Nov 21

Nov 21, 2016: 2:46 PM CST

Breakout?  Pullback? Extended Uptrend getting more extended?  Let’s plan!

Here’s today’s updated Emini (@ES) trading levels for your trades:

We have a new Fibonacci Grid for the moment that will remain active IF price does retrace from the high.

We’ll keep extending it higher – from the earlier low – until we do get that deeper-than-one-hour pullback.

For now, in this type of environment, we keep trading long (bullishly) with the buyers as a short-squeeze extends.

Any downside retracement should target the 2,170 level but until then, this bull market – and holiday week – keeps us playing the bullish alternate thesis pathway as planned.

Want these levels and additional strategy planning in advance each evening?

Get these levels in advance with in-depth planning and trading opportunities by joining the Daily Membership.

Continue Reading…

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Emini Plays Again at the Highs Nov 18

Nov 18, 2016: 1:00 PM CST

Will it – or won’t it – break through to new highs?  Or will we see a logical pullback?

Here’s today’s updated Emini (@ES) trading levels for your trades:

We have a new Fibonacci Grid for the moment that will remain active IF price does retrace from the high.

Note the build-up of negative momentum and internal divergences which suggest a pullback (retracement) is more likely than an outright breakout.

However, we’re traders and will thus structure our short-term plans to trade the immediate departure from 2,190.

Want these levels and additional strategy planning in advance each evening?

Get these levels in advance with in-depth planning and trading opportunities by joining the Daily Membership.

Continue Reading…

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From Speculative Start to Crushing Collapse in DRYS

Nov 17, 2016: 2:32 PM CST

Well that was exciting while it lasted – and it didn’t last long.

Shares in Dry Ships (DRYS) – a highly speculative stock – crashed to the ground today.

While the trading community has been abuzz with Dry Ships (DRYS), I posted twice about the rally on the way up (with retracements) and now let’s close the chapter on Dry Ships with today’s “Collapse” post.

It’s generally safe to trade pullbacks (retracements) in a rising trend with progressively higher volume (green arrows) and it’s far less safe to do so when volume dries up.

Look closely at the message from volume as this stock reached a fever pitch in its ‘impossible’ journey from $5.00 to $100.00 in a week.

The negative volume divergence at the high – combined with the key Round Number Reversal at $100 – proved too much for buyers of DRYS. Continue Reading…

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