Silver (and SLV) took a brutal hit today, and fell at one point 6% intraday. It provided an interesting structure and lesson in momentum lows and bear flags. Let’s see it as it’s developing. SLV (Silver ETF) 5-min chart: I’ve never seen so many bear flags in a single day (at least not that I…
A few readers have been asking me to explain the “Cradle Trade” Concept with an example and I wanted to take the time to do that in this post. The “Cradle” has become my favorite trade, and it is one that I discovered through repeated observation. I’m sure others have figured out the same thing,…
The market was supposed to go down today, wasn’t it?! I sure felt that way but price – after all – is king. Let’s step inside March 17 ’09 to see the “Idealized” Intraday Trades of the day. I even included a money shamrock to spice up the chart today. The bias was – for…
The 10-Year Treasury Notes Price has been in a pullback retracement since 2009 began, but a clear triangle pattern has now formed and price is reaching the apex. Let’s look. Price made a new high over $130 in late December, though we’ve seen a distinct retracement off this level ever since. Although I haven’t shown…
Monday’s trading day gave us some interesting opportunities worth discussing, in terms of “Trend Day,” reversal, divergences, etc. Let’s step inside yesterday’s action to see key opportunities as they developed. SPY 5-min March 16, 2009: Looking at the 5-minute chart without the context of the higher timeframes reveals the day shaping up to be another…
Let’s take a quick look inside the recent “Wave 5” Downswing that began in early January 2009 and look at two majorly important Fibonacci Confluence Zones that have developed inside that structure. (Click for larger chart view) What we’re seeing is an exact Fibonacci Confluence at the 770 area on the S&P 500, though it’s…
I wanted to invite readers to join me at the Los Angeles Trader’s Expo from June 3-6 2009 – I’ll be speaking there in a seminar entitled “Idealized Trading Tactics for the Intraday Trader.” For full details, visit the Los Angeles Trader’s Expo home page (for details and free registration) to see the full schedule…
I thought I’d do something a little different in my weekly take of India’s “Nifty” Stock Index ($CNXN) and describe a Fibonacci Confluence Resistance Zone and also run a Fibonacci Price Projection Point as well. “Nifty” Confluence Fibonacci Grid: Without giving away too many of my secrets, or the method behind the madness, we see…
Let’s take a quick look at which key sectors outperformed all others last week – during a rally week where we saw all major sectors advance. First, from StockCharts.com: I separated the AMEX Sectors into traditionally “Offensive” or sectors that reflect market confidence and “Defensive” or sectors that generally hold their own during market pessimism…
A few readers have brought this to my attention so I wanted to share with you all the relative volume comparisons in FAS (3x Financials Bull), BGU (3x Large Cap Bull), and the – now seemingly puny – 1x DIA (you know, actual Dow Jones ETF). Let’s see these three on the daily chart. FAS…