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Consolidation (NRC), as to be expected after the push from the previous two sessions. SPY was a very sloppy tape. The opening looked like it might have a push higher, but was sold quickly at the R1 level. The middle of the session had a little breakout move but I didn't participate in it:
We're establishing our latest consolidation range and looking to play a breakout in either direction.
I took two losses shorting FCX today as I was looking for a gap-fill, but price quickly recovered it's lows. The ellipses marked the short positions I took, but got stopped out of on price reversing. Through the middle of this base it formed, I was thinking of the idiom; "The ship ain't sinking." But once price slipped out of this base I was back to thinking gap-fill (dashed horizontal line shows the previous day's gap low).
Not sure where I stand on FCX at this point; currently it has a momentum divergence and sitting in an
island.
HES got sold hard today on huge volume. Not sure what the story is there.
SHLD breaking out and looking to cross the 50- & 200- Moving Averages
ATI breaking out as well
We're establishing our latest consolidation range and looking to play a breakout in either direction.
I took two losses shorting FCX today as I was looking for a gap-fill, but price quickly recovered it's lows. The ellipses marked the short positions I took, but got stopped out of on price reversing. Through the middle of this base it formed, I was thinking of the idiom; "The ship ain't sinking." But once price slipped out of this base I was back to thinking gap-fill (dashed horizontal line shows the previous day's gap low).
Not sure where I stand on FCX at this point; currently it has a momentum divergence and sitting in an island.
HES got sold hard today on huge volume. Not sure what the story is there.
SHLD breaking out and looking to cross the 50- & 200- Moving Averages
ATI breaking out as well
2 comments:
I totally feel that too, Todd: that the ship isn't sinking. I'm not sure who/what's supporting something that's quite due for correction, all I know is that market's not kind to long term bears now.
The broad markets are certainly full steam ahead. I guess technically I was "fighting the trend. All I wanted was a measly gap-fill of a correction :(
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