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Monthly Archives: February 2012
After a rare formation of two consecutive outside days, an upside breakout followed in QQQ. The resulting outside day upside breakout pattern has been historically a short signal for profit targets in the 3% range but with a low winning bias.
These patterns are indeed extremely rare. They have formed after some other recent rare patterns. Maybe it is because this is a rare time period.
Some analysts have argued that the recent rise in commodity prices and especially the rally in crude oil prices may cause a stock market crash. However, the current situation does not compare to the conditions present in 2007 and 2008.
SPY is in overbought territory and facing a resistance level. In addition, my proprietary indicator, the MEI, shows loss of momentum and diverges to the downside. My estimate is for a 2% correction in the next few days so that the market … Continue reading
Index and precious metals ETFs have reached important resistance levels. Out of the 8 major ETFs tracked, 4 are overbought and two are approaching overbought territory. This spells volatility ahead. The whipsaws that will follow will facilitate another transfer of wealth from naive … Continue reading
The p-Indicator allows a quantitative approach to scanning stocks for short-term high probability setups. Here I provide an example of how this particular indicator can be used to scan the DOW-30 stocks on a daily basis.
GLD is about $3 away from its November 2011 high of $175.46 and SLV closed just above its 200-day simple moving average and its down-trendline from the high of April of last year.