CTSH

CTSH

Cognizant Technology Solutions

NEM

VECO

CRM

FCX

CRM

AKAM

CAT

FCX

NFLX

FCX

PNC

AEM

CMI

EQIX

PNC

AKAM

STEC (STEC Inc)

APA (Apache Corp)

SLB (Schlumberger Ltd)

ANR (Alpha Natural Resources Inc)

X (United States Steel Corp)

X (United States Steel Corp)

X (United States Steel Corp)

X did find a slight break below its wedge,it also bounced at some daily support.A directional break needs to happen soon as the apex of the wedge pattern is getting closer.So two scenarios, either this breaks down on increased volume and tags 38 if 42 goes,or this is just another headfake and X trades back thru the apex at about 45 for a powerful move higher.I believe in the first camp from what the chart tells me at the moment,but also keeping in mind that all patterns are prone to failure.

X (United States Steel Corp.)

Follow up to this previous chart here

X

Don't economic recoveries come with a demand for steel?Hmmm X better get above 48 soon or I smell 38 coming.

Big Brown : UPS

SHLD

$BKX

The Board Game!

Remember this blast from the past? Welcome to the stock market,as we know it now.Controlled by a few,sure you might pass go,collect your $200's,but land on board walk or park place,and prepare to empty your pockets!

Magic Eight Ball: predicting price movement

Great excerpt from The Disciplined Trader,goes as follows:

"If you want to learn to predict price movement,you don't need to pay attention to reasons. What you need to do is determine how the majority of traders perceive the external conditions in relationship to either their fear of scarcity,or their fear of missing out,or both."

By Mark Douglas

Fed Day Tuesday 2:15

ZZZZZZZZZZZZZZZZ!!

Recognize Failed Patterns

Every pattern has the potential to be negated.

Meet Dagger!

There"s Bulls,there's Bears,and then there is Dagger. Funny note: A cloak and dagger attack is one in which a deceitful, traitorous, or concealed enemy attacks a person.

Other related articles:Here

Lesson

Trust your own setups and act,do not wait for affirmation from anyone!

Taking Note

$BKX took a run thru the psycho 50,only to fail up at 51 and fall right back,yes not at 50 as you would expect on any retest,but slice right back through 50 and below 48 to close at 47.06.Not exactly a sign of strength.

Spy trading near 106 again,not exactly a sign of strength,under 105 and I'll be looking for 101 to break next time,"the real Head and Shoulders" will be quite fun for those unprepared.

AUD/JPY 73 seems to me a critical area if it ever breaks

Oil um,yeah ok next topic. (80-70 rangebound)

Spy Head and Shoulder follow up

The spy head and shoulders pattern I mentioned in may here has been playing out.Will it follow thru with targets now,only Mr.Market can say.I would think if we get a weekly close under 101 area,then yes it should follow thru to at least 95 area.Then possibly 88ish.There is also the potential for another bounce from here if 101 holds.What I would actually like to see is more of a slanted head and shoulder pattern like the one I originally anticipated.Everyone see's the neckline as that straight line across the 104-105 area.I would like to think more that the neckline is just forming here at 101,then possibly bounce back to create another shoulder.Keep in mind that patterns can form within patterns.Watch weekly closes over next few weeks for direction.This area of 101 is a larger confluence area,coinciding with a longer fib retracement,a moving average,and a prior support area.Look for over/under here.

SPY "Potential Pattern"

SPY Pattern

In reference to my previous post here ,seems to be slowly playing out.This is anticipating a pattern that has not completed yet and will take weeks or more to form.I'm watching to see if spy gets to 101 area to form a neckline,then possibly form the right shoulder of what is appearing to be a head and shoulder bearish pattern,but we'll see in time.

Areas to watch

The markets are getting sold off as I write this.Areas to watch on the SPY are here at 108,105(tail of the flash crash,and a measured move of the wedge that was formed and now playing out.),102-101 coincides with the 100sma and 38% retrace of the entire rally from 2009and last,but not least,around 95 which would be a 50% retrace of the "rally".Keeping in mind that patterns take time to form,and that all technical analysis can get thrown out the window during "crashes" these are general areas to watch and see how price acts around them. On the upside 112-115 will be an area to contend with,but I think at some point we could see that spy 95 area.Have to see how things play out over time,probably next 1-3 months.

Rise of the machines?

Favorite Quotes

“It never was my thinking that made big money for me. It was always my sitting. Got that? My sitting tight! ” Jesse Livermore

"One common adage...that is completely wrongheaded is: You can"t go broke taking profits. That's precisely how many traders do go broke. While amateurs go broke by taking large losses,professionals go broke by taking small profits." Bill Eckhardt

EMINI

uptrend remains intact at this point until proven otherwise

EMINI hourly

Rising Channel on 60 minute starting to break,see if it can close under for more than one hour,then should see 1148 area.Is light volume week so may not be much to this,but we'll see.Any hourly close(2 closes) back above that trendline then channel still intact.

EMINI

Could pullin around 1120 and still be intact

FSLR (you can run but you can't hide!)

FSLR loses 109 should see sub 100's soon.Think 120 is good line in the sand now.Ultimately I see FSLR tagging mid 80's again and take care of the unfilled gap.

Bulls on the run

SPX

emini 2 hour chart

riding the channel down

ODFL

Has earnings thurs.am,could be setting up for a bounce here.Must hold 26.Bounced off a previous uptrend line that correlated with another previous trendline.See if the transports can muster up a bounce or not.

Fugly Emini Chart

Not a pretty picture,quick snapshot of the daily emini.The wedge of worry is broken.