DrStool Posted March 11, 2021 Report Share Posted March 11, 2021 That gigunda reverse head and shoulders pattern on the ES 24 hour fucutures hourly bars is now complete. I previously warned that it measures to 4100. I fully expect that to be reached. ... By 3 PM.  😄😄😄 In fact, the pattern is even bigger, with another neckline at 3935. Once they cross that, the measuring objective would be 4150. Click to engorge As usual, I ran my daily technical screens of more than 8700 listed stocks on the NYSE and NASD this morning, looking for those that are greater than $6/share, have averaged over a million shares per day for the past month, and have triggered short term cycle buy or sell signals at or near key support or resistance levels. Normally I get between 30 and 70 results, which I then review visually to pick those that look good to trade that day for my listening and dining pleasure. I'm also looking for those that I'll add to the weekend list that I then publish for subscribers to the Technical Trader report over at Liquidity Trader. We're having a good week with that after weeks of barely treading water as the market swung violently too and fro every couple days. My system is geared toward finding swing trades with an ideal period of 2-4 weeks. Very short swings are problematic. The goal during those times is to tread water until the tide finally comes in or goes out. Then we can swim with that tide for as long as it takes us.  I think that we're starting one of those tide riding times. Tuesday and Wednesday the screens generated over 100 signals each day, and 95% of them were on the buy side. 95 fucking percent. That's unbelievable. So I think we're staring a wave. Fortunately, there were enough signals last week that I had a list of 13 chart picks, all longs. It's doing well. Just one of them dropped a bit, and triggered a stop. The rest are up. That's all I'll say about that. Whenever I gloat in print, I know it's the end. Quantum mechanics and whatnot. Besides, the last few weeks have been sheer hell, so this hardly makes up for that drudgery of working my ass off for nothing. So, I don't talk much about my trading. I'm just not good enough a trader to talk about it without jinxing myself. Instead, now, when I start feeling like Pharrell Williams (mygawd the spell check corrected me) instead of bragging, I start closing out trades.  As far as in the published list, once I've posted a chart pick I usually start with a just-in-case stop, and then if the tide starts flowing our way, I post a clear formula for trailing stops based on short term cycle lines, which are similar to moving averages, but aren't. I let those close out my picks very mechanically. As trends proceed, and picks remain open, I adjust the trailing stop calcs once a week. So that's the system. Today, after that deluge of buy signals over the past few days, we're back into a more normal range with just 34 signals. But again, 97% buys. Wow. Only one sell signal. Now I'll review those charts, and pick a few to add to my watch list for my trading account. However, I'm coming in with 9 longs already from yesterday. I would imagine that I'll peel some of them off if this strength holds for the NY open. But just for you, here's the raw list. These are not recommendations. I just want to show you what my daily screen output looks like. The next step is to look at the charts and see which look like low risk/high potential reward setups. If you're reading this here on the Stool, I trust that you know how to do that. I'd guess that your method would be something like mine, although I'm not using standard moving averages. Instrument Name Symbol Buy Sell 500 200 125 50 AbbVie Ord Shs ABBV.K 1 0 0 0 0 1 Accenture Ord Shs Class A ACN 1 0 0 0 0 1 Digital Turbine Ord Shs APPS.O 1 0 0 0 0 1 Electronic Arts Ord Shs EA.O 1 0 0 0 1 0 Enphase Energy Ord Shs ENPH.O 1 0 0 0 1 0 Edwards Lifesciences Ord Shs EW 1 0 0 1 0 0 Fidelity National Financial Ord Shs FNF 1 0 0 0 0 1 Golar LNG Ord Shs GLNG.O 1 0 1 0 0 1 Xtrackers USD High Yld Corporate Bd ETF HYLB.K 1 0 0 0 1 0 Infrastructure and Energy Alternatives Ord Shs IEA.O 1 0 0 0 1 0 iShares Latin America 40 ETF ILF 1 0 1 0 1 0 Invitation Homes Ord Shs INVH.K 1 0 0 1 0 0 Koss Ord Shs KOSS.O 1 0 0 0 0 1 Kratos Defense and Security Solutions Ord Shs KTOS.O 1 0 0 0 1 0 iShares iBoxx $ Inv Grade Corporate Bond ETF LQD 1 0 1 0 0 0 Medical Properties Trust REIT Ord Shs MPW 1 0 0 0 0 1 MGIC Investment Ord Shs MTG 1 0 0 0 0 1 Northrop Grumman Ord Shs NOC 1 0 0 0 1 0 Realty Income REIT Ord Shs O 1 0 0 0 1 1 Option Care Health Ord Shs OPCH.O 1 0 0 0 0 1 Ontrak Ord Shs OTRK.O 1 0 1 0 0 0 CarParts com Ord Shs PRTS.O 0 1 0 0 0 1 Global X NASDAQ 100 Covered Call ETF QYLD.O 1 0 1 0 0 0 SFL Ord Shs SFL 1 0 0 1 0 0 ETFMG Prime Junior Silver Miners ETF SILJ.K 1 0 0 1 0 0 SPDR S&P 500 ETF Trust SPY 1 0 0 0 0 1 Smith Wesson Brands Ord Shs SWBI.O 1 0 0 1 1 1 TPI Composites Ord Shs TPIC.O 1 0 0 0 1 0 Vista Outdoor Ord Shs VSTO.K 1 0 0 0 0 1 Vanguard Total World Stock Index Fund;ETF VT 1 0 0 0 0 1 Wendys Ord Shs WEN.O 1 0 0 0 0 1 Westport Fuel Systems Ord Shs WPRT.O 1 0 0 0 0 1 Xilinx Ord Shs XLNX.O 1 0 0 1 0 0 Real Estate Select Sector SPDR Fund XLRE.K 1 0 0 0 0 1 So that's it. That's how it's done. I'm always looking for tweaks to improve it, but this is the essential system. Swingers like you can branch off with options or margin or whatever exotic strategies you like. Me. I like to just buy and sell, and mostly short, individual stocks. I'm much more comfortable shorting, but it's just not something I do much any more. Nah gah dah. Wouldn't be prudent.  Now that I've written this, maybe I should just sell everything right now, before it's too late. What if this pattern fails? I see a wedge. Do you see a wedge? Oh MY GAWD. To post your observations, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter. Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 I don't have a 5 day cycle projection. The centered moving average extensions for that are tracking right on top of one another. A 2-3 day cycle projection looks 3950-70. Here's how it looks on 30 minute bars. Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 East coast traders are just sitting down at their screens with their kava, and they're selling. Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 Heading for 3935. Da roof. Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 Between the Treasury bill paydown today and the start of the Fed's March MBS settlement week, a massive amount of cash is being force fed into the market today. Won't be any new Treasury paper to absorb it until Monday. Treasury’s Bond Market Rescue – Get Ready For the PONT Spread Bulge by Lee Adler  - LIQUIDITY TRADER MARCH 10, 2021  Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 They just broke out of the top of that base on the hourly. This now measures to 4150, using conventional TA measuring technique, not rocket science. The great thing is that we've seen this coming. I feel dirty though. Don't forget. Click to engorge. Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 That comment should be good enough to cause the top. Quantum mechanics. AKA karma. Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 Next resistance line 3954 on ES. Link to comment Share on other sites More sharing options...
MisFit Kid Posted March 11, 2021 Report Share Posted March 11, 2021 So the Dow and the Nasdaq Bowl another 300 game each. If everyone at the bowling alley was doing a 300 each day, someone might think the game is rigged........... >: what was the news at 10:20? >:: Is today Flo-Bot Friday?? Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 2-3 day cycle projection now 3958-60 Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 Preliminary 5 day cycle projection 4020. Link to comment Share on other sites More sharing options...
MisFit Kid Posted March 11, 2021 Report Share Posted March 11, 2021 Quote of the Day........ "Add GME to the DOW as a representative tech stock. Drop IBM. Liven things up a bit." Link to comment Share on other sites More sharing options...
No Einstein Posted March 11, 2021 Report Share Posted March 11, 2021 everybody talks about the stimulus bill and the Fed's various injections in terms of what they believe will be the effect on our ( USA) economy...and yes these moves are intended to mitigate and stimulate current economic conditions....but i propose one should look at the world and specifically "world points of contention or non military points of conflict if you will" and the much, much bigger picture.... I propose that we are in the middle of a currency war...and when u are the world reserve currency u can fight the war by giving all your "little people" money for free, at least until who ever has to eat all that worthless paper puts up with it...can u say CHINA... we tried trade talks, we tried bully politics with tariffs..now we are just saying...fornicate YOU..eat our cheap dollars...we will have some inflation because the powers to be have deemed it so....but everything from China and the rest of Asia will remain cheap until they raise prices... which i suspect will be years away given the competition they have in the rest of Asia, Mexico, etc etc . we are are trying to kick the can again...and we just changed the rules. it might just work...for a while...till we change the rules again ....wash rinse repeat ...the only thing that will ever stop the merry-go-round is a global event. not a pandemic that only kills old people ...but a REAL global event.....rant off🤪 Link to comment Share on other sites More sharing options...
DrStool Posted March 11, 2021 Author Report Share Posted March 11, 2021 Top of channel and testing Feb high. A bit of selling coming in. Link to comment Share on other sites More sharing options...
MisFit Kid Posted March 11, 2021 Report Share Posted March 11, 2021 Finally talked to a few of my neighbors down the street (here in Un-Frozen Texas) who were replacing walls/ceilings in their house, plumbing, and their pool equipment. They did not look happy and I was afraid to ask about the cost of sheet rock,wood, etc..... Good thing inflation is low.......    Link to comment Share on other sites More sharing options...
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