Jump to content

We Know Where This is Headed 6/8/21

Rate this topic


Recommended Posts

Yes we do, don't we, boys and girls? This chart tells us, and even prints the target for us at the top of the right side scale. 

tvc_268d697522f45eb573a67dbd0518de8f.png

That's right. 4237. 

Which, we can see if we zoom out on 2 hour bars, would be a full on test of the May 9 high. 

tvc_07fdd96d8f95d8803a90ef1e88a6c1a7.png

 

And yes, if you see another barfing brontosaurus pattern, a hallmark of this market, your eyes do not deceive. This market has been nothing, if not a parade of dinosaurs plodding ever uphill. We know how that ends, right?

But until the planetary extinction event, we must follow the rules of modern technical analysis. All patterns are bullish. All trends are bullish. Uptrend channels are bullish. Downtrend channels are bullish. Oscillator buy signals are bullish. Oscillator sell signals are bullish.  Head and shoulders and flags, pennants, double and triple tops and bottoms, Hindenburg omens. They're all bullish. 

Fed taper talk? Bullish. Inflation? Bullish. Good jobs, bullish. Bad jobs, bullish. 

The trend is your friend. Don't fight the Fed. 

Yadda fucking yadda yadda. 

By the way, the 5 day cycle projection is currently 4245. 

If you are a new visitor, please register and join in! To post your observations and charts, 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.  

Meanwhile, 

The Old Line Trading Firm of Dewey Cheatham Burnham and Howe

Churn And Burn Picks off Stops But Two New Picks Join the List

c1fefab3d946d899a0e58600188d9874?s=32&d=LEE ADLER 2 - TECHNICAL TRADER 

Real Time Tax Data Shows Nirvana for Stocks and Bonds, But It’s Temporary

c1fefab3d946d899a0e58600188d9874?s=32&d=LEE ADLER 1 - LIQUIDITY TRADER- MONEY TRENDS  Edited  by DrStoo

 

Link to post
Share on other sites
  • Replies 14
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Well we got to within a point of the target. 

Rule Number Three- Stocks always go up. Buy and hold for the long haul. 

tvc_96e0dd9773fefd6b8d3bb45d5d11ca1c.png

Link to post
Share on other sites

This feels more dislocated from reality than the 1995-2000 bubble run. At least back then, you could tell stories of eyeballs & metrics and this newfangled contraption “that changes everything!”
 

This bubble run is darker and far more cynical. Financial nihilism. Meme-world without substance. Musk and his shameless self-serving pumping, along with “Pomp” & Raoul & the exploitive band of laser-eyes.
 

All suspended by the barest of threads & barfing brontosauruses. 

Link to post
Share on other sites
7 minutes ago, Jimi said:

This feels more dislocated from reality than the 1995-2000 bubble run. At least back then, you could tell stories of eyeballs & metrics and this newfangled contraption “that changes everything!”
 

This bubble run is darker and far more cynical. Financial nihilism. Meme-world without substance. Musk and his shameless self-serving pumping, along with “Pomp” & Raoul & the exploitive band of laser-eyes.
 

All suspended by the barest of threads & barfing brontosauruses. 

your post reminded me of the 1995-2000 bubble run, when we had so many traders on this site who could write...(no offense to current members, ).. GREAT POST... u should rant more...

Link to post
Share on other sites

Bears won the screens again yesterday. That's 4 of the last 6 won by the bears. There were just 10 swing trade buy signals versus 19 sell signals, a spread of -9. 2 of the buys were different classes of the same company.  

Back on May 14 we had a surge of 153 buy signals to 6 sells.  That showed thrust. It suggested a new bull swing phase. It never fully materialized but we still need to see substantially more sell signals to indicate a reverse thrust.

The 5 day total is now 100 buys to 137 sells, a spread of -37. That's the same as Friday. That trend was diminishing, but positive, since a peak reading of +218 on Thursday, May 20. The surge of buy signals showed that bunch of stocks were set up for rallies. They keep trying, but keep running out of momentum at flat or uptrending resistance. 

These numbers are mildly negative. The averages can keep climbing on the strength of fewer winners while other stocks languish, but don't sell off much. 

I screen all stocks and ETFs from the NYSE and NASD, excluding those with less than an average of 1 million shares per day traded, and selling for less than $6 per share.  The table below shows swing trade buy signals and sell signals from yesterday's action. The numbered columns represent the time frame of the support or resistance trend around which the signals were generated.  

Every weekend I use the previous week's screens to select charts that have potential for a move, and I post them for subscribers. 

Churn And Burn Picks off Stops But Two New Picks Join the List

 

Today's output is below. This is raw data. These are not recommendations. The data represent charts that have triggered short term signals near key cyclical support or resistance levels. Pick through these and see if there are any that you like using your own charts. Feel free to post your charts here with comments. 

The number 1 indicates that the condition is true. 0 is false. The numbers on the right half of the chart represent the time frames in days of the support or resistance areas where the signal was triggered. 

Symbol Buy Sell 500 200 125 50
AQB.O 1 0 0 0 0 1
CAH 1 0 0 0 1 0
PLAY.O 1 0 0 0 1 0
LBTYA.O 1 0 0 0 0 1
LBTYK.O 1 0 0 0 0 1
MCK 1 0 0 0 0 1
SBH 1 0 0 0 0 1
SHLX.K 1 0 0 0 0 1
SBLK.O 1 0 0 0 0 1
STKL.O 1 0 0 0 0 1
BKI 0 1 1 0 0 1
CVNA.K 0 1 0 0 1 0
CREE.O 0 1 0 1 0 0
CSX.O 0 1 0 0 0 1
EXPE.O 0 1 0 0 0 1
FTCH.K 0 1 0 0 0 1
GPRO.O 0 1 0 0 0 1
LQD 0 1 1 0 0 0
JD.O 0 1 0 0 0 1
MRVL.O 0 1 0 0 1 0
MKC 0 1 0 0 0 1
NSC 0 1 0 0 0 1
PETS.O 0 1 0 0 1 0
RDSb 0 1 0 0 1 0
SPAB.K 0 1 0 0 0 1
STNE.O 0 1 0 0 0 1
TPH 0 1 0 0 0 1
BND.O 0 1 0 0 0 1
BNDX.O 0 1 0 0 0 1
Totals 10 19 2 1 6 21
5 day Total 100 137 Spread -37    

 

You can see which ones I actually pick each week by subscribing to Technical Trader. Try it for 90 days risk free (first time subscribers).

Link to post
Share on other sites

Here are a few sample charts from today's screen that look interesting. These are NOT RECOMMENDATIONS.  They're interesting for different reasons. Feel free to comment.

Click the chart to enlarge.

image.png

image.png

 

Link to post
Share on other sites

The ignorant caca surrounding the buildup of RRPs at the Fed is mind bending.  There's one cause and only one, and there's no hidden meaning to be discerned from it. But the Wall Street crowd makes believe there is because they have no fucking clue why it is happening. 

E3W12qJXMAEFc7x.png

 

 

Real Time Tax Data Shows Nirvana for Stocks and Bonds, But It’s Temporary

Link to post
Share on other sites

Well, that wasn't very satisfying. RIght in the middle of that megaphone. 

Good night and good luck! 

Link to post
Share on other sites
Guest
This topic is now closed to further replies.
  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    No registered users viewing this page.

  • ×
    • Create New...