Weekly Stock Charts

Jonathan Parsons Rank: 43 Followers: 20 Votes: 4 Years Member: 13 Last Update: 23 January 2017, 13:19 Categories: Chart Patterns
Trend Analysis
Volume Analysis

Jan 23rd 8A Update: Not the easiest week to trade, but there were some good opportunities out there. My favorite has been and continues to be short vol plays like XIV and SVXY (or VXX puts). Once again, XIV closed the week near highs - meaning that any dip during the week got paid (and I did buy the dip). At some point, this pattern will end, but it's been good fun since the election with a slight pause around the New Year. What else is working? Staples picked up a bit for the 1st time in a while. Industrials and industrial metals still look good. Pockets of strength in tech - semi's and cyber security. Gold continues to grind higher but gold miners have been volatile (I'm long gold). Until we break out (or break down) of this sloppy trading range in the index, we can expect more of the same....pockets of strength....no real sustained trends. The good news is that the longer we churn at highs, the more false breakouts/breakdowns we have, the better the chances are of eventually breaking out as we burn off the overbought condition. Good luck out there! Jan 13th 8:20P: The thing about tight ranges is that they have to expand. They must expand. They don't stay tight forever (although it may seem like it when we're in it). And the tricky thing is that the market will try to knock you out of positions and suck you into others which immediately fail. Why? Because we're going sideways....but also because that churn is needed to work off the overbought condition, shake out weak bulls, and most importantly suck in shorts. The market moves higher first on the backs of trapped shorts. The shorts cover, the buyers start buying and then it feeds on itself. Without that power of trapped shorts and under-invested weak bulls, the strong bulls have nothing to squeeze. Another thing that tight ranges love to do is shake out investors right before earnings (like the financials this week). IF you're prepared for it, you can buy into that shakeout as the risk/reward is often favorable and it follo


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