Weekly Stock Charts

Jonathan Parsons Rank: 56 Followers: 17 Votes: 1 Years Member: 13 Last Update: 27 May 2016, 21:31 Categories: Chart Patterns
Trend Analysis
Volume Analysis

May 23rd 7:16A Update: We're still stuck in this mixed market, slow-grind lower zone. It's much easier (at least for me) to trade when we are trending and we're just not trending right now. I made a little bit of scratch last week in SQQQ and XIV, but I'm trading half-size and really just looking for quick flips by fading strength (or weakness). Last week, it looked like GDX/GDXJ might breakout for about 1 hr and then they faded hard. Luckily, I didn't bite. GLD hardly moved. Oil is still grinding higher despite US dollar strength. US dollar is probably the most important thing to watch right now. Bonds seem to be important, too. So, what's working? Biotechs are holding up - maybe trying to put in a double bottom. Some pockets in tech are strong (SMH for one). Banks (KRE, KBE) did well after the Fed minutes. The news itself is irrelevant - the important part is the market's reaction to the news. On the flip side, you had weakness in GDX/GDXJ, EEM, XLP and IYR. Most of these relationships can be explained by dollar strength and interest rate fears. My plan for this week is to keep it light ahead of the holiday weekend. Mostly I'll be looking for quick flips - fading strength or weakness by playing some of the names listed above. Good luck out there! May 16th 7:45A Update: Stock futures are flat ahead of the open, oil + gold are up nicely. We have very mixed markets right now. At best, the major indexes are trendless. This can be a good thing if you like to play both long and short - although I do find it easier when we are trending. There are still opportunities in specific sectors. I've been having the most success in GDX/GDXJ which have held up well during this correction. GDX had an inside week this week and if we break the highs, I plan on buying the breakout. USO is looking to follow-through on the inside week breakout last week - $WTIC may be shooting for 50. Bonds are pushing resistance and we'll see if they are strong enough to push through. VXX rever



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