Wednesday, November 02, 2011


The small caps, and "most" of Da Udder Indexes, have set up a "Megaphone Bottoming Pattern", the, "problem", is that we've fallen BELOW the second high, and as this article DOESN'T say, http://www.trending123.com/patterns/Megaphone-Bottom-Chart-Pattern.html, WHAT IS SUPPOSED TO HAPPEN NEXT??!!!
Bulkowski offer's a more detailed explanation, http://thepatternsite.com/broadb.html.

Futures are higher this morning, DOW about 112 points, over NOTHING that I can find, wad ever, I guess it's a "relief" rally, or they are rallying over the idea that the FOMC will be able to do absolutely ZERO, as in the continuation of the destruction of our economy by the "Bastard" Bernacke holding rates at ZERO! That, "Bastard", doesn't come from me by the way, if you think I hate Bennie Da Pumper, you ought to read Tim Knight at the Slope of Hope, hahahahaha, he, REALLY, hates the "Bastard", BERNACKE IS A BASTARD.
Anyway, I drew out what I, "THINK", this might be, which would be an A-B-C "corrective" wave to the recent drop, or a "Bear" flag, I won't really be able to confirm unless we break yesterdays lows. Speaking of yesterday, we closed on the lows and set up a "GRAVESTONE" doji on the daily chart, which is a very NEGATIVE candle, but only if it is taken in the context of where it is in the pattern, and it has to be at a HIGH to be bearish, in this case it wasn't so it's probably an "INVERTED HAMMER", which is a BULLISH candle. Regardless, if we take out yesterdays close, or even worse, lows, you will probably get the general idea of what it is. Speaking of "Bastards", in the red circle with the question mark, the market's hadn't been closed for two seconds last night, and we just BLASTED off, going up over a dollar on the SPY, the dirty "BASTARDS", I mean they screw around all day taking us lower, the stupid market closes, and, "THEY", immediately take us to Da moon to try and gap us up and take out all those misguided retails SHORT's that may have held the short position over night, like in TZA where they wake up and find out they are down three or four points, sigh, such is the horror's of trying to have some common sense in this crazy world.
I almost forgot to mention, but with the three day sell off, it sets up what is called, surprisingly, "The Three Day Pull Back" system, hahahahaha, that's where you buy when we get a three to five day pull back on the Indexes. HOWEVER, this, quote, "system", works best when we are ABOVE the 200MA, AND, we are in a strong UPTREND, I mean, we have had a BLAST off uptrend the last month, but it's just a piece of bull shit wad ever manufactured by Da Boyz, and not a true uptrend when taken in the context of the MACRO pattern. Anyway, I'm just mentioning it because, well, it's set up.
Wad ever, good luck to you out there in La La Land today.
My biggest, "position", AKS, got a boost last night, as Peter Najarian on Fast Money was talking his book, and trying to pump it up. On a pattern basis, it's set up kind of an inverted head and shoulders, and is targeting over $11, in case you might be interested, BUT, it's a wild little thing, and not for the faint of heart.I'm a dreamer of course, and I'm targeting a double in this thing, that's from my current cost basis of $7.51, and that's over the next X number of months, hopefully not any later than the end of January.



Stock pick for 11/02/2011


Dear traders,
I don’t want that someone got impression that I’m more with bulls right now when you see today trading ideas. Actually I don’t have longer term bias, I just know that after two strong gaps we can see some correction (consolidation )on the 15/60 min time frame and because of that I brought few long ideas. I won’t be surprised if we will see selling continuation, even if market will open again with gap down, but for me that is right now running train and I need station to get in that train and for that I need pattern (consolidation – rest). Everything before will be high risk and because of that I will wait with new swing short setups. I’m very very happy with swing exits yesterday. I told that they have more room for downside action but in news market for me it is safer to take profit and wait new possibility. It was actually personal decision and if anyone stayed in and if some will need help feel free to contact me.
Today I will wait after open to see market breath and our long ideas will hold well and if market will look ready for possible correction I will use them. We can see that all have some kind of own way and that all are stronger then market last days what is good sign. Again, if anyone will have any questions feel free to contact me.
Wish you all good trading day
Ivica
ivica@xpertstocktrader.com




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