Sunday, December 16, 2012

No change from the Friday post, the only "item" being that we tested the $64.50 area, the gap waiting at $64 is just crying out to be filled, but of course one of "THEIR" favorite little tricks is to NOT fill those gaps, and try and get "investors" chasing it higher. I put the INVERTED chart of the Q's at the bottom, it's some times called the QID, being a slimy bottom fisher you can well imagine which one I would be MORE interested in being an "investor" in. 
ANYWAY, I could care LESS, until we get out of this range it's going to be a mess, I'll wait, and continue on my five minute investing time frame. There was no reason to show any of the "internals", they are all just kind of neutral, Ya Know, like they are WAITING on SOME THING!

Speaking of slimy bottom fisher, I went through the weekly charts of the DOW 30 stocks, just to see what I could see. If your the type of investor that likes to buy HIGH and hope you can find a sucker stupid enough to buy it off you even higher, then all the rest, other than the three here, would be more interesting to your tastes, ALTHOUGH, I find CAT and DD interesting, but I don't, "DO", them, and HPQ and MSFT are definitely in the bottom fisher club, but HPQ is to "noisy", and until they get rid of that CEO I won't be the least interested in Mikey.
ACTUALLY, BAC is not a bottom fisher, it's a break out candidate, $10 was HUGE resistance, it set up a decent Cup and Handle formation coming off that $7 double bottom low, and of course it's broken over that, although not by much, it's next resistance level comes in at about $11, after that it gets into a VOID, and, COULD, easily, go BAC to about $14. I would, PREFER, to see it BAC off of like, $11, or even here, and go BAC and "TEST" that $10 break out area, but of course, the market very seldom does what I would "PREFER". The Cup and Handle target works out to about $13 on it, which is also a gap fill.
I've been in and out of this thing, I sold my $9 and $10 calls, WAY TO EARLY, hahahahaha, typical, sigh, wad ever, I'll give it another shot if I can get it to come BAC. 

Inkey, INTC, is actually one of the funnymentally cheapest stocks in the DOW, with a PEG ratio of .84, second only to, surprisingly, CAT, at .65, for comparison BAC is a horrible 3.72, meaning it has no "E" or "G" in that equation, and is surpassed only by the supposed "cheap" big dividend paying stocks like T, VZ, MRK, PFE, ranging from 4.5 for T to 9.11 for PFE, just horrible, wad ever, CVX is the worst at 177, surpassed only by HPQ and AA, which have ZERO "E" in the equation. By the way, Inkey is right in their with those other big dividend yielder's, at 4.38%, not to shabby. 
Anyway, I'm not sure about INTC, I DON'T like where it bottomed, it was right out in the middle of NO WHERE, a true bottom would have "tested" the lows last year, number two is that it has HUGE resistance coming up at $22, but the good part, is that it may go immediately TO that $22 number, as it has a VOID up to it. Once it gets OVER that $22 barrier, then it runs into a big VOID that goes all the way BAC up to $26, or even higher. It's probably worth keeping an eye on, you can pick up the $22.50 Jan calls for about .15 cents. 

Good Ole Alkie, AA, I love this out fit, and I trade it a LOT, I'm currently in Jan $9 calls in it. It's moving on China, it's also working off of a Double Bottom, and may be forming the BIG "W", with the neck at $10, which sets up a target of $12, which also just happens to be HUGE resistance, should it get there. Unfortunately it also has a couple of other resistance areas between here and there, so it may struggle a lot getting there. Once over $12 though and it runs into a HUGE VOID, that would allow it to go BAC to $15 with out to much trouble, of course, it may NEVER get BAC over $10, hahahahaha, sigh, there's definitely going to be a fight when it gets BAC there.

Do I have BAC on my mind???????

Prechter: "This is Not a Picture of a Bull Market"
The three-and-a-half-year rally has occurred on declining volume
By Elliott Wave International
Fewer and fewer investors have been participating in the so-called recovery. Take a look at a chart from the just-published October 2012 special video Elliott Wave Theorist, and then read Prechter's commentary. Read more.


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