Tuesday, December 24, 2013

Sooooooooooo, I'm sitting here at 2am in the morning with CNBC Europe on in the back ground, and scanning, so I go to FinViz and go to ETF's only, 1432 of them show up, I go to over 500K shares a day on average, it cuts it to 166 ETF's, I then go to the technical scan and click on RSI 14 UNDER 20, and I get, WAAAAA LAAAAA......... ZERO..................ETF's...............hahahahahahahahahaha...........HAH! I do this because I'm looking to bottom fish, or at the very least, sell some OTM put's on over sold equities for weekly income. Think about that............ ZERO, that includes the INVERSE ETF's that you would THINK would be over sold with the markets blasting out side of their daily bollinger bands.
OK, fine, so I run the same screen on just STOCKS only, 4877 stocks show up, click on average volume of 500K a day, that cuts it to 1728 stocks, I then go to the RSI UNDER 20 and, WAAAAAAA LAAAAAA.......two................TWO FUCKING STOCKS...................... show up...........hahahahahahahahahahahahaha.....................HAH!!! One of them is CERP, which is a ONE CENT STOCK, and the other is PENN, which is only registering as over sold because it spun off part of it's business and as a result the stock price got cut from $60 to $14.50. 
UNFRICKINGBELIVEABLE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ya Know, you have yourselves a very Merry Christmas, I'm going back to bed. 



The $NYSI triggered a buy signal yesterday, HOWEVER, the A/D's have not confirmed by closing above their prior highs, which probably don't mean diddly squat. Also, several of the index's closed outside their upper bollinger bands today, meaning they are over bought, but HEY, who am I to say any thing.

TRADE IDEA FOR MONDAY, DECEMBER 23, 2013
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TOL - long trade
  
TOL is classic breakout trade what we can clear see on the monthly chart. If we just use monthly chart then we can see that TOL can turn in to position trade and for that very possible need bigger stop. But I will try with daily/weekly breakout and smaller stop amount stay in to TOL for some time and how long we will see on breakout volume and pace. For start I will use stop under 60 min 20sma but if someone like it for position trade from start then need to use stop under daily 20sma  (around $33.25 area).



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