Monthly Archives: January 2017

Possible GDX Daily Cycle Inversion

Today is the 18th bar in the daily cycle, it should produce a bottom.  Instead it made a higher high on the 17th bar.  It’s knocking on the door against the 38% retracement at 23.63.  If today it takes out 23.63, it will have more room on the upside.  Overcoming 23.63 would indicate a beginning of a new daily cycle.  Watch out for 23.63 level.  Long term it is still very bearish.

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Short Trade $BAC Update

We shorted BAC at 23.22 on Friday Jan. 13, 2017.  Our stop loss is 23.41.  Since we opened the position, we never had paper loss on the open equity.  Today was the 11th bar in the third daily cycle. The daily cycle went on schedule without a hitch.  It gapped down at open and bears were in control the entire day.  The fact it closed very near the low of the day

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SP 500 Cycle Location Update

We were at the 10th bar in the 3rd daily cycle.  The last nine trading days have been range bound between 2254.25-2282.10.  The high @ 2282.10 established on 01/06/2017 has not been violated.  Violation of 2254.25 on the downside will indicate the selling pressure is picking up.  The selloff will last at least until Jan 26, 2017 to be around 2200 price level.

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Exit $CLF at Open

Due to the weakness  of the general market, CLF is not able to meet our target.  Time to get out.  We issued an alert to get out the remaining 2/3 positions at open today.  We got out @9.27 at open today.  Members took profit for 1/3 of the positions overnight for over 7% profit on Jan. 11, 2017.  Some of our members, heeded our stern warning

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Frankly, We Don’t Give a Damn About News

Why didn’t Bank of America’s stock go to the moon after reporting fourth quarter beat the earnings expectations?  Not only it beat the earnings expectations, BAC also provided very rosy outlook for the first quarter of 2017.  The market didn’t care.  It was promptly sold off against a prior cycle high. 

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