It’s time to open 1/3 FCX long position. It’s not confirmed the bottom at 14.01 yet, but the intraday behavior indicates the likelihood of coming of the weekly cycle bottom from here. The absolute stoploss is 13.13.
CLF had a great earnings release and the market rewarded it handsomely. It took out the previous weekly cycle at 10.90 without any hesitation. It is currently only in the 2nd week of the weekly cycle. Right now it is 14th day into the daily cycle. It is in the correction phase to digest the […]
We are long term bullish on BAC. We published a blog on BAC 2009-2016 multi-year breakout on January 6, 2017. But the recent breakout at the 15th week in the weekly cycle is not trustworthy. We believe this breakout pattern will fail due to the cycle position (too late in the game). In a week […]
It’s been 18 weeks since the last FCX weekly cycle low was made on 10/14/2016 at 9.24. This cycle clearly took out the previous cycle high at 14.06. And FCX has made a higher high in this complex weekly cycle. It has a clear alpha high and beta high. All signs point to a […]
The S&P 500 cash index continues to press higher despite the negative news coverage about the new white house administration. The value line geometric index broke out a 17-year old triple top on February 13, 2017. The value line geometric index doesn’t get the headlines like the Dow Jones Industrial average, but it is the […]
Since AMD came out of the weekly cycle bottom at 9.42 on 01/18/2017, it achieved an impressive high at 14.27 on 02/07/2017. Then it spent 8 days to correct the overbought condition that was induced by the earnings release. After 8 days of sideways down trading actions, it quickly reversed at 12.60 today. The reversal […]