Interesting Chart Patterns To Monitor In Coming Days...

[MR]

Today I bought 100 shares of EASI, filled at 58.73. No target, no stop for now. This is aggressive for me; not my normal style, but I like something about this stock. Been watching it for a while....

I think the weekly is realistic... but it really is more like a wave 3-4 within a bigger Wave 3 not completed yet. The weekly target at $73 is ideal for now.....

Substantially all revenues the Company's revenues are derived from contracts with the United States Department of Defense and certain foreign militaries.

Here is a press release from today on this company... http://biz.yahoo.com/prnews/040621/cgm023_1.html

[MR]

FWIW....

I just bought 200 shares of GM, was filled at 48.11.

It was an aggressive Type 1 Buy interpretation.

[MR]

Dave, I apologize for not having time lately to respond to your PM's. It is very hard to find the time free time to answer the PM's.

I wish I could answer in detail my logic for GM. Let me just show some captured images and say that I am of the belief GM still is in a wave 3, and there seems to be very limited resistance nearby at this time, and I believe the current support is strong enough to return the price higher again. Finally, notice, this is only 100 shares, a very small position.

Here is a weekly GM chart....

[MR]

Here is a daily GM.....

[MR]

Here is a 360 minute chart....

[mooseman]

Thanks Marc. I will study the charts carefully. You don't need to apologize for being busy. Although I appreciate all of your postings don't feel obligated to mess up your personal needs (like making an income) on my behalf!
Have a good day!
Dave

[MR]

I cannot sell Short stocks in my one new account. If I could, here is a stock (CMRG) I really find myself wanting to Short....

The best idea-- for it to now keep drifting lower to test previous 5.90 low.

The second best idea-- if it doesn't drop lower now, for it to continue to drift a little back up one more time into the upper MOB, but trade no higher than 7.777. Then for the last Normal Ellipse to arrive. Followed by selling pressure again, pushing it down this time to 5.00 area.

I am going to track it as if I shorted it two days ago when I first found it. (app, 7.25) My pretend Stop Loss is above $8.00. My target is around $5.00.

[MR]

Hi Jim! So far your scenario is playing out as you said. Congrat's on the good thinking.

Originally posted by jims_id—Posted: 06-01-2004 07:02 PM
Scenario 1: we see the energies sell off for a nice
type 1 setup, and simultaneously we see a rally in
equities. Scenario 2: Energy continues its wave 3
move to the upside, and equities sell off in response.
The conundrum is formed by the strong weekly wave
patterns in both the equities and energy. I think the
bull scenario for the equities is the slight odds on
favorite.. Like to here your thoughts on why you are
gut-bearish US equities.
Jim McGowan

Originally posted by MR—Posted: 06-02-2004 10:32 PM Hi Jim!

I think you are correct. Odds do seem to favor more of a rally in equities before any real "top" is in place. Your scenarios sound like good ideas…… marc

[jims_id]

Hi Marc

Thanks for the congrats....it was definately a case of a blind pig getting acorn.

You must be reading my mind on the CMRG trade. But here's a slightly different take for what it's worth. I agree with your short term to intermediate analysis of the stock. Further weakness should probably be expected in that time frame. However, on a longer term basis, I believe that the stock may be going down in a wave two (with wave 1 beginning on 5-24 and topping on 6-18).

Check out the weekly chart (which I have tried to attach), using the *alternate* wave count. Personally I give the alternate count a slight (and I mean slight) odds on favorite, based upon a few other studies.

Best of luck,

Jim

[MR]

Jim,

I really appreciate your starting to share more here. Your recent interjections really are very helpful, insightful. You have an interesting way of enhancing, improving on a topic that really helps everyone, including me.

As a side comment, I came really close to buying the QQQ this week, but I hesitated too long. Here is a simple picture what was being monitored.

Thanks again for sharing. I really do enjoy reading your comments.

[jims_id]

Hi Marc

Marc:

Thanks for your kind remarks, but at the risk of being patronizing, I would highly advise everyone to ignore my comments and focus on *your* insights if they want to make $.

Regarding equities, I went into this weekend scared that we may be getting very toppy in here. I have a feeling your oil scenareo (or some geo-political event) may be getting ready to open up the can of worms you previously suggested. As you said before, the rally since mid May hasn't been very convincing on a technical basis. On top of that, there sure seems to be way too much optimism out there.

Let me ask you: do you think we're gearing up for a blast to the downside to complete a "c" wave of wave 4 on the weekly charts of the major indices (or worse)? Or do you think that we will sail up to wave 5 targets from here. As I see it, we are at at a critical juncture right here, and I'm worried about staying long.

[jims_id]

CMRG

Not to belabor the CMRG outlook, but here's a daily chart that might be of passing interest to the readers of this thread. First, take a peek at the upper MOB, and notice the * beautiful* hashmark call on 4-24. I can attest that this MOB hashmark was there prior to 4-24 (I've been following this stock for a while).

Next, look at the lower MOB and observe the hashmarks. This MOB would indicate support at target suggested in Marc's post. Also notice the potential CIT coming in on 7-9. A break below the recent low at $5.92 would obviously invalidate my theory of the stock heading down in a wave 2 (on a weekly basis) and might change the alternate wave count I showed in my previous post.

As the saying goes, we'll see the end result in the fullness of time.

Best of luck to all.

Jim M

[MR]

Re: Hi Marc

Not sure Jim.... mostly was thinking this would be a tough week with Fed and other political events going on and overbought conditions. Didn't think we would get a major correction quite yet.... no reason to buy new positions going into another long vacation weekend either. I had to cover my little GM postion today but will try again to postion lower later.

Originally posted by jims_id
Marc:

... Regarding equities, I went into this weekend scared that we may be getting very toppy in here. I have a feeling your oil scenareo (or some geo-political event) may be getting ready to open up the can of worms you previously suggested. As you said before, the rally since mid May hasn't been very convincing on a technical basis. On top of that, there sure seems to be way too much optimism out there.

Let me ask you: do you think we're gearing up for a blast to the downside to complete a "c" wave of wave 4 on the weekly charts of the major indices (or worse)? Or do you think that we will sail up to wave 5 targets from here. As I see it, we are at at a critical juncture right here, and I'm worried about staying long.

[MR]

Curious to see if this ends up being a good T1S....

[MR]

Only as a follow-up on the CMRG discussion... the Normal Ellipse shown earlier has arrived....
In a sense, this T1S setup is approaching a Make-Or-Break time frame now.....