Interesting Chart Patterns To Monitor In Coming Days...

[tkeough]

ODP shines...

Marc,
Yes, ODP has been out performing the market.

Since the beginning of the year, I have been watching the market fundamentals deteriorating and have been playing only shorts to stay on the "safe side". It appears that shorts will be in favor for some time to come. At present, I am targeting tech stocks that are falling from the $10 or $11 area down below $10. I have been choosing stocks that are finishing the Wave 4 up on the Day, with the Week, and Month also in Wave 4 up and ready to fall. This year I have traded SANM, BBI, ARXX, and today I added PMCS.

I have a new short watchlist that is comprised of stocks from the Financial and Real Estate sectors. I believe this will be the next group to tank as the interest rates climb.

I prefer shorts when they drop decisevely, they go down so much faster than they went up!

Here is a chart from today's trading PMCS. My initial stop is at $9.66 with a target of $7.00 on the down side for an R/R of 3.33 to 1.

I am now using eSignal Premium with the Advanced GET studies to trade from and the EOD version for my searches (data from TCNet for the EOD Advanced GET).
Tom

[QUOTE]Originally posted by MR
[B]Tom,

... and finally, here is the recent update picture of ODP (Office Depot).... the only idea I have
that might have helped you stay in it longer would be if you used a normal ellipse in a pivot to
pivot application. It isn't a standard technique, but it does work a lot of times when trying to stay
in a continuation.

Take care, and remind me when we get a Type 1 buy setup in this stock... might be interested.

Marc

[MR]

Sorry I have not been at eSignalCentral for a while.....

Been quiet, waiting patiently for overall markets to work out Wave 4 consolidations.
Next two months track closely (1) interest rates and (2) futures energy complex prices.
Can crude oil trade stay below $50 a barrel for a few weeks or more? Will the Fed stay its course,
or will it get concerned more about inflation, which is not helpful to traders trying to find new positions.

Anticipating before Memorial Day holiday markets will setup for a relief or early summer rally.

We have to be patient now for quality Wave 4 setups to have time to evolve.

marc

PS- tkeough, watching ODP... anticipating it might attempt to cover the March gap...
maybe a nice trade idea once that happens, you think?

[MR]

PS-- Nasdaq has a downward bias for now. Focus on ND #F weekly for your analysis.
Don't let the Daily 3-4-5 label deceive you into thinking a wave 5 is building a bottom yet.

[DuaneG]

Hi Marc,

Good to see you on the forums again. This downturn with the Senior indices definitely gave us the pullback we were looking for on BOOM. It still isn't quite ripe yet, but the structure seems to be hanging in there. I used both a normal and a short-term ellipse for the analysis. The GET Oscillator has retraced to the downside, but hasn't broken 140% rule. The PTI is outside of the standard parameters, but here it is nonetheless. Have fun....

[DuaneG]

With all the Type I Buy setups that are brought to light, I thought I would provide an example of a Type I Sell.

This is a daily chart of OSIP. The pullback to the upside is coinciding with a short-term ellipse. As the price action has not broken through the Regression Trend Channel, we have not been given a viable trigger. We'll monitor it through the upcoming sessions and see how it plays out. As always...this chart is for educational purposes only. Enjoy.....

[MR]

GAP has been an interesting stock the last several months.... here is an April 29th look....

[MR]

Here is GAP today, as of 10:00AM EST....

it 'gapped' higher.... nice!

Best wishes,

Marc

[DuaneG]

Nice work Marc! Very nice job indeed.

[MR]

I did an aggressive buy today on SE hourly. Is only a small 250 share trade for an aggressive buy idea. Nothing big.
Hourly pattern looks sustainable near term. You could watch for a Type 1 aggressive buy on a pullback, if interested.
Think the Wave count is going to relabel to a Wave 3 once 5/35 oscillator strength confirms.

[MR]

If NY Crude Oil trades below $48, prepare
for the beginning of a nice summer rally.

[MR]

I have been buying small positions in the
following stocks this week:

CKCM, CRI, DGIN, EMC, GAP,
NSI, PLL, QQQQ, SE, SGH.

Buying in anticipation of market stabilizing,
preparing for a bigger rally is hope.

Hope I am right...

Marc

[MR]

PRW

I bought a little of PRW this morning cuz I like the pattern. Reason why: It looks like it could be an Elliott wave pattern
where the Wave 3 eventually could shift to the right, and Wave 1 and 2 also would shift to where W3 and 4 are currently
located. Would like to see PRW stay above 3.03 to 2.85, or 2.57 worse case scenario. It is a slow moving stock, so I may have
to be a little patient with this one, and it low volume which means anomolies have a higher propensity can occur. Either way am
not going to lose sleep on this one if it doesn't work out. I have confidence I am right in my observations. -marc

[MR]

Hi everyone!

Originally posted by MR
If NY Crude Oil trades below $48, prepare
for the beginning of a nice summer rally.

I really am not a cocky person... (my motto is, "I would rather be humble than be humbled.")

.... but... in this case, I feel it in my bones that I am finally ahead of the curve on this one.
I have gone 100% cash to actively seeking buy opportunities. While it is not confirmed yet,
we may be very close to a US market bottom and building a base for a bigger rally to come....
Recent market weakness is a setup for the ideal summer rally professionals watch for every year....

All we need now is NY Crude to trade below $48, for a period of time... cross your fingers and toes, say a prayer!

(Remember, if this scenario plays out-- remember to send your wife to church and have her thank the Good Lord
for your blessings, as my friend Tom Joseph would jokingly say when teaching me how to trade in the late 80's.)

[MR]

Just bought a little of BG...

Lot's of ideas, not enought money to do it all...

Oh well, maybe someday will get smart and let me helpt them manage money

I wish I had deeper pockets sometimes...

[MR]

As a side thought, if the futures energy complex continues to correct for a period of time, as I suspect they could, it will mean oil stocks will have to do more profit-taking. You might want to review your portfolio at this time to see how it would affect you. Also, once this correction phase is completed, profit-takings "should" lead to some good buys again. Watch this summer for any bargains... and post your ideas here when you think it is a bottom. (Right now, my guess is it will not be a bargain until crude hits around $44 or lower... just a guess. I am not negative energy complex overall, just feel it needs a good profit-taking period of time is all.)