We got off to weak start but supports held and the broader markets managed to test and notch marginal new highs, on strength in gold, silver, and semis (
TXN/
NSM merger). Technology overall, however, remains weak. Hence if the NASDAQ can't confirm the action in the broader markets, it starts to weigh, and eventually, pulls them down too. That's basically what happened this afternoon. Look at the difference between the ES_F and the
NQ_F. By
EOD we have a potential double top on the ES.
We've discussed the symmetrical triangle pattern on the
GDX for several weeks, and today it finally broke out with decent volume. The bullish inverse H&S pattern in
GLD also broke.
I traded
GG in my swing account, took a partial and holding the balance. After hours
GG announced expansion of the
Cerro Negro project in Argentina - according to feasibility study - proven and probable gold reserves double.
Day Trades
ALXN, highlighted over the weekend as a bullish setup on the daily. Placed fibs from late day handle to
ORH. Enter long as it pulls out of the
Rzone.
LULU - bull flag good for a pt.
QCOM - highlighted last night as a bearish wedge on daily. I was tempted to short when it paused at the 38% Fib.
retracement, but I waited till the feeling passed because the markets were still in an uptrend and there was no tangible setup. Shorted into the close for a retest of yesterday's lows.
RIMM - short into the close on break of NR base.
We got off to weak start but supports held and the broader markets managed to test and notch marginal new highs, on strength in gold, silver, and semis (TXN/NSM merger). Technology overall, however, remains weak. Hence if the NASDAQ can't confirm the action in the broader markets, it starts to weigh, and eventually, pulls them down too. That's basically what happened this afternoon. Look at the difference between the ES_F and the NQ_F. By EOD we have a potential double top on the ES.
We've discussed the symmetrical triangle pattern on the GDX for several weeks, and today it finally broke out with decent volume. The bullish inverse H&S pattern in GLD also broke.
I traded GG in my swing account, took a partial and holding the balance. After hours GG announced expansion of the Cerro Negro project in Argentina - according to feasibility study - proven and probable gold reserves double.
Day Trades
ALXN, highlighted over the weekend as a bullish setup on the daily. Placed fibs from late day handle to ORH. Enter long as it pulls out of the Rzone.
LULU - bull flag good for a pt.
QCOM - highlighted last night as a bearish wedge on daily. I was tempted to short when it paused at the 38% Fib. retracement, but I waited till the feeling passed because the markets were still in an uptrend and there was no tangible setup. Shorted into the close for a retest of yesterday's lows.
RIMM - short into the close on break of NR base.
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