The WMT Lead Indicator Was A Very Bearish -0.61% Versus The S & P 500 (SPX) Today
The WMT Lead Indicator was a very bearish -0.61% versus the S & P 500 (SPX) today, and, became more bearish in the second half of the session, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=m&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC.
The NEM Lead Indicator was a slightly bearish -0.23% versus the XAU today, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=l&q=l&p=&a=&c=%5Ehui,nem.
SPX will probably fill today's downside gap at 1,503.35 in the next session or two, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. SPX's short term upcycle since early last Wednesday is rolling over/flattening out, and, note the Elliott Wave 12345 up down up down up pattern.
Reliable SPX ("the market" basically) lead indicator WMT will probably fill today's downside gap at 48.11 tomorrow or Thursday, and, the downside gap at 47.60 may yet get filled also, see http://finance.yahoo.com/q/ta?s=wmt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. 47.69 may not be the short term Wave 4 cycle low. The short term Wave 2 bottomed at 46.47 and a monthly cycle low occurred at 46.32.
DNDN (http://stockcharts.com/charts/gallery.html?dndn) decisively broke it's short term Wave 2 downtrend today and hit a Wave 3 buy signal. A short term Wave 1 spike cycle high occurred at Thursday's open at 7.65 and a monthly cycle low occurred at 6.30. See http://finance.yahoo.com/q/ta?s=dndn&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. When DNDN fills (likely) or clearly doesn't fill today's downside gap at 7.05 I'll look to buy a significant intraday Wave 2 type pullback.
CBAK's short term Wave 4 bottomed at 3.72 on Friday, since CBAK rallied substantially on strong volume to 3.96 near session's end on Friday and hit a short term Wave 5 buy signal, see http://finance.yahoo.com/q/ta?s=CBAK&t=5d&l=off&z=l&q=c&p=v&a=m26-12-9,p12,fs,w14&c==. I'll look to buy weakness tomorrow. Note the bullish large inverse spike on Friday's candle, see http://stockcharts.com/charts/gallery.html?cbak. CBAK has a bearish large spike on today's candle.
GNBT filled it's upside gap at 1.84 today at the open, see http://stockcharts.com/charts/gallery.html?gnbt. GNBT's Wednesday cycle low at 1.73 is probably a Wave 2 of the short term Wave 3 cycle low, see http://stockcharts.com/charts/gallery.html?gnbt. I was waiting for GNBT to either fill it's upside gap at 1.84 or take out Wednesday's cycle low at 1.73, see http://stockcharts.com/charts/gallery.html?gnbt.
Since GNBT has a bearish large spike (occurred at the open) on today's candle, has been very flat the past five sessions, and, the WMT Lead Indicator was a very bearish -0.61% versus SPX today, I'm being cautious about buying GNBT right now. I'll probably wait for a sustained strong very short term uptrend to begin. The Yahoo 5 day chart is very flat, see http://finance.yahoo.com/q/ta?s=gnbt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. The short term Wave 2 bottomed at 1.52.
Other stocks I'm watching and may buy this week are ACI (http://stockcharts.com/charts/gallery.html?aci), CRYO (http://stockcharts.com/charts/gallery.html?cryo), AEZ (http://stockcharts.com/charts/gallery.html?aez), VSE (http://stockcharts.com/charts/gallery.html?vse), USEY (http://stockcharts.com/charts/gallery.html?usey,Needs to fill upside gap above 2 before I'll buy), TMTA (http://stockcharts.com/charts/gallery.html?tmta), SSO (http://stockcharts.com/charts/gallery.html?sso,WMT must hit a buy signal), WMT (http://stockcharts.com/charts/gallery.html?wmt,If it hits a Wave 5 buy signal)
Please see Thursday's post at http://tradethecycles.blogspot.com/2007/06/dndn-probably-put-in-monthly-cycle-low.html for rockets detailed analysis/info.
ACI needs to do a short term Wave 2 downcycle, see http://stockcharts.com/charts/gallery.html?aci. The short term Wave 1 appears to be peaking in rollover mode. ACI put in a monthly cycle low at 32.94 on Wednesday and hit a monthly cycle buy signal on Thursday. Note the bullish large inverse spike on Wednesday's candle.
Cycle trendlines/channels used in concert with Elliott Wave patterns and gaps are the basis/crux of "Trade the Cycles." "Gaps action" is very important.
If one decides to trade rockets obviously paper trade for a while or trade very modest positions at first.
That's it for now. Ciao. ....... http://www.JoeFRocks.com/ .
The NEM Lead Indicator was a slightly bearish -0.23% versus the XAU today, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=l&q=l&p=&a=&c=%5Ehui,nem.
SPX will probably fill today's downside gap at 1,503.35 in the next session or two, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. SPX's short term upcycle since early last Wednesday is rolling over/flattening out, and, note the Elliott Wave 12345 up down up down up pattern.
Reliable SPX ("the market" basically) lead indicator WMT will probably fill today's downside gap at 48.11 tomorrow or Thursday, and, the downside gap at 47.60 may yet get filled also, see http://finance.yahoo.com/q/ta?s=wmt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. 47.69 may not be the short term Wave 4 cycle low. The short term Wave 2 bottomed at 46.47 and a monthly cycle low occurred at 46.32.
DNDN (http://stockcharts.com/charts/gallery.html?dndn) decisively broke it's short term Wave 2 downtrend today and hit a Wave 3 buy signal. A short term Wave 1 spike cycle high occurred at Thursday's open at 7.65 and a monthly cycle low occurred at 6.30. See http://finance.yahoo.com/q/ta?s=dndn&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. When DNDN fills (likely) or clearly doesn't fill today's downside gap at 7.05 I'll look to buy a significant intraday Wave 2 type pullback.
CBAK's short term Wave 4 bottomed at 3.72 on Friday, since CBAK rallied substantially on strong volume to 3.96 near session's end on Friday and hit a short term Wave 5 buy signal, see http://finance.yahoo.com/q/ta?s=CBAK&t=5d&l=off&z=l&q=c&p=v&a=m26-12-9,p12,fs,w14&c==. I'll look to buy weakness tomorrow. Note the bullish large inverse spike on Friday's candle, see http://stockcharts.com/charts/gallery.html?cbak. CBAK has a bearish large spike on today's candle.
GNBT filled it's upside gap at 1.84 today at the open, see http://stockcharts.com/charts/gallery.html?gnbt. GNBT's Wednesday cycle low at 1.73 is probably a Wave 2 of the short term Wave 3 cycle low, see http://stockcharts.com/charts/gallery.html?gnbt. I was waiting for GNBT to either fill it's upside gap at 1.84 or take out Wednesday's cycle low at 1.73, see http://stockcharts.com/charts/gallery.html?gnbt.
Since GNBT has a bearish large spike (occurred at the open) on today's candle, has been very flat the past five sessions, and, the WMT Lead Indicator was a very bearish -0.61% versus SPX today, I'm being cautious about buying GNBT right now. I'll probably wait for a sustained strong very short term uptrend to begin. The Yahoo 5 day chart is very flat, see http://finance.yahoo.com/q/ta?s=gnbt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. The short term Wave 2 bottomed at 1.52.
Other stocks I'm watching and may buy this week are ACI (http://stockcharts.com/charts/gallery.html?aci), CRYO (http://stockcharts.com/charts/gallery.html?cryo), AEZ (http://stockcharts.com/charts/gallery.html?aez), VSE (http://stockcharts.com/charts/gallery.html?vse), USEY (http://stockcharts.com/charts/gallery.html?usey,Needs to fill upside gap above 2 before I'll buy), TMTA (http://stockcharts.com/charts/gallery.html?tmta), SSO (http://stockcharts.com/charts/gallery.html?sso,WMT must hit a buy signal), WMT (http://stockcharts.com/charts/gallery.html?wmt,If it hits a Wave 5 buy signal)
Please see Thursday's post at http://tradethecycles.blogspot.com/2007/06/dndn-probably-put-in-monthly-cycle-low.html for rockets detailed analysis/info.
ACI needs to do a short term Wave 2 downcycle, see http://stockcharts.com/charts/gallery.html?aci. The short term Wave 1 appears to be peaking in rollover mode. ACI put in a monthly cycle low at 32.94 on Wednesday and hit a monthly cycle buy signal on Thursday. Note the bullish large inverse spike on Wednesday's candle.
Cycle trendlines/channels used in concert with Elliott Wave patterns and gaps are the basis/crux of "Trade the Cycles." "Gaps action" is very important.
If one decides to trade rockets obviously paper trade for a while or trade very modest positions at first.
That's it for now. Ciao. ....... http://www.JoeFRocks.com/ .
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
1:33 PM
