FB Update #2 …

FB turned up on a lot of my scans tonight … I posted about FB in the pre-market (click here) and the trade turned out nicely for me today.  When the market looked like it was going to roll lower this afternoon, I finished making my adjustments to my trade – I am still long some Sept $120 calls (1/2 spread out with Sept $126’s), but I took nice profits in the weekly $124’s and the stock.  I may revisit those for intra-day trades here the remainder of the week.

Here are FB’s short-term charts … Continue reading

HD Update…

Much like the COST update I wrote last Tuesday (click here), I thought a post on HD today was likely timely.  I know that everyone on the FastMoney panel loves HD as a way to play the strength in the housing sector, but to tell you the truth I just don’t get it – first of all, HD is roughly at the same price as it was in early December 2015, so I just don’t think HD is acting all that well as of late.  Let’s take a look at the charts to see what I mean … Continue reading

Bigger Time Frames (Deux) …

This is a follow-up to the post I wrote on Friday (click here) about how traders need to monitor higher time frames than the one they are currently trading if they do not want to miss the bigger trend trade.  One of my students thanked me but asked for an example of this same concept on a bigger time frame, one that might be applicable for swing trades that he would possibly be doing. Continue reading

What If? (Part 3) …

I think we are almost finished the first leg lower out of the all-time high made earlier this week …

ES Futures Contract – 20000 Tick Chart #1

ES_August 26, 2016_20000 tick_03

Price found/respected the resistance SLOT zone today and has pushed lower into the 1.272x – 1.618x extension target zone in what looks like to me a small 3-wave structure.  We are correcting off of the minor wave 2 low here, and I suspect that we will not push down to the final minor wave 3 low until Monday of next week. Continue reading