An interesting day on OPEX friday. The dollar sold off pretty hard, as did oil/commodities (I don't really get that), the markets were slightly negative, but the financials of all things did perform well (bizarro market).
Perhaps we'll have some resolution, in terms of direction, come Monday. Especially if we find ourselves in a nuclear war.
I continue to stalk Treasuries, via TLT/TBT, and today was an excellent day for TLT.
The open on TLT was a slight gap down, followed by a narrow range consolidation that didn't seem to have a directional bias. The impulse move that followed brought us right into a previous day's resistance range, set up a nice tight flag, a volume breakout (yellow dot above the candles), followed by a breakout.
Later in the day provided another entry, as price retraced only to come back and base around the highs.RIMM was an earning's play. They announced Thursday after-hours, beat estimates, but foreward forecasts were weak. After-hours yesterday saw a strong sell-off that was eventually bought up. This morning however, price gapped down, filled it's gap, whipped back down to the lows and consolidated into a narrowing triangle pattern. The break of the apex came complete with volume surge (yellow dots above candle).The SPY hasn't resolved very much and today had a difficult time staying above the $92.50 level. Perhaps come Monday we're either in a nuclear stand-off with N.Korea and we tank, or it's avoided and we rally (haha).
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.