RIMM was a scratch trade in that it popped, but failed to follow-through.
WYNN and MGM gaped up and there was an opportunity to get in on a retracement (support at the 9EMA on the 5-min chart). The path up to the morning highs in WYNN was pretty choppy and not providing confidence in strong continuation. RIMM was similar in that it broke out but as the market turned shares were being dumped. It did provide a good long opportunity later in the day following an inverted H&S bottom pattern.
Relentless upward drift in the SPY on zero momentum. Perhaps a sign of short covering rather than new buying?Below is my 5-min chart that I marked up throughout the course of the day. I was able to get a good read on the first half of the day, but the choppy climb up from the day's sell-off was a bit harder to follow.
It would be picture perfect (on the weekly chart) to see next week give a blow-off top right into the resistance level left by October's gap. Or even a blow off top in the week after next to fill the gap. One can dream.
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.