Really ugly day for the markets with the DOW collapsing 226 points(2.27%) which completely wiped out all of the prior sessions 200 point rally. Gold stocks rallied again today with our stock pick EXK performing exceptionally well today bouncing off of breakout support. Black Service Member Semper Trader brought up ASTM towards the close today as well we is forming a great looking ascending triangle with a breakout point around .75 which could easily send it to $1/share if that occurs so ill be watching ASTM closely.
The Fous 4:
The dow is beginning to form a larger consolidation pattern of a symmetrical triangle as price recently just bounced near the lower boundary of ascending support. The dow rallied today with financials leading the way as most moved around 20-30%, yet most of this action occurred in the extended hours of trading so there wasn’t much to do to capitalize on this move unless you took the gamble of buying these financials in the midst of this shaky earnings season.
Todays move in the dow broke out a short term consolidation pattern indicating some bullish behavior and we could possibly see some continued upside movement. Hard to say, nothings what it seems these days and futures are down 50 points currently for starters.
I do have a few stocks that i might be buying Thursday thought. Test out a FREE TRIAl to black service to get all my stock picks, trade alerts, and newsletters.
The Fous 4 Bullish Stock Charts:
I missed most of the session today but there wasn’t a huge amount of stocks making moves that i wanted to capitalize on. My favorite of the Fous 4 would probably have to be (BAA) Banro corporation which is a gold company that released some news today about production of one of its mines and it blew up 48%. All this action happend early in the morning so it wasn’t something i would be interested in buying into a 48% rally.
More so something i would think about buying on a pullback towards the midpoint of todays breakout candle . Overall BAA has a beautiful stock chart with a huge volume spike on todays breakout with a profit target range i would place inbetween the 2.50 – 3.50 range. Theres a possibility i could buy this stock on a dip. Futures and bank stocks are up big AH so theres likley to be some stupid ass gaps in all the charts tomorrow which pretty much ruins alot of the Technical Analysis view on stock charts…. AH trading should be abolished imo. Well anyways homes slices. Heres the Fous 4 and the rest o dem stocks on the list from today.
Fous 4: Technical Analysis.
The Fous 4: TGA, CVP, VGZ, and MCET
The full list from today:
MCET – Holy Crapo
It has been quite a volatile week so far with the dow jumping up and down in a trading frenzy with triple digit moves. I sold all my positions monday to avoid placing my or anyone who follows my trades money at risk in this unstable week of earnings releases.
Todays watch list is fairly small but we got several decent looking charts. Most notably are LUV and MED which i could possible have some positions in sooner than later. Check out the Fous 4 and the rest of the list:
STEI – ON MOVE ABOVE 3.50