In looking at the chart above I would need a top red candle: relatively short body, signifying decisiveness between bears and bulls, a tail on top of it, signifying a failed push upwards as there was no further confidence and not white, which is a bullish signal, the stock closing higher than the opening. This tells me that the stock is going to keep climbing even with it showing overbought in the RSI indicator. Could it drop hard tomorrow before we get a chance to get in? I would give the odds happening on that at 20% based on my past experience. Instead, Im going to let the chart tell me when the best time to get in for a put would be. Along with the volume. And the news.
So, no puts on this stock today.
As for the cubes this afternoon, I think the market is still digesting the Fed meeting and while mull it over tonight and we will see what kind of action we have tommorrow. My guess is chop, followed by eventual easing lower. I think some other news will knock things out of orbit to the downside in about 2 days...looking at the QQQ chart with the coiled spring set to drop with any real bad news like a tripwire.
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| No earthshaking revelations here. Until a piece of news hits. |
Until said bad news hits its going to look like the above as the spring coils tighter.
We just need to see whats what tommorrow on Thursday.
Until then
tradinginsider
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