This is a syndicated repost courtesy of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Reposted with permission.
The little overnight pullback hasn’t amounted to much here at 4:30 AM ET. The uptrend ran into resistance yesterday, but the current iteration of the hourly uptrend remains intact. It would need to end the 5-6 AM hour below 3515 to break anything. That trendline rises to 3525 in the market opening half hour.
I have no new 2-3 day or 5 day cycle projections yet. Yesterday’s rally met all the upside projections. But if the market shifts into trending mode, which it appears to be doing, then it will keep going up without oscillating enough to extract projections.
On the 30 minute chart, you can plainly see the flying dragon formation with all its fearsome implications. This is truly one of the most famous and most feared chart patterns of them all. God help us all.
You can follow my intraday snark at the Stool Pigeons Wire. Register there and join in!
Meanwhile, the big picture.
Scheduled liquidity data has told us for a couple of months that October would be bullish. That played out like a charm in terms of the technical analysis last week. We also know that liquidity only gets more bullish this week. The technical picture confirms that outlook. We must give the bullish factors the benefit of the doubt.
My stock pick screens confirm that. I’m adding 7 picks from those screens this week, 5 long and 2 short. That will leave 13 open picks, including 11 longs, and the 2 new shorts.
Four chart picks were stopped out last week. Needless to say, all were shorts. The two older picks had nice gains, partly offset by small losses in the short side picks from last week.
The list performance improved sharply last week as the average holding time increased a bit. Gains doubled from an average 3.2% to an average of 6.4%. The average holding period last week was 20 calendar days, up from 17 days the previous week. The average holding period has ranged from 16 to 22 days, or just over two to three weeks.
Technical Trader subscribers, click here to download the report.
Not a subscriber? Try Lee Adler’s Technical Trader risk free for 90 days!
Past performance doesn’t indicate future results. There’s always risk of loss. Chart picks are for informational purposes only. These reports are geared toward professional investors and experienced individual traders. Do your own due diligence before trading.
The pop in the miners looks wildly bullish on the charts.
Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.
