Running With The Shark

[IIC]

Well, major or not, we stopped right at that resistance level at 2471ish today and didn't get through. Guess we'll find out next week just how "major" a level it is. Thanks for your comments! Enjoy the long weekend. Riverbabe

What I use for S/R is a formula I had a friend set up based on Confluence...Very similar to what StockTA does...Last night the scan showed Medium resistance in the 2465-2470 area.

S/R is not an exact science so I'm considering that we closed right at 1st level resistance. Too bad we have to wait 4 more days to see if we bust through it or we turn back.

At this point, my scan says next resistance is 2500ish. Support levels are 2450-2455(Medium) 2425-2430(STRONG) and 2400-2410(Medium).

I have 4 levels...VERY STRONG, STRONG, MEDIUM, WEAK (or light).

I see why he says that this level is major...by looking at the chart I can't argue with that and it does scan out as MEDIUM anyway.

The reason I use Confluence is that over the years I have found it to be more accurate than my chart reading skills are. For a long time I simply used StockTA until a couple of years ago when his site went down...Then I had to spend time drawing lines on charts.

Anyway, I called the owner of StockTA to find out what happened...Apparently, someone used his site in a Pump and Dump Operation and his host shut him down. While he was straightening the whole mess out he was kind enough to give me direct access to his server...Very nice of him.

He came back up in a week or so but I decided to try and write a program of my own using Confluence...Unfortunately, I couldn't do it so I asked a friend of mine to do it...Since we didn't know exactly what StockTA used we had to keep tweaking it until we consistently got close to what they came up with...We finally did it.

I cannot give you the formula but I can give you the basics...In fact, StockTA describes it pretty good so I'll just paste what they say below:

Confluence Confluence occurs when you take fibonacci projections off of multiple trends and get the same number and strengthens when it corresponds with other technical advents such as gaps, swing high/lows, chart indicators crossovers (MACD, RSI, Stochastics, etc.), trading congestion, etc. The more confluence, the more significant the level. I really take notice when I get two or more fib #s (say a 38.2% and 61.8%) to correspond with a gap in the chart or a swing high. Confluence is very powerful as it combines multiple technical analysis techniques to arrive at the same conclusion, and should be relied on accordingly IMHO

[riverbabe]

Here is RevShark's Naz chart this evening...Although I agree with his approximate resistance level...I would not call it a MAJOR level...

Well, major or not, we stopped right at that resistance level at 2471ish today and didn't get through. Guess we'll find out next week just how "major" a level it is. Thanks for your comments! Enjoy the long weekend. Riverbabe

[riverbabe]

FCSX Wednesday night

"FCSX, our Stock of the Week, continues to base in positive fashion on declining volume. Once again the stock did a nice job of bouncing back from some intraday selling pressure and is setting up well for an eventual try at a new high...." Read more by the Rev at www.sharkinvesting.com --- Riverbabe

[IIC]

Here is RevShark's Naz chart this evening...Although I agree with his approximate resistance level...I would not call it a MAJOR level...I believe we closed above the strongest resistance level today by 5 pts. or so...I'd liken 2465-2470 as a MEDIUM level...However, The Naz A/D issues were red today which doesn't represent a whole lot of strength on the breadth...But it was just one day...I am still intermediate term BEARISH leaning although the market has proved surprisingly resilient the past few weeks on bad news.

Let's hope for the worst...(Us QID holders anyway)...IMO it is a tough call right now...IIC

[skiracer]

It's not the message that gives something boldness, I guess, it's how you display it

I would venture that any advertising account executive that you asked about that would agree that the presentation is as important as the content of the message and at times is more important. Maybe not in this instance with Riverbabe because her content has been pretty productive over her time here. But look at Cramer. Is his presentation as big a part of his whole sales pitch to his audience as is the information he is passing out to his audience. Do they love him for his stock picks or is he selling a presentation or the character his is?
So I wouldn't say that it's one or the other but the presentation is the first item to catch the eye and the content or substance is what holds the interest.

[peanuts]

I just thought the boldface was stronger and more assertive for a woman talking and trading stocks like you are and as good as you do.

It's not the message that gives something boldness, I guess, it's how you display it

[skiracer]

Rev Shark's views about Stock of the Week FCSX. More information can be found at www.sharkinvesting.com.

"...FCSX dipped intraday around a $1.20 before closing up 10 cents. Such a pattern is known by technicians as a hammer and is generally considered bullish. The thinking is that the dip shakes out marginal and weak holders and allows stronger hands to enter the stock. The fact that the stock recovered late in the day is an indication that there is still plenty of buying interest...." Rev Shark

I am still holding this one in my account and the POTW. Hoping for a big gap up to pull me out of the red in both places! Am doing well with last week's stock of the week BW! What a winner! Riverbabe

P.S. Ski, the font size 3 and the bolding are at your request. How thick are your glasses anyway? LOL

I do wear glasses but my eyesight wasn't the idea. I just thought the boldface was stronger and more assertive for a woman talking and trading stocks like you are and as good as you do. I can see fine and the larger font is different and isn't overwhelming so it's ok with me. You don't have to do it at my request though.
BW turned out to be a great play for me. I don't think it would have come across any of my scans or watchlists and I would have missed it if you hadn't brought it up. I bought a fair amount of the calls at 2.50 range and they are now over 4.50 or so. Nice win for me. Hold on to the stock as my opinion is that it goes to 55 levels. Don't ever believe that the Rev or anyone else selling or giving away their plays doesn't have more losers than winners. It's just how you manage all the plays. BW was just at the right place in it's fundamental and technical world at the right time for us. What I have always felt is that I really don't care where the play comes from anywhere near as much as the results and how the chart captures my interest. At that moment BW was unique in that respect. So far it has turned out really well. Make sure you hold on to as much of the gain as you can from here. Thanks Ed.

[riverbabe]

FCSX - from Tuesday night

Rev Shark's views about Stock of the Week FCSX. More information can be found at www.sharkinvesting.com.

"...FCSX dipped intraday around a $1.20 before closing up 10 cents. Such a pattern is known by technicians as a hammer and is generally considered bullish. The thinking is that the dip shakes out marginal and weak holders and allows stronger hands to enter the stock. The fact that the stock recovered late in the day is an indication that there is still plenty of buying interest...." Rev Shark

I am still holding this one in my account and the POTW. Hoping for a big gap up to pull me out of the red in both places! Am doing well with last week's stock of the week BW! What a winner! Riverbabe

P.S. Ski, the font size 3 and the bolding are at your request. How thick are your glasses anyway? LOL

[riverbabe]

FCSX - Monday night

"Our Stock of the Week, FCSX, closed down 17 cents on declining volume in what looks to be healthy basing type action. The stock has been running and some consolidation is a good way to set the stage for another leg up. We’ll continue to hold on to our position and give the trade some time to work...." Rev. Shark

[riverbabe]

Rev Shark's Stock of the Week - FCSX - April 2

Rev Shark's Stock of the Week

FCStone Group (FCSX) is a commodity risk management and trading company headquartered in Des Moines, Iowa with 13 offices in the U.S. plus four international offices.

http://www.fcstone.com/content/aboutus/factsheet.aspx

http://biz.yahoo.com/bw/070328/20070328005691.html?.v=1

Read more at www.sharkinvesting.com

Great looking chart! Riverbabe

P.S. Karel made me edit this to avoid copyright infringement - scared the pants off me!

[riverbabe]

That's strange...I've made trades on Scottrade Accounts from public computers...Doug

So have I. Must be some kind of security block on this computer.

[IIC]

Nice going Ski. I can't take the credit. Thank IIC and The Rev Shark for finding it. I'm just the messenger. Beautiful (fantastic) charts you posted. And great strategy on your part. Happy you could recoup some of your loss from earlier in the week.

BTW, I'm posting this from my hometown in Canada, at the hotel lobby computer. Scottrade lets me into my account, but blocks me from buying or selling. Kind of happy to see BW down a bit today, so I might have a fighting chance of a good entry Mon. AM. The POTW is a (screaming haunted) wreck for me this week.

All the best, eh? Riverbabe

That's strange...I've made trades on Scottrade Accounts from public computers...Doug

[IIC]

River...not that it is a big move or anything...But just a heads up...BW will move down from # 3 to # 11 on the IIC 100 next week...IIC

PS...Nice to see IBD FINALLY recognizes MTOX...Late to the party as usual...LOL

[skiracer]

Still like the chances for this stock to go over 53/55 levels. Still like that May 50 call at 2.50/2.60 level if I can get it Monday at the open. This stock will go up and so will the call along with it. This is almost like a gift in my mind to buy the stock or the option. I like the option at todays closing price.

[skiracer]

Nice going Ski. I can't take the credit. Thank IIC and The Rev Shark for finding it. I'm just the messenger. Beautiful (fantastic) charts you posted. And great strategy on your part. Happy you could recoup some of your loss from earlier in the week.

BTW, I'm posting this from my hometown in Canada, at the hotel lobby computer. Scottrade lets me into my account, but blocks me from buying or selling. Kind of happy to see BW down a bit today, so I might have a fighting chance of a good entry Mon. AM. The POTW is a (screaming haunted) wreck for me this week.

All the best, eh? Riverbabe

River,
I like you much better in boldface. So much firmer and stronger. And perhaps a larger font. Say a 3.