Hot Pick Of The Day

[peanuts]

Bought VLO at $50.12.

Interesting entry. The oil and NG stocks that I have in my weekly watchlist are getting trounced

I hope it bounces off of the early November support.

[New-born baby]

Vlo

Bought VLO at $50.12.

Here is a weekly on EBAY. Not sure what caused the huge explosion and don’t care the fact is it is still a wounded duck. Notice this simple bar chart trying to explain expansion in volatility. This stock-still has not recovered from what ever was going on to cause such a melt down.

Now the question is how many are still hoping to get out near break-even. Could this be why the stock has not reached prior highs? Who knows… Could most hoe bot near old highs have dumped and took a loss near the 48 area? How much overhead supply is left? Not sure but is this chart bullish longer term?

I agree that that pattern is a head and shoulders pattern, but its already chewed up most of the move. As you probably know by now, my opinions won't mean much to you unless you have a similar time frame and style. I personally would never waste my time looking for h&s patterns on a daily chart that may project only a few bucks. To me that's a waste of time, but to others that's a gold mine.

Tatnic, I disagree with not paying much attention to patterns that develop off a daily chart. I believe it is the daily chart that shows you the turning points the best. In fact if a pattern does move in ones favor money management might allow one to capture a bigger picture move. I don’t pay much attention to intraday action anymore and I do think many will disagree with me on that. I feel too much noise is shown on the intraday swings. Not that I disagree with those who hop on those swings. Check out a daily on GOOG. Notice the same pattern. When I’m doing my evening homework. I look at hundreds off charts. In fact I’ve noticed a lot of the same patterns setting up (sHs). This flags a warning in certain sectors.

I do agree weekly charts have more weight longer term but turning points are revealed from a daily IMO… Like you stated we all have different objectives and methods to the madness. Time frames is one big factor I guess is ones viewpoints….

I agree that that pattern is a head and shoulders pattern, but its already chewed up most of the move. As you probably know by now, my opinions won't mean much to you unless you have a similar time frame and style. I personally would never waste my time looking for h&s patterns on a daily chart that may project only a few bucks. To me that's a waste of time, but to others that's a gold mine.

I base that statement on what I see as the last breakout level, or around 28.5. We're a little over $1.7 above that, by the time you get a fill that number could slip under a buck and a half. Again, that's not enough for me but for day-traders that's a gold mine and it does look like a gimme, so I say take it and bank it.

Here is the daily I was looking at.

I agree that that pattern is a head and shoulders pattern, but its already chewed up most of the move. As you probably know by now, my opinions won't mean much to you unless you have a similar time frame and style. I personally would never waste my time looking for h&s patterns on a daily chart that may project only a few bucks. To me that's a waste of time, but to others that's a gold mine.

I really don't understand how some of you come up with your support/resistance lines???

Doug, you and I will never find the same lines because I use weekly charts and you use 1 second charts.

[spikefader]

Interesting comments on EBAY. Runner, I agree it was a SHS breakdown. Agree that it's bearish. But I absolutely think it's worth a short at these levels. Personally, I think $22.00 is a given. And if it gets that low, $10.00 might eventually be tested. Where is the Fuzzy on this one? The monthly chart is due a 3 down from here; the monthly Fuzzy C is probably at $36.00. So the stop on my bias is $36.00 and I'd have to rechart it.

Charts worth looking at:






Best to all.

[spikefader]

Spike,

Is Vector top secret or can you give us an idea what informs it?

Hiya lemonjello.

Well, it's top secret as far as what informs it, but I do regularly share what the daily readings are in the trading room I host.

And it's been bearish since the close last Friday.

Here is the daily I was looking at.

[IIC]

I really don't understand how some of you come up with your support/resistance lines???

NB and Tatnic thanks for your chart read. I thought EBAY was in a sHs pattern with a bust down under neckline at 31.23 the other day. Pattern not perfect but that is what I thought it was.

EBAY doesn't look very bullish to me. Right now EBAY is in no man's land, imho. A move above $34 on volume is bullish, but I don't think she makes it no how, no way. EBAY could bounce at $28; perhaps a short here looking to cover at $28 would be appropriate, and then turn around and take her long. If $28 fails, then it looks like a cinch that $24- is in the cards, and that would make a double bottom buying opportunity.

Me, I think the market corrects here soon and the bias for most trades would be short. I don't like a short here to target just $28 because r/r is too small, imho. Here's a chart:

I agree 90% with NBB's take on EBAY. Nicely read Dude. I too have ebay on my alert list for a break above 34...but that could take months to happen. And I also agree with him that its hardly worth a short since support is so close at hand. A big yawner all in all. Much better opportunities out there.

[New-born baby]

NB, what is your chart read on EBAY?

EBAY doesn't look very bullish to me. Right now EBAY is in no man's land, imho. A move above $34 on volume is bullish, but I don't think she makes it no how, no way. EBAY could bounce at $28; perhaps a short here looking to cover at $28 would be appropriate, and then turn around and take her long. If $28 fails, then it looks like a cinch that $24- is in the cards, and that would make a double bottom buying opportunity.

Me, I think the market corrects here soon and the bias for most trades would be short. I don't like a short here to target just $28 because r/r is too small, imho. Here's a chart:

NB, what is your chart read on EBAY?