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November 24th Daily Market Comments

The indexes bouncing well up above the T-line with the Dow pushing once again towards an all-time high. Profit-taking in the electric vehicles today but strength coming back into oil stocks and some of the biotech's. As the uptrend remains in progress, expect sector rotation. Utilize your candlestick scanning to show which sectors are picking up strength and others starting to selloff. This is a good trading market moving from sector to sector.   … [Read More...]

November 23rd Market Direction

The accuracy of the analysis of the overall market trend is greatly enhanced with candlestick analysis. The signals and patterns make it very easy to see whether there is an uptrend, a downtrend, or the market is moving sideways. The market indexes are currently trading above the T-line but in a very indecisive/sideways mode. However, this is not a deterrent for making good profits using candlestick analysis. At any point in time, simple candlestick scanning techniques pinpoint which sectors are acting the strongest or the weakest. Frypan bottom pattern breakouts demonstrated the electric vehicle sector and sectors that supply electric vehicles were showing very strong prospects. The pattern breakouts have now produced excessively strong profits even though the overall market trend has been sideways for the past few weeks. BLNK has moved from the $8.00 area to the current $36 area over the past six days of trading. Numerous stocks in that sector have moved with the same profitability. There is a huge added benefit for identifying pattern breakout potential situations. It not only allows for being in a price move that is in the correct direction with a high degree of probability, but it also puts investors into situations where huge price move potential is greatly enhanced. This creates a very simple trading strategy premise. Putting funds into high probability expected trade setups dramatically improves being in the correct trades at the correct time as well as dramatically improving profitability for the portfolio. You do not have to be a skilled technical analyst to benefit from the information built into candlestick charts. It is merely the graphic depiction of human nature that have been identified as high-profit trade setups through hundreds of years of visual analysis from the Japanese rice traders. All you need to learn is what usually occurs after specific candlestick signals and patterns. The results are high probability results. This is because … [Read More...]

November 23rd Daily Market Comments

The T-line continues to act as a support level in this uptrend. The NASDAQ gapped up above Friday's open and trading positive from there, a very bullish indication. The electric vehicle sector is still very strong. BLNK may now be too strong, gapping up in the overbought position and trading up another 40% today. This is where watching the 10 minute chart becomes important. Safety stops for profit-taking should be put in place. The strong sectors continue to act strong. Electric vehicles and lithium mining stocks are still working well.   … [Read More...]

Weekly Watch List November 23rd – November 28th

Stocks to watch The Dow closed below the T-line on Friday after a bearish left/right combo earlier in the week. This would imply the possibility of a bearish pullback. These market conditions make long positions in the portfolio having very compelling bullish chart patterns. The electric vehicle sector is still showing excessive strength, FB, WKHS, BLNK, TSLA, FUV, HYLN. The lithium mining stocks are still acting well, WWR, TTHM. Numerous biotech stocks are showing strength with the virus problem still present. VCRT, SRNE, NVCR, BNTX, MESO, CRMD. Be ready to add some short positions to the portfolio on weakness, INO, AVRO, ESPR. Software applications stocks have some good prospects as well as home furniture companies are showing strength. These market conditions warrant having both long and short positions in the portfolio. … [Read More...]

November 20th Daily Market Comments

The market trend remains indecisive. The Dow and the S&P 500 are trading lower, but still appearing to use the T-line as support. The NASDAQ, after yesterday's bullish and golfing signal off the T-line, is just now starting to trade positive today confirming yesterday's bullish engulfing signal. The electric vehicle stocks are still showing great strength but starting to move a good distance away from the T line, look for potential profit-taking soon. Stay long in sectors that continue to show good strength, short positions are not showing great resiliency, be ready to close short positions if the market starts moving up off the T-line.   … [Read More...]