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Thursday, February 9, 2017

Tearing up the charts: Market Update Thursday 2/9/2017

The dull market continues 

First thing this morning; I fixed the typo's in yesterday's update. Keep in mind I'm usually still waking up when I start these daily updates.

The market is so dull. How dull is it? The market is so dull; floor traders have been seen dosing off on the trading floor, pressing on their eye lids for an interesting light show. 

(Amusement Potential: 1-5 minutes) See a variety of blobs, stars and flashes. Try to make out things - is your subconscious trying to send you a message? Can you control what you see by pressing different areas with different forces? Would it be possible to somehow see the same effects on TV? Or for that matter, watch TV with your eyes shut doing this?

The market is so dull; I don't even bother opening my live stock tickers any more. I haven't done this in weeks, but I am getting my fill of 3D gaming. Seriously. But no sooner than we become complacent, that's when big things happen.  

Markets continue to hold up pretty well, and although it looked like the DOW was going to correct to the bottom of the broadening triangle pattern we've been watching for 2 months. Remember the range we were trading in? Well, that chart served us well, but it's time to tear it up, and move on. 

See the trend in blue, and believe it.   

What's going to take the market higher? Short covering into another holiday, of course. Maybe energy, and biotech, lead the market higher. 

$SOX goes ever higher 

Here's the $SOX chart I tweeted out at yesterday's open, just as the price action wave bouncing off my blue line. Perfect day trade as long as you took profits when the 974 level broke. 

This morning the price action continues to hold above the lower blue line. Sell target looks like the top of the broadening pattern around 980, or if the trend breaks.   

The bullish energy chart is still in play

I'm sure the perma-bears don't like my revised outlook, but as long as you let your emotions get the best of you, you will never win at this. A topic for another day. 

And finally a bullish Options trade in $AMZN

Stay nimble, AA   

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