MCD (weekly info)-no change (above mid)
trend=up
high= 82.52
rev= 78.70; mid= 80.61
Mickey D's appears to be dealing with the market weakness with ease. After five weeks of range trading it has broken out to the upside. It's above all SMA's. It's trending up on the weekly and monthly 3LB's. Williams %R is approaching overbought but that hasn't stopped it before. Now they may not be the healthiest drinks but the strawberry/banana and mango/pineapple smoothies are pretty good :-)
XOM (weekly info)new low 77.22
trend=down
low= 77.22
rev= 80.81; mid= 79.02
XOM is starting to flex. It tested and held (so far) its monthly 3LB mid. It's back to trading above its weekly 3LB mid (so far). It's above all SMA's. Last week formed a inverted hammer and this week appears to be confirming it by forming a bullish engulfing.
"Austerity or no austerity. With one you'll wake up and be in debt forever to the banks, the other you tell the banks to go to hell and you start over. Choose."
16 comments:
thanks guys on the thoughts on the 4 stocks
I could write a book on the waste of p/e study, especially on forward earnings, but just an interesting to see that while the p/e is high on several of those stocks, maybe even "nosebleed" high, Ra also mentions most are trending up on 3lb
trends exist in markets, no doubt, and NFLX had a high p/e when it traded at $50/share, just sayin......
re: XOM
I posted a chart here not long ago with a large yellow trendline that was formed with an all time XOM chart as well as a channel, the stock just came and touched the yellow trendline and bounced hard off of it so it's peaked my interest as I've been watching that market for about two months now
I think the double top mention is certainly valid, but always wanting to know correction or reversal with any pattern formation I favor the idea that the stock is in it's own triangle like the market since February rather than a double top that has reverse its trend back to bear market.
Amazing morning.
Is this the best they can do after running the market higher before the austerity vote? The traders who are already on the lifeboat are probably the wise ones.
guess the IEA release was a "fade"
Love the Morpheus pic Ra.
@AT,
re: Poker
Via Market Wizards, Mark Minervini
What else helped you become a successful trader?
Playing poker. I think that anyone who wants to be a trader should learn how to play poker.
Can you elaborate on that?
The first time I seriously watched a poker game in a casino I noticed that the average winning hand was over $50, but that it only cost you 50 cents to see the first three cards. I couldn't believe that for half a buck I could get a pretty good idea of my chances of winning a hundred times that amount. If I folded fifty times and won only once, I would still win twice as much as I lost. those seemd like terrific odds to me. that's how I got started playing poker. My strategy was to play only super-high -probability hands.
Didn't everyone just fold once you played a hand?
No, and you know why? - because they were not disciplined, and they wanted to play. The key is to know when to do nothing. Most people, even if they have a winning strategy, will not follow it because they lack discipline. For example, everyone knows how to lose weight: you eat less fat and excercise. So why are most people overweight (assuming they don't have a medical problem)? Because they lack discipline.
the book that never stops giving......
Greek Ministry of Finance burning: http://www.zerohedge.com/article/greek-ministry-finance-now-burning
I hope those tunnels are ready...
How odd. The last three days have had consecutive lower TICK highs even though there were higher closes. That makes no sense.
Ra,
use modified tick and trin for now imo
if you look at the math behind them both you can see how your 11:54 can happen
I guess it's about time for Obama to open up the SPR again...
ben22:
I love rereading those books. lot of wisdom in them.
Rumor has it that Obama got it from a credible source (the science czar), that we needed to use the crude in the SPR or else it would turn back into dinosaurs...
Unleaded up 25cents since bottoming after that "surprise" IEA release...
Once again....
NOBODY is bigger than the market.
http://www.bloomberg.com/news/2011-06-29/beal-becomes-billionaire-with-fdic-assets-as-he-tops-poker-pros.html
Makes Buffet look like a piker...
BinT,
it is, very, to me, interesting that Beall has received so little coverage--compared to some others..
I remember reading about him ~15, maybe ~20, Years ago...still, til' this Day, it worthless to reference him, even amongst peep who might(should) know of him--the 'hit rate' is lower than 1 in 50..
AAIP
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