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Tuesday, July 15, 2008
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- Interesting Patterns Taking Shape
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11 comments:
one of my favorite patterns
Coals look delicious for a short.
How do you differentiate between a bear flag and a pullback? For the MEE chart, I would consider it a pullback more than a bearish flag.
hi wes. you ask a damn great question. OK, the reason why i don't think MEE is a normal pullback is b/c look at big red candle on July 1st. that's a strong distribution candle stick and look at the volume that sold it. that in my eyes broke the uptrend. then you have another big red volume bar(distribution) then we saw a feable attempt at a rally with weak volume and now the 'rally' that took place in the past 2 weeks very corrective after we an impulsive move lower and is starting to resemble a bear flag with a target of at least 70. bear flags tend to be the half way point. if true, then MEE is headed to between $60-70 in the weeks to come.
sia. yes i agree. nothing goes up forever. even the almighty coal needs a break.
Stewie,
Then how would you play it? Do you jump in when it crosses your flagline around $76, or do you wait until it moves down below the $67 low setting the pattern in stone?
wes. the way i would play it. i wanna see strong activity is the pre market. I wanna see crude oil weak and i wanan commodities in general have a weak to them in the premrkt. Then i will look to enter small positions short in MEE around this level and it starts breaking today's lows, then i jump in with both feet. If today's lows don't break tmrw morning then you wanna get with small positions until you get the confirmation. weak commodity prices in the morning will be your tell.
What do you think about ANR short?
F8: ANR looks similar but seems a little stronger than others b/c it kinda tailed off a little. i would have to see it close near its lows.
just wanted to give you guys a heads and i am a big fan of shorting the weakest stocks. HES in my eyes is the top short on the whole list.
hi wes. please tell me you took some of those bear flags. MEE is working like a charm.
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