Wednesday, July 23, 2008

SKF Getting Ready For a Big Move Higher




Long 1000 from 118.78 gonna give it some room but fairly confident this pattern will work it's way higher.

14 comments:

Steve Patterosn said...

I just can't see SKF rebounding at this time. What formation is this considered and aren't there better chart formations to follow?
Steve

Stewie said...

hi steve. i take it you are new to my blog. this is a falling wedge with positive divergences. One of my favorite patterns to trade.

EBear said...

Stewie:
Thanks for the real time insights. How did you learn this stuff? Is there a book or site that providea a good introduction? Perhaps, much of this is just self taught.

Anonymous said...

Stewie,

what's your short term target for SKF. It's been hammered lately when financial rebound from the lows..Keep up the good work and good luck

Iceberg1626 said...

Great analysis stewie, would u play this for a longer time frame? 2 weeks, month?

upsidetrader said...

i didnt really play em short other than WM today, but the longs are going to be in for a big surprise--soon

VKC said...

Stewie-
I took an ONH last night on UYG and sold this morning for $1488 gain. Thanks for posting your setups and explaining them here and on Wallstreak.

Stewie said...

ebear: i can tell you abut the books i read and the videos but non will match the experience you'll get from learning from others who ahead of you in the 'never ending learning curve' and you getting out there and fighting your own battles.

Stewie said...

iceberg: this a 60 min chart. so i would track the progress of this setup on a min chart. The pattern looked great for a cople of hours but now has morphed and now looks neutral so we are have to see how it progresses over the next cople of weeks. A retest of the recent low isn't out of the question. frustrating to see it morph like that but it is what it is.

Stewie said...

upside: i agree with you 100%. i rode the squeeze niely and i think we are very close to a turning point but as of now, i am neutral on the group and do not have a strong opinion here.

J. (marketfolly) said...

haha nice! i took some SKF at 116 and then come here to see you're liking it as well. not to mention, 3 other traders/investors i know took some down as well. and none of us talked beforehand haha so its funny how we all saw the same thing and piled in.

Stewie said...

hi mfolly. it's funny. every trader you know probably saw something different too. ha! i just wana see SKF rally a tad. it would set up both sweet long and short financials.

VT Castle said...

Hey Stewie,

Liking SKF here as well. Saw this morning that Aug 130 Calls are up 3 to 1 over the normal average, so option market has you dead on!

Thanks for the heads up.

Stewie said...

steve patterson. now you see why i love this pattern?

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