Thursday, November 20, 2008

Break Downs, Break Outs, Updates and Setups














4 comments:

Salsaman said...

Hi Stewie,

When you post these kinds of charts, I don't know what story you are telling. Yes, they all broke through by significant means. Are you suggesting that they keep on moving that direction? I guess I'm not familiar with what happens in the next 1-5 days after a breakout. I seem to think once broken out it will try to retest the new support/resistance before then continuing the new direction. What should I be expecting the first 1-3 days after such a breakthrough? My experience is more in channels and wedges to date.
Salsaman

Johnny3185 said...

Wow, I guess that's what they mean what they say the Street is turning red...

Stewie said...

salsa: I put these up to update recent setups i posted. or stocks i am very interested in trading the following day. when you see breakdowns like this, you'll usually get follow thru the following day. for example i used todays' strength to jump in SKF and SRS. also, gives you a general idea of the kind of action that's still out tehre and i am trying to scare you guys from being long.

cev3 said...

stewie,
i enjoy your blog & thank you for all the hard work you put into it. i'm going to have to respectfully disagree with you on this one. the ensuing rally is going to leave the herd resembling that of the 'baby chimp'. jmho, cev3

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