Something just doesn't felt isn't right... Look at the daily chart of the Dow Jones Index (Click to enlarge chart). A break of the neckline will confirm the double top. Long way to go however, one can take note of the mental stop at Ichimoko support at 12003 points. It is of course too premature to make a call for a double top.
Recommendation: Go to cash position! We can always buy back our shares but losses are normally very hard to reverse. I am just reporting what i am seeing now on charts. (Click on chart to enlarge)
What's more.. JP Morgan reported earnings yesterday and beats expectations but its stock sell down on above average volume. Not a good sign. Charts never lie.. remember to Trade What You See! See chart below (Click to enlarge). Nonetheless, i am now in cash position after I was stopped out of my BAC trade.
Some more clues:
Remember the bullish triangle on weekly chart of MGM i posted about 1 week back? Upon zooming in onto the individual candlestick, this is what we see: (Click to enlarge)
This is what we see on daily chart of MGM. Weekly charts and daily charts are not kinda synchronized as compared to the October 2010 period. Not a good sign? Maybe...
I will definitely trade what i see but something just doesn't feel right at this moment.. I am on my guard now. Trade what you see.
Recommendation: Go to cash position.
Recommendation: Go to cash position! We can always buy back our shares but losses are normally very hard to reverse. I am just reporting what i am seeing now on charts. (Click on chart to enlarge)
What's more.. JP Morgan reported earnings yesterday and beats expectations but its stock sell down on above average volume. Not a good sign. Charts never lie.. remember to Trade What You See! See chart below (Click to enlarge). Nonetheless, i am now in cash position after I was stopped out of my BAC trade.
Some more clues:
Remember the bullish triangle on weekly chart of MGM i posted about 1 week back? Upon zooming in onto the individual candlestick, this is what we see: (Click to enlarge)
I will definitely trade what i see but something just doesn't feel right at this moment.. I am on my guard now. Trade what you see.
Recommendation: Go to cash position.
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