Monday, March 23, 2009

To the point

Some personal matters necessitate an abbreviated post tonight. In fact the daily postings are in jeopardy for various and sundry reasons, including but not limited to taxes. So quickly, here is how I see things.


Above is today's BW Trend 30 minute chart. That first long blue bar was pre-market, but there was immediate follow through so the system was long all day, into the close.



Above is the Weekly EW chart. Note that today's bar has broken out of the long term regression channel coming down from the Wave 2 Top, about one year ago. If this week's bar stays above the channel, a compelling case for that larger "Primary Wave 2" rally.

GFRE

Recommended last December at 22c a share. Closed today at 52c. This is the one that some wise guy claimed I was pumping and dumping. That's over 100% in about three months. Might have to re-define pump and dump, eh?


A

6 comments:

David said...

Here's my propsed count, assuming this is an impulsive up move.

http://i40.tinypic.com/s11cbc.jpg

So if this is right we have more upside to come tomorrow, then a pullback (ABC correction), then more upside. I think.

We've gone into wave 1 territory on the SPX which should invalidate the count I had been going on (same one Alex has been posting).

Anonymous said...

David is 100% right.

My primary count was we still had a 5 of intermediate 5 of primary 1 coming.

Look at that daily chart. Intermediate 4 started at 9088. From there was a 3 wave decline. Naturally, I thought the rally off the low as a 4th wave of intermediate 5 of primary 1.

http://www.pickenspolitics.com/alex_00003c.htm

Momentum and volume was strong going into the 6469 low so I thought one more low would occur to complete intermediate 5 of primary 1.

That count was wasted when the market went above 7909 yesterday or the bottom of 1 of 5.

So much for theory and my primary count.

I did buy some stocks on Friday's close realizing the decline was less and less likely, but it was small percentage of what I hoped to put on.

There is resistance starting at 7845 to 7909 (the previous lows). There is swing resistance at 8108 and 8349.

Alex

Anonymous said...

any one holding NNVC out there ...
it is trading like it is going bankrupt ...

Anonymous said...

LOOKS LIKE THE SHORTS ARE GETTING OFF EZ NOT ACTING LIKE STOCK OF THE YEAR

Anonymous said...

NNVC is just fine, maybe it's a good time to buy-in while it's trading down a bit. Average daily volume for the past 10 trading sessions is less than 50k shares per day which doesn't indicate a mass exodous. I'm not selling my shares until I hear which pharmaceutical's signing them on or far better like the HIV treatment getting put into the mainstream.

- PSU Eric

Anonymous said...

is today's market action bullish or bearish ???