ADBE - Bullish hammer reversal bar at key support level.
CMCSK - a bullish engulfing pattern on key pivot point support despite the napping cable guy.
I hate it when the 200 MA gets in the way of a good long entry in the form of overhead resistance. However, MCHP has a lot of bullish signals in play including, John Carter's three consecutive higher closes reversal pattern, as well as, higher volume on bullish bars, and a close above the 20 day EMA.
Jamie,
ReplyDeleteWould you recommend opening new positions ahead of the fed statement tomorrow ?
Thanks,
AJ.
Hi AJ,
ReplyDeleteI usually close all my open positions at least one hour before the Fed statement. I have no problem opening new intraday short-term positions in the morning, but Bernanke does not have a good track record with the markets so its risky holding into the 2:15 time frame. The digestion, by the markets, of his statement is always very tricky as well.
Good luck!
Heh, I was wondering what your take was on the same thing. I closed out my positions yesterday.
ReplyDeleteI expect the markets to open up and then drift back down by afternoon. I "think" the markets will rally after the the fed releases their info but I don't have feelings strong enough to hold during it. Of course the market will swing back and forth wildly for 15 minutes or so after their decision is released but I think the bias will be upwards after things have settled.
As of noon today, you're 100% correct. Hope Bernanke's ego doesn't get in the way and that the second part of your expectation is right as well!
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