Monday, June 29, 2009

Technical Picture - Window Dressing


Since last Monday's sell-off, we've had some institutional quarter-end window dressing. Still, no accumulation as the up days are on declining volume, excluding Russell re-balancing which doesn't count. I'm expecting that the bounce will fizzle out once the window dressing is complete. S&P /SPY may be setting up for an ambush back down as it approaches the 62% retracement of the previous leg down.




Day trade CELG after breach of support reverses with a hammer-like stick. Easy to spot these if you have S/R lines mapped out ahead of time.

8 comments:

x said...

Hi Jamie,

How did you choose to trade CELG?

Jamie said...

Hi x,

I'm long CELG in my swing account. The initial breach of support on the opening range was worrisome and I decided to keep a close eye on it just in case I decided to tighten my stop. The hammer reversal bar suggested that price could move back up to the top of the trading range.

Jim said...

Jamie,

Is there a way to override the 'time stamp' order of posts and reorder them? If I post something after your Technical Picture, I would like to reorder such that the Techn Picture is on top. Is that doable? Thanks.

Jamie said...

Hey Jim,

Thanks for posting.

Bottom left, click on post options. The drop down menu has the time stamp on the right.

Jim said...

Works like a charm. Thanks!

x said...

Thanks Jamie!

anarco said...

Hi Jamie~
I wonder if you can comment on where do you see OIL going on the next few weeks.
Thanks in advance!

Jamie said...

Hi Anarco,

I've profiled oil in tonight's technical picture. Personally, I'm watching CNQ for an ambush setup if we retrace a little further.