New recovery highs for the S&P and Nasdaq, unconfirmed by the DOW. As mentioned in the last two posts, I think we are done and we need to correct, however, I'm waiting for a clear signal to short the market and look for shorting opps. Today, the momentum scan was quite active on the long side, so I'm not going to fight the tape.
DNDN - takeover chatter propelled the stock out of its base in early trade. A long period of consolidation made this stock attractive for the second leg up. I didn't want to overshoot the expected target so I placed my fibs from the last consolidation to the tweezer top. Price held the ambush zone as support and traded sideways, consolidating the early move through time as opposed to price.UA gapped and consolidated in an orderly fashion. Extension stalled at 50% which was not totally surprising, given the run up in price over the last few sessions.
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