Official Short-term Investments Thread

[bjstare]

Originally posted by riander5


Wish I had gotten in, I knew the curry's would kill it for them... I was still too scared after my nike incident from their last earnings haha

If anything, that should have made you more confident in UA :rofl:

[bspot]

I have no idea what to think about XBI. Every pattern I see in that chart is wrong. Considering dumping half my position next pop just to take some more profits since I'm now lost and confused lol.

[SilverRex]

Originally posted by bspot
I have no idea what to think about XBI. Every pattern I see in that chart is wrong. Considering dumping half my position next pop just to take some more profits since I'm now lost and confused lol.

remember, most times the market will do things to cause maximum pain for both sides of the trade. I once read a quote where a trader who makes and loses millions that he made the most money by sitting tight (holding) and lost alot as soon as he tries to second guess the market.

this is very true, since had I held onto all my miners at the beginning of my re-investing endeavor a couple of months back I would be up 150% which is more than what I am now.

Not going to look back and regret it since I enjoy trading and is fun.. I enjoy it :)

[bspot]

^Sage advice.

Almost all of my blunders I've done a look back on have ended with "Should have held it" or "Should not have panic bought"

[SilverRex]

for those of us still holding labu

as you can see, labu was rejected but the neckline. (so the big breakout on the higher time frame) hasnt happend yet.

considering this sector is strong relative to the rest of the stock market today. that is quite encouraging. it has ever reason to crash but it didnt.

http://i.imgur.com/OptpMlN.png

[jacky4566]

LABU reached 36.89. My sell was at 37! Round we go again.

[SilverRex]

dow is working off a descending wedge in the lower time frame. looks like a breakout and trend resume is on the horizon, hopefully this means more fuel for biotech to make higher highs

[SilverRex]

re-entered Meg.to at 7.20 as the 38% retrace is at 7.23, will buy another position if it goes to the 50% retrace at 7.04

[bspot]

50% it is. Back into MEG I go.

[jacky4566]

Same Here. My Father works for MEG so all he does is say "Buy or your regret it!" :rofl:

[SilverRex]

Originally posted by jacky4566
Same Here. My Father works for MEG so all he does is say "Buy or your regret it!" :rofl:

ill take that as a positive sign.

already bought back two positions. ive learn my lesson that buying 1 big position is the wrong way to go. I have more ammo to buy even lower, the 61% level is at 6.87 of this recent runup.

of course if Meg repeats what happen last week, then there is also yet another gap left at 6.60

trend is your friend until it bends.

[SilverRex]

looks like ibb is in a 5 pt bullish flag and breakout should be to the upside. While xbi has been under performing as LABU tracks closer to XBI then IBB. but no matter, if IBB looks good, so will XBI in the coming days

http://i.imgur.com/jgaWvEt.png

[bspot]

Originally posted by SilverRex


ill take that as a positive sign.

already bought back two positions. ive learn my lesson that buying 1 big position is the wrong way to go. I have more ammo to buy even lower, the 61% level is at 6.87 of this recent runup.

of course if Meg repeats what happen last week, then there is also yet another gap left at 6.60

trend is your friend until it bends.

If it hangs in the channel, there is some room down still for sure. I'll be happy to add if that is the case, otherwise, if I miss the opportunity, I'm happy to be partially in now.

[bspot]

The pretty good sized inverted hammer that formed for gold today makes me think it is poised for a bit of a pullback tomorrow. Decided to copycat SilverRex and grab some HGD :rofl:

I don't think I'll have the balls to hold it long, as I haven't paid attention to gold until basically yesterday when you posted that. :rofl:

[Vanish3d]

Originally posted by bspot
The pretty good sized inverted hammer that formed for gold today makes me think it is poised for a bit of a pullback tomorrow. Decided to copycat SilverRex and grab some HGD :rofl:

I don't think I'll have the balls to hold it long, as I haven't paid attention to gold until basically yesterday when you posted that. :rofl:

+1
Picked up HGD at close at 3.66
got back into LABU (at higher than what I sold this morning :( )
And picked up some MEG under 7.

[Sugarphreak]

...

[SilverRex]

biotech looks good to gap up this morning (especially IBB looks stronger than XBI) count has not change since I last posted it. I am expecting the 60-61 area to be a very good target considering we have a rising channel top as well as the 200DMA as resistance.

we 'should' be in a wave iii of v of III (which is ending) that when completed, will be followed by a larger degree wave IV correction that could easily takes us right back down to 55 and even 53 (as you may have heard me saying this many times over, price tends to go back to the previous wave iii/iv range and even slightly hitting below wave iv (that is below 53.42) but we need to complete 5 waves for a higher high first.

http://i.imgur.com/EhNyAfj.png

[SilverRex]

a quick look on gold. really thought the early surge in gold was the signal we will see 1307, but it turns out to be a false breakout fallow by a reversal candle. Which means my believe that we still need to make a lower low under 1207 remains on the table.

yes gold can suddenly go crazy and hit 1307 or even higher, I can only watch the price action and recount the waves if and when that happens and remember TA offers a guide, it is not a guarantee path yet I am very happy that much of the analysis worked out majority of the time this year resulting in more than doubling my own TFSA account.

So lets just hope the trend continues...

as you can see after gold broke out from the multi month/year bearish neckline it has since tested it one time, it would be my ideal scenario to see it test it at least one more time especially when both the neckline and the previous top at 1191 intersects producing a double support, it would not hurt one bit to see the 200DMA catch up just underneath it making it a triple support zone. and falling into the cycle bandwidth in May that a intermediate cycle low can be seen.

considering how powerful the miners are acting, no telling even if gold moves sideways or corrects if it would pull back significantly. Although history has shown this sector to be highly volatile and still can without warning correct 30-50%.

so lets just hope that will happen.

http://i.imgur.com/g1BwsdG.png

[SilverRex]

another reason why I Think gold will have a higher probability to go down instead (even if up it will aggressively be sold down) for the next couple of weeks is because the dollar appears to have found a bottom. a while back I mention during dollar's drop that it will rally off the 93-94 area. shortly after reversing what appears to be a breakdown of support near 94, the 2nd attempt to try and break it has caused metals to surge (especially silver) however with yesterday's reversal in the currency market you can see gold was taking down just as strong.

while currency due to government intervention is very hard to predict the best scenario is that the US dollar will continue to move consolidate side ways, it will neither breakout above 100+ nor break down below 93.

with dollar short term to medium term trend pointing up, this is where I expect metals to correct.

http://i.imgur.com/qmGYnmx.png

[SilverRex]

oil is still bullish in my books and unless 42.50 falls I expect the next move is higher towards 45-47.

oil has rallied off the 50DMA this morning and correction can been seen as completed by confirmation of breaking the neckline and above wave 'B' 44.00 however I have also seen this more often than not that the recent correction is only wave A still and it needs to extend further for a lower low and as I was hoping that it would test 42.50 area as support would be ideal.

either way I have already bought back in the energy sector, if it means I can buy more Meg at a lower price, then that is not a bad play at all.

remember the 42.5 area was the 200DMA on the higher time frame, a typical fashion is that once a breakout occurs, often price will want to back test the breakout then launch higher. and I feel that is what is happening with oil right now.

http://i.imgur.com/VDd7hEG.png

[Vanish3d]

Man, I really can't handle the swings in LABU/LABD
If only I listen to my gut I'd have my yacht now.

[Nova316]

BTE finally close to my breakeven, that was quite a ride shoulda woulda coulda tripled down at $2 I'd be in a ton of money right now haha

[bjstare]

Originally posted by Vanish3d
Man, I really can't handle the swings in LABU/LABD
If only I listen to my gut I'd have my yacht now.

Looking for a bit of positive movement anytime now. 2m RSI is like 4. haha

Is there a possibility that biotech is just caught up in the shitty nasdaq performance from all the misses last night?

[Vanish3d]

^ I sold my LABU this morning and got into LABD at under 36 and sold at 36.5 then back into LABU....just to watch it fall hard.

Right move was to stay in LABD and let it fill the gap. we touched the bottom of the rising channel so I hope it will take off now.....

[ickyflex]

Originally posted by SilverRex
oil is still bullish in my books and unless 42.50 falls I expect the next move is higher towards 45-47.

oil has rallied off the 50DMA this morning and correction can been seen as completed by confirmation of breaking the neckline and above wave 'B' 44.00 however I have also seen this more often than not that the recent correction is only wave A still and it needs to extend further for a lower low and as I was hoping that it would test 42.50 area as support would be ideal.

either way I have already bought back in the energy sector, if it means I can buy more Meg at a lower price, then that is not a bad play at all.

remember the 42.5 area was the 200DMA on the higher time frame, a typical fashion is that once a breakout occurs, often price will want to back test the breakout then launch higher. and I feel that is what is happening with oil right now.

http://i.imgur.com/VDd7hEG.png

Out of curiosity, granted what happened last May with oil shitting the bed after April. Was that showing on the technical side last year or was it showing the same trend as this year. Just curious from a technical standpoint if what happened last year may-dec was a curveball or not

[SilverRex]

i was surprised how weak biotech is with these moves, while xbi chart is a bit messy, I am going to use IBB instead as it is more clear.

as you can see, the bullish channel is intact and the top this morning came too early. really expecting it to at least hit the upper channel at 292-294.

I would only worry about this count if price breaks below the 50DMA which is slightly under 282. as long as we stay above this, we should have some sort of larger degree triangle consolidation to give us one more pop and hit 292-294. reason for this is wave (I) produced 16 pts, and a rule of thumb in EW terms wave (III) should produce equal or more than wave (I) which means IBB should hit at least 292 off the bottom at 270.

now this is a bare minimum. at times you can pretty much make a chart show what ever you like, but this is just a more likely scenario giving EW's track record.

the crazier extremely bullish count would be that this is a wave 2 pull back follow up a very strong wave III that will break 294 all in one setting.

and a bearish count will be if price breaks below this channel, we may be onto a extended flat correction that could take ibb down to slightly below 270 (this count I do not prefer as I would really like to take profit now and use the cash for other trades.)

http://i.imgur.com/YoXselX.png

[riander5]

Originally posted by SilverRex
Text and Chart

SilverRex what form of elliot wave do you use? Is there a certain school of it you studied for your waves or are you just using basic elliot wave principles?

[bspot]

Anyone managed to see any decent trends to play these massive intraday LABU/LABD swings? I've just held LABU the whole way the last few days as I just see nothing to tip me off when the trend is swinging.

[Vanish3d]

Originally posted by bspot
Anyone managed to see any decent trends to play these massive intraday LABU/LABD swings? I've just held LABU the whole way the last few days as I just see nothing to tip me off when the trend is swinging.

I sure did, but I did the exact opposite. Got into LABU at the top and rode it down crying, now I'm back to breakeven.

You can make some serious money if you time it right. $3+ swing down, then back up. In hindsight it was textbook. Touched the top resistance line, dropped to support line, then back up retesting the top line..

but nooooo, I always seem to do the opposite.

so If I want to listen to my own advice, I should sell my LABU now and get back into LABD - but again, I won't listen to myself!

[bjstare]

Lately, the MACD(7,18,9,2m) and RSI(10,2m) have been bang on with signaling the big drop that follows the morning jump (looking at XBI as an indicator of LABU). Similarly, they do an ok job of signaling the recovery.

[bspot]

^Wow, that matches up really nice. May have to give that a try next week. Thanks!

[bjstare]

I just unloaded some LABU near the daily high. I'll hopefully be around my computer at the next dip to buy back in... and hopefully not miss out on a gap up over the weekend :rofl:

[SilverRex]

Originally posted by Vanish3d


I sure did, but I did the exact opposite. Got into LABU at the top and rode it down crying, now I'm back to breakeven.

You can make some serious money if you time it right. $3+ swing down, then back up. In hindsight it was textbook. Touched the top resistance line, dropped to support line, then back up retesting the top line..

but nooooo, I always seem to do the opposite.

so If I want to listen to my own advice, I should sell my LABU now and get back into LABD - but again, I won't listen to myself!

when I first made a call out on buying labu it was trading in the 20-25s. there fore most of us that are in it are sitting on big gains. the fact that price has already surged nearly 100% off the low, it is in a price consolidation period (hence a lot of swings) it is much more difficult to trade this sector if you did not get in on the very low side of the range.

I only hope you are not as you mention last time in on this sector with 80% of your holdings. because it is dangerous at this height let alone running a 3x leveraged ETF. I only did the leveraged ETF because it was near the low, now that we have risen, price (pending on other factors) can go both ways from here.

if you are incline to load up heavily, I suggest waiting for miners to give back 30+% and began scaling in since even if your caught in the wrong side of the trade, metals have alot more upside than downside. so with time you will still win.

[SilverRex]

Originally posted by cjblair
I just unloaded some LABU near the daily high. I'll hopefully be around my computer at the next dip to buy back in... and hopefully not miss out on a gap up over the weekend :rofl:

good on you if you are able to swing trade this sector. some are gifted in it, some (like myself not so much)

I have learned my own lesson back when yamana gold was trading in the range between 2.5-3.00, it would always get knocked back down once it hits above 3.00, so the one time I actually took profit at 3.00, it suddenly ran away to 4.00 and I had to scramble trying to get back in and alot higher. (still made alot) and even more if I held it until now (nearly at 6.00)

so for my own strategy, will only exit once I see my target has been hit.

[bjstare]

Originally posted by bspot
^Wow, that matches up really nice. May have to give that a try next week. Thanks!

I studied this for about a week when work was slow, did 1-4 trades per day (just on paper, not actual trades), and found that was the best combo. Good luck!


Originally posted by SilverRex


good on you if you are able to swing trade this sector. some are gifted in it, some (like myself not so much)



I didn't get into LABU like some of you when it was in the 20's, which is why I'm hesitant to hold it for longer than a couple days after it's gained this much. XBI follows technicals pretty bang on, so I don't feel too bad about trading the swings. In hindsight, I'd much rather have had the balls to buy in at the bottom like you guys did and just hang on, it's so time consuming (and tense at times) to trade small swings.

[bspot]

Originally posted by cjblair
it's so time consuming (and tense at times) to trade small swings. [/B]

Soooo true. Many mornings at 730 I'm on edge.

[SilverRex]

here is another interesting sign or strategy.

for many weeks as I traded Meg in and out

I have noticed when price stalls at a certain level, the next move is usually up.

it happened back on April 11, and I clearly 'I mean clearly' remember when price hit 6.00, it was doing that all day stalling at 6.00 side ways..only to explode nearly 2.00 off that area.

I even remember the same thing happened when meg first went on a rallying spree going from 4 to 6 bucks, it too was stalling around some area then punched towards 7.

i thought this was worth a mention

http://i.imgur.com/Xs1K4Qe.png

[bjstare]

^That makes me feel better about selling off my POU to buy MEG this AM :thumbsup:

[bspot]

I wish I had more to throw at MEG. Limiting myself to playing with a small portion of my TFSA, and currently have 3 balls in the air, LABU, HGD and MEG.

Nothing looked tempting to dump in order to up a position in one of the others, so now I hope to hit 2/3 and be a happy man.

If I get continued evidence that this whole thing is working out well for me and not just a rash of good luck and timing, I'll start moving more of my TFSA out of long term index funds.

[bspot]

LABU is ramming it's head against $37.50.

Monday would sure be a nice day if it breaks through.

EDIT: Hit $37.60 on big volume at the end of the day :eek: :D

[Vanish3d]

Originally posted by SilverRex


when I first made a call out on buying labu it was trading in the 20-25s. there fore most of us that are in it are sitting on big gains. the fact that price has already surged nearly 100% off the low, it is in a price consolidation period (hence a lot of swings) it is much more difficult to trade this sector if you did not get in on the very low side of the range.

I only hope you are not as you mention last time in on this sector with 80% of your holdings. because it is dangerous at this height let alone running a 3x leveraged ETF. I only did the leveraged ETF because it was near the low, now that we have risen, price (pending on other factors) can go both ways from here.

if you are incline to load up heavily, I suggest waiting for miners to give back 30+% and began scaling in since even if your caught in the wrong side of the trade, metals have alot more upside than downside. so with time you will still win.

Thanks for the advice. I'm still 80% in it but day trade it. Most of the time I cash out at end of the day regardless. I'm up ~15% on LABU/LABD even with getting caught on wrong size a couple times. And I'm only playing with RSP money so I'm doing high risk high reward. But yes, I agree with your logic.

[bspot]

LABU at 37.80 after hours... If it stays there, good chance for a gap up Monday morning?

edit: Back down. Boo.

What is everyone's LABU price target? It looked to me like the $40-41 range. Wondering what I should setup for limit sells Monday morning.

[bjstare]

XBI currently sitting at 57.98, safely above previous resistance ~57.80. I maaaaay have gotten out before the long-awaited breakout haha. Oh well, way she goes. Hopefully the usual dip in early monday trading.:drama:

[SilverRex]

gold

so it would appear the reversal hammer candle on the daily chart had a follow thru and since price did not recover, the breakout was indeed false which proceeded further weakness. On the lower time frame, there is even a neckline breakdown (price currently retesting that neckline)

if all things goes according to plan, my expectation is that gold should continue to remain weak for the coming weeks. Look for 5 day RSI to hit oversold territory near 20

I am waiting patiently for gold to make a lower low under 1207 (current prefer buy zone just under 1200 which suggest there is more than a few technical support being crossed in this area, price can obviously overshoot but imo can quickly reverse just like the false breakout we witness producing a bullish reversal candle to the opposite side.

it is with this new low that I hope the miners will correct and give us all a chance to scale back into this sector.

http://i.imgur.com/316aNt9.png

[SilverRex]

on crude

after oil breaking out from the neckline price has backtested it and is ready to make a run higher. however really it is consolidating in the range between 43-44.5 since this area is a previous support being broken back in early 2015 so I do not think it can break this on first pass.

another thing I wanted to point out is that clearly it is within it's own rising channel (in red) and we are near the top of the channel. Considering my initial target was at 45 just happens to be right at the upper channel. it may not be entirely impossible for price shoot higher to 45 only to drop back down as we have not fully backtested the 42.50 breakout zone.

yes the bullish scenario on the daily chart still points to 51 dollar, and that is because (for those just starting to learn EW) if wave (I) gave us 16 dollars from 26-42. One can expect wave (III) to give us equal or more (anything less may be signs that the rally is counter trend)

that is why oil needs to at least make it to 51 to fulfill this requirement.

right now we are in the heart of wave iii of III however within this smaller wave iii the same requirement exist. since wave i gave us 35-42 of 7 dollars, then wave iii should give us 38-45 also 7 dollars...or more. that is why the price at 45 is my target.

http://i.imgur.com/OeqMC9o.png

[SilverRex]

biotech

this sector was in a 30 pt range during wave (I) consolidation. Since it brokeout(BO) and also completed a Backtest (BT) it has moved up amid slow but rising steadily over the last 2 weeks and we have finally approached a breakout moment. Technically, all chart has opened up, weekly chart looks bullish as it closed high to end the week. I am still expecting IBB to hit 300 and XBI 60 before I start taking profits.

as IBB hits 300, similar to its previous range. it may then start trading between 270-300 when it begins to consolidate for a larger degree wave (IV)

http://i.imgur.com/QWs5vNW.png

[SilverRex]

a quick mention on my target in biotech. currently there is two possible target all depending on how strong the breakout will bring. I expect a minimum xbi should reach 60-61 if it is to remain in the red rising channel however a more bullish tone would be to breakout from this red channel and onto a more sharp green channel which is entirely possible that will give us a target into the 64-65.

IBB has a similar setup pointing to 295 and 310.

I prefer the green path considering if my counts are correct, this is a wave iii of v. as long as we can hit the minimum all in one stroke, there is still a wave iv of v that could help us breakout further.

http://i.imgur.com/pA3mnfd.png

[SilverRex]

quick check on oil this morning.

as I mention on the weekend, oil is also in a rising channel with the channel top at 45. with the double neckline breakout, oil looks bullish to start the morning and entire move lately is very corrective which indicate which should have momentum to at least test 45 which was my original target thrust out of 42.5

however EW terms there is always multiple paths, most indicators are lagging and only show price after the fact so I have to suggest oil has two scenarios today. one is to test 45 only to make another consolidation for a wave II (possible testing 42.5) as this hasnt happened.

the bullish path in green is that we just finished a wave II correction and this is another 5 waves in progress that will break 45 and take us to 47

http://i.imgur.com/Hu2KhpJ.png

[bjstare]

I decided to get into LABU again at open today. It's trying pretty hard to stay ahead of the market, expecting it to jump if the markets can go positive.

[riander5]

Originally posted by cjblair
I decided to get into LABU again at open today. It's trying pretty hard to stay ahead of the market, expecting it to jump if the markets can go positive.

1H chart is bullish, so ill maybe make a trade off the 15M chart today. For now 15m has a ways to go before a bullish crossover though. Id still pick LABU above LABD (If trading with the trend matters to you at all)

[bjstare]

Originally posted by riander5


1H chart is bullish, so ill maybe make a trade off the 15M chart today. For now 15m has a ways to go before a bullish crossover though. Id still pick LABU above LABD (If trading with the trend matters to you at all)

It does indeed, and that's why I picked LABU haha.

[SilverRex]

looks like Meg is going after the 61% level near 6.85. adding a position here

looks like oil is in fact wanting to test 42.5 first

[Vanish3d]

xbi forming a triangle so if a breakout is gonna happen it's gonna happen right about now.

[Vanish3d]

or it's gonna drop like a brick lol
guess it's the latter

[SilverRex]

FOMC meeting this week, market will find a direction regardless, of course I bet on it being up

[riander5]

Originally posted by Vanish3d
xbi forming a triangle so if a breakout is gonna happen it's gonna happen right about now.

Triangles are supposed to resolve 2/3 - 3/4 the way through not at the bitter end

[BavarianBeast]

PTK.V anybody?

[asp integra]

Originally posted by SilverRex
looks like Meg is going after the 61% level near 6.85. adding a position here

looks like oil is in fact wanting to test 42.5 first

Added some Meg @6.83 myself

[riander5]

Originally posted by BavarianBeast
PTK.V anybody?

Go on

[ickyflex]

Bought more MEG today whoo.

[BavarianBeast]

Originally posted by riander5


Go on

It's currently halted and many people believe that it is due to a major NR surrounding their VCSEL results. I've been holding and accumulating the stock for the last 2 years, hoping for a payout...

[riander5]

Originally posted by BavarianBeast


It's currently halted and many people believe that it is due to a major NR surrounding their VCSEL results. I've been holding and accumulating the stock for the last 2 years, hoping for a payout...

Lol every time you post you seem to be in some micro cap that has an obscure discovery or patent on the horizon.

Where do you find all these??

[bjstare]

Originally posted by riander5


Lol every time you post you seem to be in some micro cap that has an obscure discovery or patent on the horizon.

Where do you find all these??

"on the horizon" is the operative part of that statement haha

[riander5]

Originally posted by cjblair


"on the horizon" is the operative part of that statement haha

Haha totally. I dont know if id invest, as most of my investments right now are canadian o&g and then blue chip options... but im genuinely curious where he finds all these biotech / tech stocks. Id say BB is the only person who constantly posts stocks iv never heard of... Never hurts to expand horizons!

[suntan]

Stockhouse FTW ;)

[EF9 Sedan]

What makes MEG such an interesting stock to pick up at the moment?

[ercchry]

Originally posted by EF9 Sedan
What makes MEG such an interesting stock to pick up at the moment?

It's very volatile, so good for short term holds... And oil seems to be trending up finally

[bspot]

Originally posted by SilverRex
on crude

after oil breaking out from the neckline price has backtested it and is ready to make a run higher. however really it is consolidating in the range between 43-44.5 since this area is a previous support being broken back in early 2015 so I do not think it can break this on first pass.

another thing I wanted to point out is that clearly it is within it's own rising channel (in red) and we are near the top of the channel. Considering my initial target was at 45 just happens to be right at the upper channel. it may not be entirely impossible for price shoot higher to 45 only to drop back down as we have not fully backtested the 42.50 breakout zone.

yes the bullish scenario on the daily chart still points to 51 dollar, and that is because (for those just starting to learn EW) if wave (I) gave us 16 dollars from 26-42. One can expect wave (III) to give us equal or more (anything less may be signs that the rally is counter trend)

that is why oil needs to at least make it to 51 to fulfill this requirement.

right now we are in the heart of wave iii of III however within this smaller wave iii the same requirement exist. since wave i gave us 35-42 of 7 dollars, then wave iii should give us 38-45 also 7 dollars...or more. that is why the price at 45 is my target.

http://i.imgur.com/OeqMC9o.png

Taking my own look at this, I had wave i giving us $8 from 35-43, so wave iii should give us 39+ 8 to $47.

Looking at waves i & ii, it sure does line up nicely with your $51 call as well.

http://i.imgur.com/TtQJorS.png

[SilverRex]

ya WTIC chart is ok too

looking at oil it is clear that it is in a rising wedge pattern. While these wedges are often bearish, price will need to break out to the upside to invalidate this setup. of course if oil breaks the bottom of the neckline support that will be bad news for the energy sector.

http://i.imgur.com/KKO5Bti.png

[SilverRex]

in the lower time frame. oil did in fact tested the 42.50 as support.

the pattern for the last couple of days looks very corrective, however we need a confirm neckline breakout above 43.65ish

http://i.imgur.com/6nahv7s.png

[digi355]

Originally posted by SilverRex
in the lower time frame. oil did in fact tested the 42.50 as support.

the pattern for the last couple of days looks very corrective, however we need a confirm neckline breakout above 43.65ish

http://i.imgur.com/6nahv7s.png

You still holding MEG?

[SilverRex]

Originally posted by digi355


You still holding MEG?

yup added a position at 6.86 yesterday. may add one more if it somehow find it's way to fill the gap at 6.60 or under

[Vanish3d]

XBI being awfully cute this morning...

[bjstare]

Any idea why? Seems to be a good day for the rest of the markets.

[digi355]

Originally posted by SilverRex


yup added a position at 6.86 yesterday. may add one more if it somehow find it's way to fill the gap at 6.60 or under

Awesome! Thanks.

[SilverRex]

i am revising the count on IBB. as it is more clear. as you can see biotech was in a triangle consolidation pattern and I believe the entire consolidating is a wave iv so the recent breakout from this triangle was wave i follow by wave ii happening now which is also backtesting the 100DMA and neckline. unless it breaks below wave z, this count should remain in tact.

http://i.imgur.com/WmldFT8.png

[SilverRex]

looking at Meg after 5 wave rise it is in correction mode. we have hit all 3 levels of fib retracement and now it only needs a technical breakout from this declining channel to resume upward momentum. I hope to witness a powerful breakout that will launch us into the 8-9s.

of course oil needs to make new highs as well shooting above 45+

http://i.imgur.com/zRDYeqa.png

[SilverRex]

im exiting my hgd, not very exciting at all. despite gold dropping twice significantly, miners remain strong. while I still expect miners to correct over the next couple of weeks. I need ammo for energy sector incase Meg opens more opportunity.

[el_fefes]

Originally posted by BavarianBeast


It's currently halted and many people believe that it is due to a major NR surrounding their VCSEL results. I've been holding and accumulating the stock for the last 2 years, hoping for a payout...

I've held it for a while too... My average price is 1.42. We'll see if this goes anywhere.

[SilverRex]

a quick update on IBB, pretty surprise at the pull back after all the bullish signals on the table.

the wave i, ii path will be invalidated if price dips below 277 (at about 280 now) and this would imply the wave iv correction is longer than I had hoped that will bring price down under 280 but not lower than 270.

the fact that the rise off 270 is only 3 waves making a higher high suggest we are still in a consolidation period

http://i.imgur.com/paBTgKO.png

[Vanish3d]

man, from 38 to 33 labu. Nuts!
I've been contemplating selling all morning but figured as soon as I do it'll spike. Where is today's bottom?

[bspot]

Originally posted by Vanish3d
man, from 38 to 33 labu. Nuts!
I've been contemplating selling all morning but figured as soon as I do it'll spike. Where is today's bottom?

I added to my position at $35...:rofl:

[bjstare]

Originally posted by Vanish3d
man, from 38 to 33 labu. Nuts!
I've been contemplating selling all morning but figured as soon as I do it'll spike. Where is today's bottom?

Haha I've thought about it too. I'm just going to wait and see for a bit longer. Would appear we're seeing a *bit* of resistance ~55.50

Edit: nvm :rofl:

[SilverRex]

unless IBB can completely recover back above 283 and stay there, the longer it remains under 283 and consolidate side ways, 283 will act as a strong resistance and I expect a 5 wave move to the down side with 3 waves completed. so a counter trend rise follow by 1 more dip under the recent low

[Disoblige]

With MEG, their Q1 results are on the 28th.
Are you guys taking this into consideration as well?

[bjstare]

Originally posted by Disoblige
With MEG, their Q1 results at on the 28th.
Are you guys taking this into consideration as well?

Yeah, I'm not adding any more positions until I see how it goes - if it goes well, I'll be in better shape, and if it doesn't it could be a great buying opportunity.

[BavarianBeast]

Originally posted by riander5


Lol every time you post you seem to be in some micro cap that has an obscure discovery or patent on the horizon.

Where do you find all these??

To be honest I am usually tipped off about them from a friend who invests in micro caps for a living and does extremely well from it. I'll take the odd tidbit of advice he gives here and there and sometimes it works in my favor. Some of his picks have been 1000% gains for me, and while I hedge my bet accordingly (if its very high risk, i'm not going to bet the farm), it can still be a great payout at the end of the day!

[riander5]

Originally posted by BavarianBeast


To be honest I am usually tipped off about them from a friend who invests in micro caps for a living and does extremely well from it. I'll take the odd tidbit of advice he gives here and there and sometimes it works in my favor. Some of his picks have been 1000% gains for me, and while I hedge my bet accordingly (if its very high risk, i'm not going to bet the farm), it can still be a great payout at the end of the day!

Ah thats sweet. I wish i had time to do more stock research.. and all of my friends are of zero use to me... well other then for their friendship i suppose :rofl:

[quick_scar]

POET was also posted here back on April 9th. I remember looking at it at the time and not pulling the trigger..... :banghead:

[ickyflex]

Wonder why meg hasn't moved at all today, maybe expecting bad quarter baked in

Edit: Damn closing down 2% for the day

[dandia89]

Originally posted by quick_scar
POET was also posted here back on April 9th. I remember looking at it at the time and not pulling the trigger..... :banghead:

you mean march? why didn't you go in? hard to predict!!

[bjstare]

Kicking myself for unloading POU to crystallize a small profit near the end of last week :(

[quick_scar]

Originally posted by Superman403
Just a heads up tip.

Check out Poet Technologies. PTK (or POETF).

This was the tip off earlier this month..... and by that I mean 4/9/2014.... misread the date.


Originally posted by dandia89


you mean march? why didn't you go in? hard to predict!!

Thought I could do better somewhere else..

[ickyflex]

Oil API shows a draw of 1.1 million bbls.

Oil ralllying :thumbsup:

[SilverRex]

well moment of truth. highest close in 5+ months, is this a technical breakout that will translate to a bullish trend or is this a headfake only to drop back down into the bottom of the trading range in this rising wedge near 40.00

http://i.imgur.com/xAw1Tfx.png

[Disoblige]

I'm predicting that you guys who have money in MEG are going to be holding it longer, because after Q1 comes out, it'll bomb and you have no choice but to hold.

[SilverRex]

who here sees a similarities between the energy sector and biotech the only difference is that energy took off first and biotech is simply lagging behind by about a month.

http://i.imgur.com/f1NsGAf.png

[ickyflex]

Originally posted by Disoblige
I'm predicting that you guys who have money in MEG are going to be holding it longer, because after Q1 comes out, it'll bomb and you have no choice but to hold.

That prediction is coming with what reasoning. Or just speaking for the sake of speaking. At least post something intuitive if you are going to swing on the short.

I find it hilarious when people make calls on what's going to happen. It's like when 89coupe said oil was heading to $20 when it bounced off $26 to $29 and ended up at $44 now. Bunch of geniuses we have at beyond

[bspot]

XBI and IBB down after hours. I'm scared for the morning lol.

[bjstare]

Originally posted by bspot
XBI and IBB down after hours. I'm scared for the morning lol.
Quite the selloff this AM