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Issue #662 
March 8, 2020 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Bear Market Signal Given in the DOW!
DOW Friday closing price - 23185
The indexes generated big drops this past week with weekly closed totaling approximately 9% in value. The indexes all closed slightly in the upper half of the week's trading range, suggesting a slightly higher possibility of going above last week's highs (DOW at 25020, SPX at 2882, and the NAZ at 8347) than below last week's (DOW below 21154, SPX below 2478, and NAZ below 7194). From a fundamental basis, the panic that hit the market this past week was assuaged a bit at the end of the week when the administration finally started to address the testing-for-the-virus problem on a stronger basis than before and on Friday, showed a plan that with the help of the public sector will increase exponentially the testing for the virus, which in turn will allow the government to at least get a clearer basis for how big the problem is. This will give the bulls some ammunition to start the market on Monday with some buying or short-covering strength.
From a purely technical basis and using only the weekly closing chart, the DOW has fallen 21.3% its all-time weekly closing high, SPX has fallen 19,8%, and the NASDAQ has fallen 19.1%. A bear market is generated when the indexes fall in excess of 20% but in looking at all the indexes, only the DOW has given that signal. On a daily closing basis, all indexes closed more than 20% lower on Thursday but only the DOW has confirmed that signal with a second daily close in a row, meaning that with only 1 of the 3 indexes generating and then confirming the +20% fall, the signal cannot yet be depended on. In addition, even with the DOW generating a bear market signal, all signals have to be confirmed on both the daily "and" weekly closing charts, meaning that another close next Friday below 23518 needs to occur for the signal to be confirmed.
The problem the bulls face is that this Virus is not only a medical problem but now also an economic problem as businesses across the world are closing because of it and income and profit losses are occurring and the problem is not likely to be resolved on a short-term basis. These losses cannot be recouped this year, meaning that all companies will be reporting lower income, lower profits and lower guidelines than originally expected. In addition, this is likely to get worse over the next few weeks as sporting events have been closed, schools have been closed, flights have been cancelled, trading has dropped dramatically, and losses will continue to rise across the board, including the income of the population as well. This means that even when the virus problem is solved, the population will not have money to buy anything other than necessities and that is not something that "can be" resolved or recouped this year. The problem is even worse because this problem is likely to get much worse before it gets better, meaning that the losses seen now will grow rather than shrink over the next few weeks. Simply stated, even if the bear market recession has not yet been confirmed on the charts in all indexes, the probabilities strongly favor that occurring sometime over the next 1-3 weeks.
All of what is explained above with Friday's rally and closes in the upper half of the week trading range, suggests the bulls will have an edge on Monday as it is unlikely that over the weekend the death numbers from the virus will increase in a dramatic way, meaning the bears will not have any new ammunition. In addition, most of the negative economic news is already out there and possibly factored in, as the closures of events, flights, and businesses have also been addressed through the bill that was passed in Congress this weekend.
The breakaway/runaway gaps remain a hugely negative chart signal but given that the bulls will have a slight edge on Monday, closure of those gaps will be the #1 objective. Evidently, the NASDAQ, who has been the strong index throughout all of this and almost closed the gap the previous week on Friday, will be the index to watch on Monday. The gap is at 8375 and with last week's high being 8347 and the index closing in the upper half of the week's trading range and chart-wise likely to go above last week's high, the runaway gap is likely to be closed. If that occurs, the traders will have confidence that the bottom of this down move will have been found and buying dips (rather than selling rallies) will once again start. What is now the most important aspect is the economic future of the country (due to the virus and there the economic probabilities still being grim), might be addressed on Monday. If all the bad news has been factored in to the price (something I cannot know at this time), then the gaps will be closed. If there are still doubts about how much more this virus will hurt the economy, then the gaps will not be closed and the selling will resume after a brief rally on Monday. The probabilities favor the latter as no one at this time knows how long this virus problem will continue or how much economic damage will be done.
To the downside and on an intraweek basis, the DOW only shows support at last year's low at 21712 and at last week's low at 21154. Below that, there is no support until psychological support at 20,000. The SPX shows support between 2553 and 2600 and then at last week's low at 2478. Strong support is found at last year's low at 2346. The NASDAQ shows support at 7662, a bit stronger at 7292 and then at last week's low at 7194. Below that, there is no support until the 7000 level is reached.
To the upside and on an intraweek basis, the DOW shows no resistance until the previous Friday's high at 25020 is reached. The SPX shows resistance between 2791 and 2815 and then at the gap area high at 2882. The NASDAQ shows minor to decent resistance between 8133 and 8176.
Evidently, the NASDAQ remains the index the traders will be watching and in looking at the chart, the previous all-time intraweek highs at 8133 and at 8176 will play a important level of resistance part this week. It is highly likely those levels will be seen on Monday, meaning that the index could be up as much as 298 points. Nonetheless, those levels are still 170 points below the previous week's high and still 200 points below the runaway gap. This does mean that if the bulls can get up to those previous highs but not above (most likely scenario), then the traders will start selling the rally and the index start turning down. That is what is likely in play on Monday and "it" being indicative. If those levels fail to get broken, last week's low at 7194 will be targeted and a drop down to the 200-week MA at 7000 will become the objective.
Volatility is likely to remain high, as well as the trading ranges. Nonetheless, there are quite a few levels that are indicative this week with 8133/8176 being important resistance and 7662 being short-term pivotal support that if broken would suggest the 7000 level will be targeted. Based on the news on Friday, which successfully lowered the panic level, charts are once again going to play an important part in the trading this week and the levels to watch at the beginning of the week are 8176 and 7662. Whichever of those levels get broken, further movement in that direction is likely to be seen.
OIL took a big fall this past week based on the inability of OPEC to get Russia to agree on production cuts, which was then followed with Saudi Arabia telling its clients "come and buy as much oil as you want", meaning they opened the spigots of their own production. The fall was further exacerbated with the collapse of the index market and the panic selling seen. Oil ended up making a new 4-year low and getting intraweek to within $1.19 of the 17-year low at 26.05 that was made in 2016. In the process, oil broke another major and important intraweek low at 32.70 that was made in December 2008 and closing below that weekly closing low made on that occasion at 33.87, meaning that the bounce seen at the end of the week (because of the rally seen in the indexes on Friday) was not enough to erase the weakness seen. Oil did rally enough to close just a few cents below ($.13 cents to be exact) from the middle of the week's trading range, meaning that this week both last week's low at 27.34 and last week's high at 36.35 have an almost equal chance of being seen and broken, likely depending on whether the bulls can close the gap in the NASDAQ at 8375 or whether Russia gives in and agrees to a cut in production (unlikely). The bears have the probabilities in their favor as the 17-year low weekly close at 29.45 beckons, as well as on an intraweek basis the 26.05 low seen then. There is some intraweek resistance at 34.82 from 2016 that is likely to be seen at the beginning of the week that might play a part in being a clue as to whether last week's gap between 41.05 and 36.35 is to be tested and worked on for attempted closure or whether the low of the week at 27.34 is to be tested and broken, with then a drop to test the 26.05 intraweek low. The only thing that seems to have "some" certainty is that oil will look to rally on Monday with 34.82 as the immediate objective. After that, it will all depend on what the index market does. Probabilities favor the bears.
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Stock Analysis/Evaluation
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CHART Outlooks
The wild volatility and especially the panic selling seen this past week made chart support and resistance levels useless. In addition, the daily and weekly closes in the DOW generated a bear market signal that was not confirmed by the SPX or the NASDAQ, causing confusion to reign at the end of the week. The break of the major intraweek support in the DOW is a strong bearish signal and the fundamental situation of the economic damage that the Corona Virus is causing does support the signal given by the DOW this past week, meaning that the probabilities favor the bears for further downside. Nonetheless and based on the information given on Friday regarding the testing for the Corona Virus by the public sector that will give clearer numbers as to the amount of infection that is being seen does give the bulls some ammunition to rally the indexes (and stocks) at the beginning of the week. The chart levels that are pivotal are likely to be reached but not what will happen then. The probabilities favor the bears winning this battle and as such, this rally at the beginning of the week should be used to put on new short position. With the panic selling now likely over, charts will once again be used (and depended on) by the traders and there are clearly defined resistance levels that if broken will clarify the situation. This does mean that risk/reward ratios on sales will be clearly defined and in favor of the bears. As such, the only mentions this week are sales, but only to be instituted on a rally to the desired entry points.
I was also thinking of adding or instituting new positions on Gold stocks but given the sell signal given on Gold this past week and the need for Gold to negate those signals at the end of the week, I will not be mentioning any purchases in Gold stocks "at this time". That may change during the week and if it does, it will be mentioned in the message board. For this newsletter, only sales will be given.
AXP Friday Closing Price - 99.60
AXP made a new 33-month intraweek low at 81.81 and in the process and like the indexes, now shows a breakaway and runaway formation with the runaway gap presently at 103.79. The stock did rally 18% from the intraweek low and did close in the upper half of the week's trading range, suggesting the stock has a high probability of going above last week's high and bottom of the runaway gap formation at 103.37. Nonetheless, this is the same situation as the NASDAQ is facing and in the index, it is unlikely that a rally above last week's high will occur and that means that the stock is likely to mimic what the index does, which is to fail to get above last week's high and face new selling interest toward the end of the week.
AXP did give a bear market signal with Friday's close, having dropped 28% from its 138.13 all-time high, meaning rallies will be sold. In this scenario, last week's low at 81.81 will be broken at some point over the next couple of weeks, if not this week. There is no established support at that low, with the closest intraweek support being found at 78.41, and that will be the objective of this trade.
There is definite resistance on the daily chart at last week's high at 103.37, meaning that if broken a rally back up to the 20% breakdown point at 110.50 would likely occur, but that level also offers a second trade to be done if the first is a loser, meaning that this mention encompasses two trades on the stock. In looking at the chart, there is decent intraweek resistance at 116.40 that is strongly strengthened by previous intraweek highs at 114.55 and 114.25 as well as previous lows at 115.38 and at 114.65, meaning that fundamentally this downtrend would have to totally reverse for that level of resistance to be broken. This means that the first trade is a bit more sensitive as far as being profitable but under the present circumstances of the indexes falling in panic, some risk to get short at a lower price that is likely achievable is worth doing the trade, especially where the downside objective is the same for both trades and offers a very favorable risk/reward ratio in both circumstances.
For the first trade and using the intraday chart, resistance will be found around the 101.30 level, meaning that entering the trade around that level and using a stop loss at 103.79 and having a 78.41 objective offers a 9-1 risk/reward ratio. If stopped out (and the stop should be a hard one), re-entering the trade short should be done around the 114.00 level using a stop loss at 116.50, which if filled will offer a 14-1 risk/reward ratio.
My rating on the first trade is a 3 and on the second trade it is a 4.25 to 1 (on a scale of 1-5 with 5 being the highest).
IBM Friday Closing Price - 107.95
IBM has given a bear market signal, having dropped 32% in price since the high seen in February at 158.75. Unlike the indexes, the stock is not showing a breakaway/runaway gap formation on the weekly chart but is showing one on the daily chart with the runaway gap being too far to the upside to even mention. Nonetheless, with the stock having dropped 32% in value, all rallies will now be sold. The 20% level is at 127.00, meaning that if that level is reached and closes above that level occur, then the traders may turn to be buyers at that time. Nonetheless, that is $19 above Friday's close and that kind of a rally at this time is highly unlikely to occur.
IBM gapped down on Thursday but then generated a reversal day, having made the new 15-month low at 81.81 on Friday but then turning around to close green on the high of the day and only $1.85 from Thursday's high, suggesting that the bulls will attempt to close Thursday's gap with a rally up to Tuesday's low at 115.76. This is a 3rd gap on the daily chart and therefore highly likely to be closed.
IBM does not show any intraweek resistance until minor at 121.86 and decent at 125.05 and at 126.79, the last which is now highly unlikely to be broken any time soon. Nonetheless and for the benefit of this trade, the stock does show decent daily close resistance at 115.40, which was an important and even possibly major daily close support that now has been confirmed as broken, having closed 2 days in a row below that level, meaning that a daily close above that level for 2 days in a row would take away some "short-tem" control from the bears. As such and for now, that will be the area where a stop loss will be placed. If stopped out, I will then look for another desired entry point at that time.
In looking at the intraday chart of IBM, the 200 10-minute MA is currently at 113.86 so somewhere around that line will be the desired entry point though in reality that line is likely to be broken as the objective of the traders is to close the gap at 115.76. Nonetheless, some shares can start to be shorted around the line with the higher number of shares shorted around 115.76, using a 115.50 stop close only stop loss.
The downside objective of this mention in IBM is the $100 demilitarized zone that was very pivotal both to the upside and the downside in 2004, 2007, and in 2009. The stock did get down to 100.81 this past week but the support there is on a weekly closing basis and given that the stock closed on Friday at 107.95, it cannot be said that level was tested successfully.
Given that the same chart conditions regarding a breakaway/runaway gap formation on the weekly chart does not exist in IBM and given that the stock did get down on an intraweek basis close to the downside, and given that there is no clear intraweek resistance at the desired entry point given, this trade will not be given a high probability rating. Then again, the 32% drop in price and bear market signal given is a big plus to short positions, using a stop loss at 127.35 on "any" positions shorted using that stop loss.
My rating on this trade is a 3 (on a scale of 1-5 with 5 being the highest).
DIS Friday Closing Price - 102.52
DIS has to be one of the companies most affected by the Corona Virus, inasmuch as the parks it owns gives 60% of the company's income and those parks are likely to be empty until a handle on the Corona Virus is found (not likely to be for months, if not years). The stock has fallen 33% in value and a bear market signal was given this past week. Nonetheless, the bulls were able to generate enough buying at the end of the week to close slightly in the upper half of the week's trading range, suggesting a slightly higher possibility of going above last week's high at 111.58 than below last week's low at 91.64.
DIS did generate a sell signal and a failure signal, having broken the most recent low weekly close at 129.96 that stood up for 11 months but also closing below the weekly close breakout point at 120.07. Nonetheless, with the recent addition of its streaming service, traders are likely to attempt to negate some of the chart negatives this week and at least head up to the 200-week MA that got broken on Friday and that is currently at 113.32. On an intraweek basis, minor but likely short-term resistance is found at 115.80 that is further strengthened by a peak intraweek high seen in April 2017 at 116.10 and from which a drop down to 96.20 occurred 20 weeks later. By the same token, that 2017 was broken last week and the next level of established support is found 90.32 and 86.25, which will be the objective of this mention. On a weekly closing basis, there is a double bottom at 90.15/90.30 that will be a target and if the Virus brings long lasting negative results, that double bottom is likely to be broken, though at this time that cannot be given any kind of probability rating (for breakage) at this time. It is a target though, on a weekly closing basis.
The DIS chart is showing some minor intraweek resistance starting at 110.83 which is likely to be seen but maybe not broken. If broken, intraweek resistance is stronger at 113.1, which is just a few point from where the 200-day MA at 113.33 is currently at, meaning that the stop loss for this trade has to be above that level. I would generally put the stop loss at 113.35 but given that the MA is there, to protect the trade the stop loss will be places at 115.90, which means that not only the MA line would have to be broken but the intraweek resistance at 115.80, made just before the stock began its rally to 153.41 would have to be broken as well.
Because the fundamental picture is clearly negative and the chart points also clearly seen, this trade does have a relatively high probability number.
Sales of DIS at or above 110.83 and using a stop loss at 115.90 and having a 90.00 objective will offer a 4-1 risk/reward ratio. Probability rating on the trade is a 4 (on a scale of 1-5 with 5 being the highest.
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Updates
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| Updates on Held Stocks |
Closed Trades, Open Positions and Stop Loss Changes |
| AU, like Gold, gave a sell signal by closing below the most recent low weekly close at 17.45 and a failure signal by closing below the previous 6-year high weekly close at 14.85. The stock closed near the low of the week and further downside below last week's low at 14.00 is expected to be seen this week. By the same token and like with Gold, these signals need to be confirmed this coming Friday and the probabilities do not favor them being confirmed. The 200-week MA is currently at 13.21 and there is no reason for the stock to close below that line as the fundamentals still support Gold being a good purchase for protection from this crisis. Intraweek resistance is found at 15.86 but if broken, there is open air to 18.00. The 200-day MA, currently at 19.55, is likely to be a magnet given that the line had not been broken to the downside for 15 months and a retest of that break is highly likely to occur. Probabilities favor the bulls this week, though some weakness may still be seen at the beginning of the week. ABBV was one of the few stocks that did not receive the kind of selling interest seen this past week in most other stocks. It did make a new 20-week intraweek low but then reversed to close in the upper half of the week's trading range, suggesting a higher probability of going above last week's high at 88.22 than below last week's low at 77.06. More importantly, the stock closed on Thursday just slightly below the 200-day MA, currently at 79.01 (closed at 78.66) but then generated a successful retest of the line, having closed on Friday at 85.37 ($2.50 per share above the entry point of the mention). In addition, a sell signal was given on the daily chart when the stock closed on Thursday below the 5-month previous low daily close at 81.02 but then negating that signal with the higher close on Friday. The 200-week MA, currently at 80.51, was broken on an intraweek basis but was not confirmed on Friday's close, meaning that there is special buying interest in this stock, irregardless of the selling interest in stocks. Daily close resistance is found at 89.26. There is minor to decent daily close support at 84.92 that if not broken any day this week will likely mean the stock is heading higher. Intraweek resistance is found at 91.99 that if broken would likely mean a new 19-month high above the recent high at 97.56 will occur. If there is any stock that is a purchase in this falling market, it is this one. Intraweek support is now found at 80.41. Probabilities favor the bulls. CRON made a new 32-month intraweek and weekly closing low (below 4.75 (got down to 4.33) and below 5.51 (closed at 5.26) but then managed to rally to close near the high of the week, suggesting further upside above last week's high at 5.70 will be seen this week. As is with Gold stocks, this new sell signal needs to be confirmed this coming week with another close next Friday below 5.51. Pivotal intraweek resistance is found at 6.20 but any confirmed daily close (2 days in a row) above 6.02 will not only negate the sell signals but generate a new buy signal. There is no established support below until the 2.52 level is reached, meaning that negating the sell signal this week is absolutely pivotal. Probabilities very slightly favor the bulls. ENG made a new 11-month low weekly close and closed near the low of the week, suggesting further downside below last week's low at .61 will be seen. The stock was hit when the indexes collapsed but there was no news about the company that would be a personal negative. One of the likely reasons for the hit on the stock is that with oil going down so much in price, the company's clear air energy is not as competitive in price as it was prior to the breakdown in oil. By the same token, the company does have some important Pentagon contracts that will still be in place even if oil is now cheaper to use. The stock shows major weekly close support at .49 and a retest of that level is somewhat normal under these extreme conditions given that level had not been tested since established 11 months ago. On a possible strongly bullish scenario, if a green weekly close is established next Friday, a bullish inverted Head & Shoulders formation will have been built with the left shoulder at .69, the head at .49 and the right shoulder at .65 (if a green close occurs next Friday. The neckline would be at 1.19 and a break of the neckline would give a 1.89 objective. If this formation is formed it will be a strong one given the 21 months is took to build. Any weekly close above .76 would confirm that the formation is built. The stock reports earnings a week from this coming Thursday and that could be the positive catalyst the stock needs. Probabilities are even for this week. FNV generated 2 sell signals on the weekly closing chart, having closed below the most recent low weekly close at 107.50 but also below the previous low weekly close at 89.98. Nonetheless, the bears fell short of generating a failure signal when the stock still closed above the breakout high at 84.45 that occurred last July. The stock did close near the low of the week, suggesting further downside below last week's low at 82.09 will be seen this week. The 200-week MA is currently at 76.42 and that could possibly be a downside objective for this week. Nonetheless and like with Gold, all of these sell signals on the weekly chart need to be confirmed this week before any new selling interest is seen. Intraweek resistance is now found at 101.19 that if broken would leave open air above until the all-time high at 122.65 is reached, meaning that from this moment on, 101.19 is pivotal. The first thing the bulls need to do is negate the break of the 200-day MA, currently at 95.55. That line was broken on Friday and the bulls need to close above that line on Monday. If that occurs, it will almost guarantee that the 101.19 level will be seen a few days thereafter. There is an open gap down at 80.39 that is likely to be targeted for closure on Monday. There is a lot of established support around the $78 level. Probabilities slightly favor the bulls. MCIG made a new 9-month low this past week but the key issue is that the low daily close for the week occurred on Monday and the rest of the week, the stock traded around that Monday close in spite of the index market heading substantially lower most every day thereafter. This does suggest that the traders believe that the .03 cent level is defendable support and that the stock is fairly valued at that price. The stock did close in the lower half of the week's trading range, suggesting a higher probability of going below last week's low at .025 than above last week's high at .0485. Daily close support of importance is found at .025 so that is the pivot point at this time. The action seen this past week suggests that the probabilities favor the bulls. To what extent is a question mark, but it seems that no further downside will be seen. Any confirmed daily close above .045 (where the 200-day MA is currently at) will bring in new buying interest. Probabilities slightly favor the bulls. NEM, like Gold and other Gold stocks, generated a new sell and failure signal on the weekly chart, having closed on Friday below the most recent low weekly close at 44.63 and below the weekly close breakout level at 40.72 (closed at 39.50). The stock closed on the low of the week and further downside below last week's low at 39.39 is expected to be seen this week. The 200-week MA is currently at 36.15 and that could be a potential target. Using the daily chart though, the stock closed just slightly below the 200-day MA, currently at 40.21, and if a green close occurs on Monday, a successful retest of that line will have occurred. This is likely an important clue as to what to expect from the stock the rest of the week. Pivotal intraweek resistance is found at 41.33 and then nothing until 44.08 and 45.71. Any daily close below 36.61 would be disastrous to the chart. Probabilities very slightly favor the bulls. SRUTF made a new all-time intraweek low at .073, below the previous one at .077 and closed at another new all-time low weekly close at .0906. The stock closed in the middle of the week's trading range, suggesting an equal chance of going below.073 as going above the week's high at .11. If the bulls are able to get above .11, there is a possibility that the .077/.073 becomes a double bottom. Nonetheless, this stock has been going down consistently without any buying interest of consequence being seen, meaning the probabilities continue to favor the bears. XOM fell 21% in price last week and a total of 46% over the past 3 weeks, reaching levels not seen since 2003. The stock closed near the low of the week and further downside below last week's low at 35.01 is expected to be seen this week. Nonetheless, the 35.00 level was a decent intraweek support in September 2002 and from which an immediate rally back up to 42.70 was seen and with the stock showing weekly close breakout support at 36.85 and closing at 38.13, it is highly likely that a rally back up to the entry point will be seen this week, where liquidation of the positions occur, unless you want to hold the positions a few months to where an uptrend can begin. It is unlikely that the stock will go much (if any) below these levels as these were the same levels where oil was trading at $25 back in 2002/2003 and oil is presently at $32. Nonetheless, back in 2003, the highest the stock traded at during a period of almost a year was 44.87, as such, the potential profit on long positions at this time is low, unless of course, Russia capitulates and agrees to production cuts. No oil company can presently make money at these prices, whereas in 2003 the fundamental situation was different. Probabilities favor the bulls this week. |
1) ENG - Averaged long at 1.616 (6 mentions). No stop loss at present. Stock closed on Friday at .65. 2) MCIG - Averaged long at .215 (2 mentions). No stop loss at present. Stock closed on Friday at .033. 3) FNV - Averaged long at 90.15 (4 mentions). No stop loss at present. Stock closed on Friday at 87.98. 4) CRON - Averaged long at 10.4275 (4 mentions). No stop loss at present. Stock closed on Friday at 5.25. 5) AU - Averaged long at 19.205 (4 mentions). No stop loss at present. Stock closed on Friday at 14.17. 6) NEM Averaged long at 43.66 (2 mentions). No stop loss at present. Stock closed on Friday at 39.50. 7) SRUTF - Purchased at .36. No stop loss at moment. Stock closed on Friday at .09. 8) CVGW - Purchased at 49.94. Averaged long at 70.323. Liquidated at 55.11. Loss on the trade of $4567 per 100 shares (3 mentions) plus commissions. 9) LNTH - Liquidated at 12.48. Averaged long at 16.09. Loss on the trade of $722 (2 mentions) plus commissions. 10) CAT - Covered shorts at 99.90. Averaged short at 130.535. Profit on the trade of $6127 per 100 shares (2 mentions) minus commissions. 11) AXP - Covered shorts at 98.72. Shorted at 111.61. Profit on the trade of $1288 per 100 shares minus commissions. 12) FNV - Purchased at 110.60. Liquidated at 110.02. Loss on the trade of $58 per 100 shares plus commissions. 13) FNV - Purchased at 102.57. Liquidated at 102.29. Loss on the trade of $28 per 100 shares plus commissions. 14) NEM - Purchased at 49.56. Liquidated at 49.55. Loss on the trade of $101 per 100 shares plus commissions. 15) NEM - Purchased at 46.59. Liquidated at 48.39. Profit on the trade of $180 per 100 shares minus commissions. 16) IBM - Shorted at 122.19. Liquidated at 104.59. Profit on the trade of $1760 per 100 shares minus commissions. 17) ABBV - Purcased at 82.80. No stop loss at present. Stock closed on Friday at 85.37. 18) XOM - Purchased at 41.83. No stop loss at present. Stock closed on Friday at 38.12/
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Encyclopedia of Chart Patterns. A must have for chart aficionados! |
The opinions and commentaries by Mr. De Vito are not a recommendation to buy or sell, but rather
a charting guideline, based on his own knowledge and experience, regarding the stocks he is following or
that are brought to him by others. Mr. De Vito does not presently offer a track record of his trading experiences.
No inference of success and/or failure should be assumed. The
information enclosed above, regarding his background, length of trading, and experience, is correct
but is not meant to suggest, state, or infer any future success in trading, based on his opinions. The information herewith included should only be used by investors who are aware of the risk inherent in securities trading. Mr. De Vito accepts no liability whatsoever for any loss arising from any use of the information and/or comments he supplies. |
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