Stock Market Today: Aug 6th - 10th - Page 19
NOK up huge again today, insane. Can't believe I dumped it so early. Same with RIMM. They were trading at book values. Apple, Google, Samsung, Facebook all have tons of cash to buy something rich in patents. Google just bought motorola's mobile company for 12B for patents
You sold at book values? Yeeesh. C'mon Herm!
There is a book that details the statistical edge in the history of 3 and 5 days movements ... both down and up.
It's called "How Markets Really Work" by Larry Connors ....
Edited by Rock Sexton - 8/9/12 at 4:48pm
OMG, freaking GLD ended at $156.99 and I'm holding crappy $157 calls which expire August 10. Tomorrow it better break-out and move at least 3%.
Yeah..it's at monthly resistance right now but this could just be an ascending wedge waiting to pop
and test last month's highs.
I'm not really sure...getting in where I fit in. I closed my daytrade long for a little skrill.
Reassessing everything later tonight.
click to enlarge
Expanding on your acknowledgement of absorption, check out this new 5 day 15min chart ...... It's telling that after that big buying climax, we've been making higher lows in a wedge just under the Point of Control. The climaxes have reduced in nature, most of them exhibiting stop volume candles aka "absorption" of the selling. This kind of activity is more common with accumulation than pullbacks. The market is acting like good news is on the way.
Edited by Rock Sexton - 8/9/12 at 5:37pm