Wednesday, July 30, 2008

Deja Vu.

The action of late on the Bank America chart (above) looks eerily reminiscent of the activity of January.

No the above chart is not a mistakenly labeled, as it is indeed a daily view of Wells Fargo. Again very similar to January's action. Deja vu or what?

The tape on Wachovia (chart above) looks weak. I have hi-lited the 19.55 level as an area that should not be bettered.

The chart on IBM (above) is not something I post lightly. IBM has been a picture of strength, in the storm. That being said, in a bear market all stocks eventually succumb to the selling pressure, some just do it sooner rather than later. The chart may not be very interesting to you until you look at the next one.

This chart is a close up view of IBM. As my notes indicate, it may be just passingly strange or it might be a major tell, either way I find it suspicious at the lack of a close above $130.

Housekeeping notes;

I was stopped out of GLD at $88.80, as gold gapped down this morning, for a loss of 2.75 on 1 unit.

Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:

Long 6 units Currencyshare Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 1 unit Ultrashort Dow DXD@ $50.12 stop at $58.62
Long 4 units Currencyshares Swiss Franc ticker FXF @ $97.70 stop at $93.82
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $42.87
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $8.09
Long 2 units Ultrashort 20yr Treasury ticker TBT @ $67.85 stops at $69.24/68.32

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