Wednesday, August 24, 2011

Stock Market Video - Mid-Week Update - "Still Not Much Of An Edge" - 8/24/11

Hi, traders - here's the mid-week review.  I said going into this week that I thought it would be a tough one to do much with and so far it has been, even though the indices have been up.   Monday's action was very bearish intraday, but Tuesday we had a major up session.   Today was literally all over the place.   I still stand by my longer-term outlook that the best the bulls can expect is some choppy trade between 2550 and 2300 on the Nasdaq and that either cash or very selective shorting is the best option right now.  I go over these points in the video along with some setups.

I discussed a bear flag scan I run with TC2000 either on Twitter or a past post and a few people asked for the pcf for that scan.   Here it is - I also put volume and price filters on the easy scan to reduce the number of stocks that come up.   It basically looks for stocks moving up three straight days (or up today and at least one of the past three) on declining volume for the past three sessions.   When bear markets have their typically sharp, quick bounces, this can find some potential short setups for you.

Bear Flag Scan - (XAVGC9<XAVGC20) AND (C<XAVGC20) AND (((C>C1) and (C1>C2) and (C2>C3)) or ((C>C1) and (C1>C2 or C2>C3 or C3>C4))) and (V<V1) and (V1<V2) and (V2<V3)

I hope you find the video helpful and informative.   As always, feel free to email me with questions or comments - I enjoy hearing from my readers.  If you like the videos, please take a moment to leave a review on Investimonials  

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1 comment:

Anonymous said...

thanks for the blog post.