Tuesday, October 18, 2011

Stock Market Video - "AAPL Misses, But Still Lots of Bullish Charts" - 10/18/11

I don't want to get ahead of myself here, and please understand that I am using fairly tight stops on all positions I am taking at this point, but based on my scans tonight, I am getting  bullish.   Although the market was up 1.5-2% today, I did not expect to see the number of stocks that I did in my main bullish scan.  I had over 600 to go through, which is a number I haven't seen in a long while.  As I went through those stocks, I also saw quite a few what appear to be potential bottoming patterns - stocks that have moved sideways for few months without really selling off that much further.   I take this as bullish.

Perhaps these bullish charts are just another fake-out from this market - pull everyone in before taking a dump.   We shall see starting tomorrow, since AAPL missed earnings for the first in seemingly forever.   If the market opens lower but doesn't sell off much more than that, I will look to add a few more test positions here.   Right now I have two.  I was stopped out of two longs quickly today - just too volatile.   If the market tanks on bad news, then I will have to reassess.   Overall, however, my numbers are bullish and I have to go with what I see, regardless of what I personally think about the economy, the situation in Europe, and the state of the world in general.

The video below is quick (5 minutes) but goes through some of those low-level basing patterns I am seeing.   Hope it helps you out.   If you like the videos or my twitter feed, please leave some feedback here and here.   All of my trades are documented here and updated when I get home from work each day.  Thank you. 


tom said...

Ryan: I was wondering if u could do a video on your breakout anticipation and clear 4% breakout scans and how u utilize them. Also, if you could provide the coding for these for telechart it would be much appreciated. thanks, tom

Mac said...

I may at some point Tom. The 4% is not complicated - it is just the main 4% scan that Pradeep at Stockbee uses but throws in a time period for no other negative 4% breakouts.

The breakout anticipation uses the short-term moving averages and volume.