Sometimes in life you just have to know when to ‘fold’. I sold out of all of any VKNG I had up to today. This may turn out to be a big mistake, but I don’t like how VKNG is hesitating in a rising wedge on lower volume and also the recent share sales and dilution in the stock.
The surgeons conference is taking place right now and the next couple of days. The stock could still go higher, but I would rather be ‘out’ at this point and re asses to see how things transpire.
Sometimes the news is sold ahead of time and so far I don’t see any major contract news or other news to sink teeth into, but it may come at a later time.
To continue our conversation look at the head and shoulder formation of the McClellan oscillator in the June July period anticipating the August decline and then look at the September head and shoulders. Since the September shoulder has broken down through the neckline as in July, this is a really a good indication of prospective downside movement. Then look at the $SPX June, July and 1st week of August and compare the chart with the last week of September. The patterns are almost identical. couple with today’s action and it sure seems like we are heading for a pretty good correction!
McClellan oscillator comparison and $SPX comparison really do seem to give a strong indication of the coming market downside action!
Well the inverse H&S on the daily SPY does seem to be breaking out.
But I would hesitate just a little more since this could be a strong short covering rally often seen in bear markets.
This graph from yesterday shows an extraordinary amount of short positions
http://pragcap.com/is-the-smart-money-getting-short
Dust this one off and pull it out of the closet. Looks to be awakening again. I am really surprised this one is not higher than 34 cents.
Yes indeed Larry. VKNG looks like it is coming alive again.. could turn into a runner..