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EXAS Exact Sciences also Looking for a Northward Breakout

February 7, 2012June 23, 2011 by Tom

EXAS or Exact Sciences is another biotech that looks like it wants to bust north soon. Again at the risk sounding too repetitive, the biotechs are marching along higher despite the recent destruction in the major indices. This is a positive sign for the group and can allow them to be leaders when the market … Read more

Ironwood Pharmaceuticals IRWD about to bust our North

February 7, 2012June 23, 2011 by Tom

IRWD Ironwood Pharmaceuticals is another biotech and it looks like it wants to bust out north pretty soon, perhaps as soon as tomorrow. I already have been talking about how biotech is the ‘hot’ sector right now and pretty much could care less what the rest of the market wants to do.. Biotech wants to … Read more

ANOTHER Whipsaw Signal

February 7, 2012June 23, 2011 by Tom

It appears as though today may be yet ANOTHER whipsaw signal on the sp500 delivered by yours truly. The market cannot make up its mind whether it wants to go down or up and I am cannot either. I am getting thrown around in the spin cycle of a washing machine.

Today was another good example why it is usually not a good idea to get a strong conviction during trading hours as opposed to the closing price and final message of the market.

The close today was a high volume shakeout reversal on most indices that printed a strong looking reversal hammer on a candlestick basis.

After today’s close the upside is looking more favorable again. What a difference a few hours can make!

But you know what ? I would rather be ‘light footed’ giving multiple whipsaw bad signals as I have during the last 2 weeks instead of being ‘heavy footed’ stubbornly sticking to a bearish signal and then getting crushed and staying in denial when the market goes against me. Light footed is a good thing sometimes.

I may have to switch back to a BOT long signal again depending on how things look into next week.

Like RPRX in the Current Range

February 7, 2012June 23, 2011 by Tom

I like RPRX in the current position and location. RPRX is a biotech stock that has a very small trading float and a very low daily volume. It is a very high risk biotech stock and very speculative, but I like the chart and I like the nice swing trading range and the lack of … Read more

The Final Whipsaw on the sp500 Back to BOT Short

February 7, 2012June 23, 2011 by Tom

I am switching back to BOT short on the sp500 at 1266 for possibly a very long time (ie. most of the rest of this year). The barrage of whipsaw signals during the last several weeks has been somewhat frustrating, but if that was the price to finally get it right with today’s signal then … Read more

If SP500 Fails at 1294 then Bear Trend May Resume

February 7, 2012June 22, 2011 by Tom

If the sp500 cannot manage to bust up and through 1294 then I may have to concluded that this market is simply too weak to get another upwards run going. Then it would also put the market at risk of breaking down through key support at 1257. If that happens then the mini bear will … Read more

GLD Looks like a Buy above 151

February 7, 2012June 21, 2011 by Tom

The GLD ETF looks like a buy above 151. The gold price has been quietly consolidating in sideways fashion the last month or so and all things considered has not undergone significant price destruction. The GLD appears to be in a coiled state right now and ideally would start to lift off tomorrow out of … Read more

BestOnlineTrades Nails the Low in the Market Again BOT Signal Chronology

February 7, 2012June 21, 2011 by Tom

After today’s price action in the sp500, it appears once again that BestOnlineTrades dot com has nailed the low in the market with a good amount of precision.

We do not claim to be perfect here at BestOnlineTrades.com. We do not pick perfect bottoms and perfect tops, but we know how to read the tape and follow the price action and the volume resulting in occasional powerful long or short signals in the sp500. During the last few weeks I have barely followed the economic or fundamental news. I do not watch CNBC or read Bloomberg any more.

I would say that my exposure to business fundamental news stories is almost non existent. I follow the tape 99% and maybe occasionally get 1% exposure to macro fundamental news (sometimes it is just impossible to avoid, ie. driving in the car and hear news summaries between commercial breaks etc.).

In fact, I would say that my lack of exposure to fundamental news stories and lack of interest in them puts BestOnlineTrades at a very key competitive advantage relative to many other market timers and newsletter writers and other traders. Why? Because I am making my decisions based solely on the tape action and the volume. Not just that, but also the interpretation of them minus any news bias.

Back to BOT Long Signal this AM on the Open

February 7, 2012June 17, 2011 by Tom

I have to switch back to a BOT long signal on the open this morning. I hope this is not yet another whipsaw signal. But I have to trust the volume analysis I did yesterday on the QQQ. Either volume and price analysis works or it does not. I have to trust the volume analysis, … Read more

Back to the Monthly Basics on the sp500

February 7, 2012June 16, 2011 by Tom

Back to the basics again. The monthly basics. I do short posts like this one just as a reality check. It is very easy to get absorbed into the day by day action and the near term fear.

But the monthly chart of the sp500 right now since 3/2009 is still in an uptrend and still supported by an uptrend. So, technically speaking I think we have to sit back and still say that as of today the sp500 is still in a mini bull market.

Of course that could change next month or the month thereafter. But as of this point in time the bull trend is holding. It is simple point but an important one. One that quite frankly I often forget to remind myself of. It just goes to show how important it is to refresh the longer term time frames when it seems like the market is about to fall in a black hole.