Tuesday, September 15, 2009
WLT 63 good for 1% before reversal. Note that with the exception of RIG the commodity alerts worked but all eventually reversed. Commodities need a rest and any pull-back now would be a positive.
Not a coincidence that the best mover from our list today was a non-commodity stock. SOHU 66 very nice move for almost 2 points.
RIG 83 reversal for a loss
Good for 1% trade on MEE before reversal.
Great set-up on AKS at our 22.5 spot for a 2% win.
Again, solid action today on the triggers with small losses on RIG reversal and wins on AKS MEE SOHU and WLT. However, note that reversals were the norm in the commodity stocks and this could signal a short-term top in these names.
Update: reversal up for our commodity names; choppy action (USO looks like V). The more extended the commodities, the more choppy the price-action. Expect more going forward.
Posted by Highchartpatterns at 9/15/2009 12:30:00 PM