As I ran through my watchlist I found a ginormous amount of symmetrical triangles. Since I can't release the official price pattern list until tomorrow morning, I will release a few pattern breakouts that are heating up this morning. As always, I would suggest waiting towards the close to place any trades on breakouts. This will confirm price has sustained it's breakout point and adequate volume has accumulated.

AMED- H&S Breakdown. Right now breaking a nice ascending neckline.

WTR- Symmetrical Triangle Breakdown. Getting real close to breaking support this morning.

DNR- Descending Triangle Breakdown. At the moment it is below support at $27.

EAT- Symmetrical Triangle Breakdown. Good Follow through today.

BEN- H&S breakdown. Well below it's ascending neckline today. Strong volume thus far.

BER- H&S Breakdown. Broke it's $34.5 neckline today.

GVA- H& S Breakdown. Broke the $50 neckline this morning.

PFCB- Symmetrical Triangle Breakdown. Broke it's apex today.

Add to this list as you see fit. Hopefully this gives a few things to watch on such a down day. Stick around, I will be back.


what about the lack of a real prior trend in WTR?


You don't see any trend? None? I am surprised.

It looks sideways since May. MAYBE a little uptrend since October. Do you see something different?

WTR was also listed by Forbes as one of the most over priced stocks a couple of months ago. Top 100? most over-priced stocks. Or maybe it was 500. Anyway just a side note. Doesn't really have anything to do with the technical analysis.

DOW now down 150 points. Wow!

As always thanks for the comments and the Blog.


What in the world happened with GOOG?!

I understand that Barron's had a negative article on GOOG's valuation in the issue out this past weekend.

Today's sell off seems way over done to me. No real reason for it such a big drop. One good economic report and we are back on track.
I had to close out what where nice bull trades today though.....
What do other think?


Jeff -

As always the blog is incredible and your insights are right on. Thank you for sharing with us your thoughts on trades and trading!

As you often ask for 'subjects' to write about, I would love to hear more about how you anticipate 'days' like these - actually transition periods where we may be transitioning between a bull and bear market as we have broken support on the DOW.



you may be right but the Dow and S&P broke some MAJOR trendlines today.

Plus the breadth was ridiculous (over 4-1) for a simple correction. I'm very concerned about this action today.

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  • I'm Option Addict
  • From Saratoga Springs, Utah, United States
  • I am a professional trader and an instructor for Investools. I've had relations with the markets for 9 years. Born in Concord, CA, but reside in Saratoga Springs, Utah. Father of THREE, Husband of one.
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