>>SIEB has made some higher bottoms with this recent up and down silliness. I know you have charts. I'm gonna test you. Take a look at it from close, the close price, the RS etc. I'll give you this piece of yummy info. The Financial sector just reversed up :-)<<
Ok, Jan o, here goes.
First the pluses. The market looks promising with the NYSEBP appearing about to reverse up; the sector looks good having just reversed up to Bull Correction; SIEB shows lots of higher highs and lows, RS is Buy and in Xs and momentum is positive. I also like the fact that SIEB avoided a classic Bullish Signal Reversal on Friday when it failed to make a DB sell signal in the 7th column of rising Xs and Os, thus keeping intact the rising pattern of Os. If the rising pattern continues, we could soon see the current column of Xs extend beyond the last column high of 58 from the current price of 34, a nice upside indeed. The stop would be the DB sell signal at 33.
The minuses are the nasty looking high pole warning and the fact that while SIEB reversed into Xs on Friday while making a day high of 38+, it turned around during the day and closed near the low of the day at 34.19, perilously close to reversing back down into Os and thus giving a DB sell signal if it were to print 33 on Monday.
The caution in me, therefore, would be inclined to eyeball SIEB on Monday to see whether it adds another X at 39 or gives the DB sell signal at 33 before I make a move. If it prints 39 I would jump on for the ride with a stop at 33.
What do you think?
PR |
