Before getting into today’s game plan, I wanted to thank all of my loyal readers that have stuck with me over the last 2.5 years. It’s been incredibly rewarding and quite the grind and I’m absolutely honored to have been able to add any value to your process. I wanted to remind everyone that tonight’s post will be the first that is only viewable by subscribing members. I’d be honored if you joined ChartSmarter for the ride.
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I’d like to thank you again for reading over the years. With that being said, let’s get into it. Good Luck!
Markets finished off the lows today, and the Nasdaq almost managed to close in the black. It still is bullishly holding that huge gap on 1/2. The S&P 500 continues to do the same. This digestion must be viewed in a positive light. Leading stocks were left unscathed today, and some breakouts did occur. Remember the way they act can shine some genuine light on the health of the ongoing rally. Two that caught my eye today were FB taking out a 28.85 cup with handle, and ALKS took out a 21.22 flat base pivot (closed 1 cent below it). Just as important are the action of leaders post breakout. You want to see these stocks strengthen and work right off the bat. HUN tacked on another 1.3% today after Fridays big volume push through a 17.27 flat base trigger. AB rose almost 3% today following its own Friday take out of an 18.39 flat base trigger too. CAR up 12% last week, basically closed UNCH today. It has been driving, pun intended, very well since its 3 week tight breakout at 19.66 on 12/18. For some value investors out there, the action of some domestic drillers could be starting to price in the possible 2020 forecast for energy independence by 2020. CLR looks the best as it recorded an outside day today, and is constructing a flat base. CXO shrugged off a downgrade today, and found 50 day support. WLL which reclaimed its 200 day SMA Friday, found support there today. As always wait for them to develop legitimate buy points, and keep on your watch list in the meantime.