Same set-up for the weeky chart as the daily chart. When any stock, index or ETF sets up with positive divergence on both the daily and weekly charts, this is a powerful positive force for price which occurs over 90% of the time or more. SRS is ready to bounce from the falling wedge, positive divergence and oversold stochastics which means the housing data this week should be negative and not the good news that traders expect. Projection is for SRS to move up from here and the current price levels may serve as a developing head of an inverted H&S pattern that will need a right shoulder as we move forward. If the housing data this week is all positive, two of you will need to obtain the stretcher behind the door at the excahnge and carry good ole Keystone out. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.
What if we just bought you a good single malt scotch instead of getting the stretcher out? Wouldn't that fix you right up?
ReplyDeleteLOL. Ol Keystone must be having a scotch right now.
ReplyDeleteHello Weaver and Captain Bivy, well all it would take is one scotch since Keystone's drinking days are long in the past. We will have to see what happens this week. The ramifications are dramatic since if housing data is not up to snuff this week, the entire broad market will feel the impact, or not. The housing and real estate market is the vital key to any economic recovery. Interesting week ahead.
ReplyDeleteBloomberg reports minutes ago that China's property prices fall the most in one year's time. Home sector earnings are a mixed bag in China. Interesting back drop as the U.S. trading session begins tomorrow with housing the key focus this week.
ReplyDeleteAlso just out, however, is that Apple has called a conference call for 9 a.m. eastern time Monday to talk about its cash hoard. Confirmation of dividend coming? More funds will be able to buy in. Will this event drive the bus tomorrow (though NASDAQ futures seem a little mute)?
ReplyDeleteHello Weaver, yes, AAPL is up 3% in Frankfurt right now, 5:08 AM EST. The talk about a divvy as well as conjecture on what Apple will do with its cash hoard has been a topic of discussion for a year or more. Considering the parabolic move recently in the stock price, much of that is probably priced in. 3% is a healthy move, however, so traders are getting excited about any potential news. More drama ahead. Nasdaq futures are currently leading the broad market lower, albeit slightly, so the news is not having an impact in the States, yet.
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