Ain’t Misbehavin’
Sometimes trading is a fairly straightforward endeavor, and sometimes it
entails putting the pieces together.
11:25:17
SPX Corp. (SPW)
is beginning to pull back after hitting its 20-day moving and its .50
retracement level. SPX has a TradingMarkets.com
3-month RS ranking of 79. It is up 1.49 at 137.54.
When the stock forms a Slim Jim intraday and blows through the
Fibonacci level on the breakout, that is a telling sign.
The normal resistance at the 20-day moving average and the
retracement hardly slowed the stock down, as it has rallied for more than 4
points out of the pattern. When stocks don’t behave as they should, the
subsequent action is often strong in the other direction.
Have a great weekend,
Duke