When You See This Pattern, Watch Out Below!

It is lunchtime now,
but the S&P 500 index is staging a small rally off the 61.8% retracement
level.

(Charts courtesy of QCharts)

10:09:48 (from TradersWire)


Action

Symbol

Order Type

Setup

Stop

 Target

Current Price

Posted By

Sell

SEBL sell stop at 9.64 at intraday resistance (15-min) 9.75 9.50 9.66

TK

Siebel Systems (SEBL) gapped up above the
upper Bollinger Band. As I say often, this kind of momentum is not sustainable.
The stock immediately challenged Wednesday’s high, but it formed a doji bar
(open=close). Also notice this doji has a long bearish upper tail. This was a
potential reversal situation. I decided to place a sell just below the doji bar.

10:40:46

Follow up on SEBL (Pt 3)

It has hit our target. Cover the rest or re-adjust your stop.

Feel free to mail me your
questions.