FCX has some positive divergence forming but downside is still 47/48. any lower and consider it a gift from the heavens. Its the timing thats the most important, friday morning should be its low… daily chart shows 200MA at 46.
No problem. THe weekly DOW RSI has more room to go down, but is running out of time. Full moon this weekend and seasonal cycles turns bullish monday as well. Not to mention the monthly S and P chart still has a tad bit more to go up to reach sloping trendline, and POMOs (120 billion left in Q2 by en dof June). Right now we are in the 4th EW down on weekly /YM and should start 5th wave up next week until late may early June.
Going to post some charts shortly…
after that, buying May or June 50SP calls on FCX this friday. Hopefully the stock price will be 45 or 46 by then, holding until the daily RSI gets overbought. I blogged on this trade last night. http://sharkmarketanalysis.blogspot.com/
Thank you Red. This is the first time i have blogged here but i pay close attentionto your analysis as well as my own. Thank you.
Yes, now let’s see if I can make some money on my SPY puts… held on too long and still a bit upside down
What is up with RUT today … not playing
Congrats! Tough to trade this wild market. Any profit is a blessing…
Managed to eek out $1K profit on Q’s puts! Happy days 🙂
What are you thinking the low on the spx (or spy) will be? I’m still thinking we hit the 123.03 spy FP.
FCX has some positive divergence forming but downside is still 47/48. any lower and consider it a gift from the heavens. Its the timing thats the most important, friday morning should be its low… daily chart shows 200MA at 46.
FCX
No problem. THe weekly DOW RSI has more room to go down, but is running out of time. Full moon this weekend and seasonal cycles turns bullish monday as well. Not to mention the monthly S and P chart still has a tad bit more to go up to reach sloping trendline, and POMOs (120 billion left in Q2 by en dof June). Right now we are in the 4th EW down on weekly /YM and should start 5th wave up next week until late may early June.
Going to post some charts shortly…
What’s your downside target on the FCX?
after that, buying May or June 50SP calls on FCX this friday. Hopefully the stock price will be 45 or 46 by then, holding until the daily RSI gets overbought. I blogged on this trade last night.
http://sharkmarketanalysis.blogspot.com/
Thank you Red. This is the first time i have blogged here but i pay close attentionto your analysis as well as my own. Thank you.