Q2 of 2015 closed today (Tuesday, June 30th). The following describes candle action, to date, in four timeframes — namely, Yearly, Quarterly, Monthly, and Weekly timeframes.
Each candle shown on the following chart of the SPX represents One Year.
The first half of this year is depicted by a “doji,” as of the close on June 30th — spelling “indecision” by this equity market. So far, the close is a mere 4.21 points higher than its open on January 2nd…not much of a gain in six months…no surprise, since price has been held back by the 161.8% External Fibonacci Retracement level (taken from the last major swing high in 2007 to the 2009 low), which is a typical major Fibonacci profit-taking level.
Each candle on this next chart of the SPX represents One Quarter of One Year. (more…)
Here’s today’s swing-trading watch-list:
Short Harris Corp (HRS)
I shorted Sprouts Farmers Market yesterday for a couple of reasons. First, these Whole Foods copycats, from what I can tell visiting their stores, are pretty second-rate. I do a lot of grocery shopping, and there’s no way I would buy at SFM instead of Whole Foods. Second, along the same lines as my Blackberry short the other day, I’m no longer afraid of stocks that have already been clobbered. Anyway, so far, so good………..