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Jeff Pierce
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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
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  • Diamond Pattern Forming In Dow 0 comments
    Feb 7, 2013 3:04 PM | about stocks: IND.U, SPXS, GOLD

    By Jeff Pierce

    A McClellan Oscillator barely clinging to a positive close, a diamond topping pattern forming on the heels of a major run being forced upon the market by the resolution to the Fiscal Cliff -> markets feel toppy, bottom line. I continue to stress booking profits and reducing long exposure at this time until new highs are made.

    (click to enlarge)

    Negative divergence

    (click to enlarge)

    Gold is in a wedge right now with support holding but it's impossible to say which way this chart is gonna go. My best guess is down because that's the prevalent trend and I personally think Gold is going to revisit the $1200′s before it makes new highs. Before you call me crazy I was saying Apple was going to see the low $400′s (and possibly below that) when it was in the 600′s.

    (click to enlarge)

    Stocks: IND.U, SPXS, GOLD
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