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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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  • TSX is Looking Bearish 0 comments
    Jun 3, 2011 3:21 PM | about stocks: EWC

    I’m bearish on the Toronto Stock Exchange (TSX) as of today’s close and will be looking to short it via Canadian ishares (EWC). Precious metals are weighing this index down significantly and I think it’s getting close to having a big price decline.

    Looking at the daily we have a lot of room to drop to reach the lower trend line and you can easily spot the distribution that is going on within the index. A break below support shown on the 60 minute chart below would confirm this analysis and would warrant increasing your short exposure. If you view the long term chart below you’ll see a strong trendline going back to the 0p’ bottom that should be closely as we’re just about to test it.

    I’ll be opening a position in EWC on intraday strength, somewhere around the $32.50 area.

    Here is a link to my long term chart view of TSX

    Stocks: EWC
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