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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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  • Cracks In The Recent Leaders 0 comments
    Apr 12, 2012 12:34 PM | about stocks: AAPL, CMG, PCLN

    The 3 Horsemen

    These have been the most ridiculously overbought charts I've seen in awhile. Traders can't continue to hide in these stocks.

    The pattern I added to the CMG chart is what we are looking for to see the 1st sign of weakness among these leading stocks. PCLN has already fallen out of it's channel, CMG is struggling, and as soon asAAPL falls I suspect it's going to take a big chuck of the market down today.

    I opened my market etf shorts in the premarket today and ended up positive on those trades by the end of the day...barely. But I'll take it on a day where the indexes at least looked like they had a good day. Thanks to a USG long I opened at the close yesterday (sold at the open today) , I actually finished up for the day.

    Right now I'm very bearish on the markets in the US and Canada and will probably add to these shorts on any more move to the upside.

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    Stocks: AAPL, CMG, PCLN
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