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  • Put This In Your Pipe And Smoke It. [View instapost]
    Thank you for posting. Someone else above had mentioned FITX about 3 weeks ago. I reviewed its chart then, and located a breakout that would be triggered above 2.75 cents. The reaction above it was a little delayed, but soon substantial -- probing above 6 cents. At this stage, holding 5 cents as support may make the difference between extending the rally, or else settling down into a lengthy correction/consolidation.

    I'm taking at face value the sustainability of their business. I own EDXC, which I can also only assume to be legitimate, and notice it is partnered with them. It wasn't too long after EDXC began its most recent upleg that FITX followed, and I'm assuming they'll move more in tandem with each other next time -- whether that is up or down.
    Jan 31, 2014. 08:27 AM | Likes Like |Link to Comment
  • Put This In Your Pipe And Smoke It. [View instapost]
    FITX: Interesting. As I said in my post, I intensely hate penny stocks. I live at the opposite end of the spectrum with daytrading ES futures contracts. But I'm a technician and a chartist, so Its interesting that FITX peaked on what I call an "uptrending interim consolidation." Basically, a high gave way to a consolidation that was biased upward -- optimistic, and not exactly shaking out weak hands. That optimism was sorely missed when the high was tested, and the result was to plunge back under the interim consolidation. It's a fairly reliable setup in the ES when we see it in my Chartroom. Also somewhat reliable is that the pattern ultimately recovers. Again, I don't live among penny stocks, so its possible or even likely that this pattern does NOT recover. If this pattern were developing right now in ES, then I would be pointing out to my subscribers why it is bullish. Best of luck!
    Jan 11, 2014. 11:23 PM | Likes Like |Link to Comment