Stock, Option and Futures Trading
Remember the 13th bar low?
July 1, 2011
We did a post on June 17th titled “Monday is the 13th bar”. We were saying how on June 20th we had a timing for a low and to watch that day for a low to be put in. With timing it can be tricky meaning; it can be a day off because the market is closed on weekends so it can throw the count off.
You can see from the chart in this post that June 20th was the low and since then we have rallied over 180 points almost straight up. We played this with ISRG, CMG, AMZN, FFIV and DECK calls.
When we were coming down to the 6/20 low everyone was saying that the market was done and “look out below”. We did multiple posts and emails saying that the market was still in a bullish condition even though the market was going down. The charts never turned to bearish and the patterns are still bullish and “in tact”.
That being said we have went up so high so fast from the 6/20 low that it would be normal for the buying to take a break going into next week.
Have a safe 4th of July,
Read the prior post here on the 13th bar low – https://wwweminischool.wordpress.com/2011/06/17/monday-is-the-13th-bar/