The Bull Potato has lost its horns over concerns about the health of financial institutions.
10D, 30m. - Feb. 4 - The market opened with increasingly stronger internals and a new Bull Potato was underway. It was later confirmed by the crossover seen in the 60 minute chart (next). This move was aborted by news events that impacted the concern over the financial institutions. This led to deterioration in market strength.
Technically the Bull Potato (Cow) is still alive in that the 60 minute chart has not yet surrendered its newly won territory. Tomorrow is another day, but there are a lot of questions.
3M, Daily - Feb. 4 - Long range direction should always be kept in mind. There is a triangle formation as seen on this chart which leaves us watching for a breakout in either direction. The longer term trend has been down. Very often a breakout can be volatile.
2D, 5m. - Feb. 4 - "JA" Play of the day was near mid-day (Gold Spots). A nice 1 to 1.50 gain could have been made. "JA" has made a nice observation on this trade opportunity. Like so many trades it is easier to see it after it happens and takes courage to act on convictions.There was a shelf of support at the pivot (blue line). It may or may not hold up tomorrow.
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