apr 30

8:40 a.m bsy cracked the triangle upwards. PM(phillip morris) chart looks good too.

10:10 a.m. DIS flying as noted yesterday. No position on it though. Have small positions in PM & NVS.

10:50 a.m URRE hit 1.60. 100% within 3 days. Too bad, we sold 90% way too early at 1.07. Holding the rest since that is kind of free stock, since our capital (and some) is back in our pocket.

11.00 a.m. GILD has all the marking of a wave 3 of wave 3 down. So does SLV and GLD.

1:50 a.m. GILD can't catch a BID. That is how a 3rd wave should look. In the next few days/weeks we expect GILD to sport a nice gap down below 44, completing a head n shoulder. We are in the green on GILD now. The MA stars are also looking like aligning very soon. We lowered our buy loss accordingly (47, from 48 close). Sometimes the markets seem very wicked to us - despite the overarching hype of flu and blowout earnings, GILD is going down.


6:37 P.M We opened small trades in NVS and PM today. We will bail on a closing break of the moving averages. The market is overbought and can correct a bit. Our cycle turn points to a low during the week of May 11th. So maybe that is what is occurring. DIS made a nice run today towards its 200d. We believe the SPX can run towards 950-1000 in the coming weeks. The intermediate cycles don't turn until late june. We will then look aggressively for the short side. As of now, we are happy scalping here n there. GILD has finished a complete 5 wave down on the hourly scale. So it may get a temporary respite for a day or two (probably upto 47 or so). It should not cross the highs of two days prior. For bears, this will be a yummy shorting opportunity as the 3 of 3 (hourly) is coming up very soon on GILD. We should see the 44 shelf break down on that move.