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the rebound overnight looks like a bear flag, so will resume down to test the overnight low?
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The bull's first chance here, sharp rebound then it'd be higher low, the low was in. Either way, it's a range day.
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Barron’s:
“Jamie Baker, who covers air carriers for JPM, has a simple, turbulent trading rule he calls “down 30 in 30” … buy shares of United Airlines Holdings (UAL) and its predecessor Continental each time they fall 30% or more in 30 days, and hold for 180 days. Just before this past week, Baker issued a note saying American had triggered his trading rule. He’s up a quick 8%.” https://www.barrons.com/articles/value- ... 1568412936
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
From the late Bill O’Neil’s old classic:
" If the original market leaders begin to falter, and lower-priced, lower-quality, more-speculative stocks begin to move up, watch out !
When the old dogs begin to bark, the market is on its last feeble leg. Laggards can’t lead the market higher. Among the telltale signs are the poor-quality stocks that start to dominate the most-active list on market “up” days. This is simply a matter of weak leadership trying to command the market. If the best ones can’t lead, the worst certainly aren’t going to do so for very long.”
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.