Registered User
Joined: 12/2/2004
Posts: 1,775
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Good overall fundamentals and technicals, recently added to the IBD-100. Has held up very well lately, watch for a volume break above 42 for a strong buy signal. Currently trading at 40. One thing I don't like is the way that 7/18 spike was quickly rejected the next day on heavier volume, but that's somewhat overshadowed by the really super green volume in May. The modest 17% depth of cup is also encouraging after the big runup from March.
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Registered User
Joined: 10/7/2004
Posts: 2,181
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fpetry;
Nice crisp analysis. Right to the point.
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Registered User
Joined: 2/5/2006
Posts: 1,148
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not really into cups, but, i see a cup, but no handle. theres also a zone of overhead from 42 to 45. so if it does break 42, i suspect there will be a throwback, and maybe an opportunity to enter.
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Registered User
Joined: 12/2/2004
Posts: 1,775
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Thanks tobydad, I try not to be too wordy, and that's hard for me:) BTW, I just logged on to IBD and saw where they picked MR as today's "New America" feature, blind luck on my part, maybe it'll provide a little spark today, but worst than expected jobs number coming out soon could spoil a lot of setups.
funnymony, your opinion welcomed. A cup with no handle is quite acceptable especially when depth of cup is shallow as is the case here, but one forming anyway is ideal. William O'Neil rates cups without handles as one of the more powerful patterns just behind cup with handle. Deeper cups often need a handle to shake out the remaining weak hands as price gets near overhead.
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Registered User
Joined: 10/7/2004
Posts: 2,181
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Well, I'm sorry for everyone else about the jobs report but since IB has one of our accounts completely screwed up this morning, I won't feel so bad if I can't take advantage of the good set ups. And there are quite a few!
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Registered User
Joined: 12/2/2004
Posts: 1,775
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A heads up...price just tested the highs (recent high of cup's high pt) a tad above 42 on superb volume. Maybe price will surge past 42 soon....a watcher for sure imo.
Note: No official earnings date that I can find and it's been about three months since the last.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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IBD is a lost cause in my opinion (their rating wortless -their news -well just not news to the average trader - may be to the uninformed average person). And the Cup and Handle pattern a waste of time.
But don't let me stop you - I am sure you will conclude the same in given time.
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Registered User
Joined: 8/6/2008
Posts: 45
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Fpetry, I too find the cup & handle to be a reliable chart pattern. Most that know their Technical Analysis will say the same thing. I usually find through my travels that those who deposit negative statements without any verifying or supporting proof of their claims are just hecklers and not to be taken serious. You are wise to ignor such distractions.
If they actually knew anything about technical analysis then we would see some signs of this. And of course we do not.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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QUOTE (Ptolemy) Fpetry, I too find the cup & handle to be a reliable chart pattern. Most that know their Technical Analysis will say the same thing. I usually find through my travels that those who deposit negative statements without any verifying or supporting proof of their claims are just hecklers and not to be taken serious. You are wise to ignor such distractions.
If they actually knew anything about technical analysis then we would see some signs of this. And of course we do not.
OK lets see, you speak for all who know TA? I would think that most who really know anything about TA would say that Cup and handle is a difficult pattern to work with. Not impossible, but certainly difficult.
To start with it is difficult to scan for them. Even if you have a scanner it usually throws a bunch of garbage at the results, and then there is the usual loose fit definition of such a pattern.
But for the sake of this forum where education is the main focus entertain us Apesll, and educate us.
Let me ask you since you seem so knowledgeable in TA
How long can a cup and handle pattern last?
What is the percentage of correction between the absolute peak to the low point?
At which pivot point are you suppose to make the entry? and at what percentage of the stock high does this pivot come within?
I think that should be enough to prove my point.
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Registered User
Joined: 8/6/2008
Posts: 45
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Mr bigblock are you so thick that you are not aware that you ask such silly questions and all one needs to do is to look up the answeres on any of a hundred different resources. I already know what a cup & handle is and how reliable that they are Here is the investopedia definition as I am not going to fall prey to your opaque and leading stupidity. I have been warned about you but had to see for myself if the rumors were true. They understated your entertainment value for sure.
A pattern on bar charts resembling a cup with a handle. The cup is in the shape of a "U" and the handle has a slight downward drift. The right-hand side of the pattern has low trading volume. It can be as short as seven weeks and as long as 65 weeks.
As the stock comes up to test the old highs, the stock will incur selling pressure by the people who bought at or near the old high. This selling pressure will make the stock price trade sideways with a tendency towards a downtrend for four days to four weeks... then it takes off.
A couple points on trying to detect cup and handles: Length - Generally, cups with longer and more "U" shaped bottoms, the stronger the signal. Avoid cups with a sharp "V" bottoms. Depth - Ideally, the cup should not be too deep. Also, avoid handles which are too deep since the handles should form in the top half of the cup pattern. Volume - Volume should dry up on the decline and remain lower than average in the base of the bowl. It should then increase when the stock finally starts to make its move to test the old high. Retest (of old high) - doesn't have touch or come within a few ticks of old high. However, the further the top of the handle is away from the highs, the more significant the breakout needs to be.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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It is too bad you miss the point.
But nonetheless - POINT PROVED.
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Registered User
Joined: 8/6/2008
Posts: 45
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I do not use pivot points in my trading and although some are very addept at using them, they are not a nessaccary tool in order to find success in trading any chart patterns. Your knowledge of them fact or fiction proves nothing to those that do not care for or feel the need to use them.
flashing a sword does not make you a swordsman.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Go ahead and swing he sword. I welcome you.
But again, the point has been proved.
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Registered User
Joined: 8/6/2008
Posts: 45
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"I have been warned about you but had to see for myself if the rumors were true. They understated your entertainment value for sure".
Mr. Bigblock I am only a recon scout. You are a subject of many more curious minds from where I come. I expect that you will be kept rather busy in the near future.
Keep that edge sharp.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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QUOTE (Ptolemy) "I have been warned about you but had to see for myself if the rumors were true. They understated your entertainment value for sure".
Mr. Bigblock I am only a recon scout. You are a subject of many more curious minds from where I come. I expect that you will be kept rather busy in the near future.
Keep that edge sharp.
Oh I am flatter,and I will be waiting for the curious minds. By the way, you don't mind if i get some help from agm32 he will make you give him a soft shoe, rant, and rave some more. He even make squirrels dance. He is a great help. I wish I had such a graceful skill.
I have even seem him get two post for every post from him while making the little squirrel dance. Isn't that great.?
I will get to sharp the right away, hell I won't even sleep tonigh. I am just going to skip even trading tomorrow, and keep on sharping that edge so I can chop a few.
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Registered User
Joined: 8/6/2008
Posts: 45
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Yes I have looked at all 19 posts of this mercenary of yours, he is a real killer with words. He can barlely figure out how to use his Broker properly or even figure out how to change from one to another. Yes bring him before us, we will stand right ontop of his trap doors. He is a pest exterminator you say a killer of squirrels. Which one of you is batman and which is Robin? Quick to the block mobile.
All right this has been fun. I know that our moderators will not tollerate this type of ammusment and I am sure that yours does not as well. Yes we have heard the tales of your many exiles. We on the other hand have nothing to lose.
I hope that you are still here durring our next visit.
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 Gold Customer
Joined: 10/7/2004
Posts: 43
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This is why I dont mess with charts thsi sloppy. This chart was clearly sloppy from the start. Too much red BOP all over the place and tons of false b/o's that couldn't make it before. It is just sloppy.
-Sir Aloha
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Registered User
Joined: 12/2/2004
Posts: 1,775
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QUOTE (JoshuaNControl) This is why I dont mess with charts thsi sloppy. This chart was clearly sloppy from the start. Too much red BOP all over the place and tons of false b/o's that couldn't make it before. It is just sloppy.-Sir Aloha
Hi Aloha, you beat me to the punch on commenting on my horrific call. I must admit yesterday's nice breakout turned into the ugliest one day breakout failure I've traded, ever. Only solace I have is that my hard stops saved me big time. What happened? Have no idea, no news I can find, but somebody knows something. I guess I could blame it as being a Chinese stock:)
I'm not saying you don't have valid points about wht you call a sloppy setup or chart, all I know is that the method I use says it was not sloppy, though not perfect. It had good institutional support, good institutional buying specifically recent weeks, and it's pattern only had one flaw in it imo, the 7/18/7/20 bump and reversal which caused irregular shaped bottom of cup. The up/down ratio past few weeks slightly favored up volume vs. down, 1.1 to be exact. Even IBD liked the setup as they ran recent comments about it, fwiw.
It was definitely sloppy from Oct. to March, with wide ranging volatile days and gaps galore. But since March the daily trading ranges tightened up relative to the previous few months, not as wide and loose, generally a constructive sign.
Oh well, a big bust. Appreciate your take on it, thanks again.
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Registered User
Joined: 4/23/2008
Posts: 214
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QUOTE (Ptolemy) Yes I have looked at all 19 posts of this mercenary of yours, he is a real killer with words. He can barlely figure out how to use his Broker properly or even figure out how to change from one to another. Yes bring him before us, we will stand right ontop of his trap doors. He is a pest exterminator you say a killer of squirrels. Which one of you is batman and which is Robin? Quick to the block mobile.
All right this has been fun. I know that our moderators will not tollerate this type of ammusment and I am sure that yours does not as well. Yes we have heard the tales of your many exiles. We on the other hand have nothing to lose.
I hope that you are still here durring our next visit.
BigBlock, isn't this the same guy that did not know that 'strike price' relates to options not stocks, called Thinkorswim broker "Sinkorswim" and tried to claim it was a typo until he was called out and finally admitted he is ignorant to the world of brokers, stated that he did not care if his broker ripped him off as long as his purchase went thru?
I do not think that you need help with this guy. He needs to educate himself.
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Gold Customer
Joined: 10/7/2004
Posts: 43
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QUOTE (BigBlock) IBD is a lost cause in my opinion (their rating wortless -their news -well just not news to the average trader - may be to the uninformed average person). And the Cup and Handle pattern a waste of time.
But don't let me stop you - I am sure you will conclude the same in given time.
I think going to my website at (URL removed by Moderators) and looking at the bull markets of 99, 03, 04, 05, and 06 will greatly prove you wrong that IBD doesn't work. IBD only works in a bull market. Wake up dude. The market has been in a bear since November. IBD NEVER WORKS in a bear. WAKE UP TO THE FACTS. Go to my site and study my past results using the CANSLIM system. It speaks for itself. Those who bash IBD are IGNORANT of how to use it. It is too DIFFICULT for them to understand. They mistake the common sense for some extremely tough process to figure out. IT is THE MARKET PEOPLE. Anyone without 10 years of market expereince needs to BE QUIET!!!!!!!!!!!
---Sir Aloha/MauiTrader
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Registered User
Joined: 9/25/2007
Posts: 1,506
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Be back in a bit ...
I've gotta go get a bucket of popcorn and a box of Milk Duds ...
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Registered User
Joined: 12/2/2004
Posts: 1,775
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QUOTE (JoshuaNControl) IBD only works in a bull market. Wake up dude. The market has been in a bear since November. IBD NEVER WORKS in a bear. WAKE UP TO THE FACTS. ---Sir Aloha/MauiTrader
Hi Joshua, good to know that you also like the IBD method. A little correction though; the IBD method does call for buying stocks breaking out of bases in an overall bear such as we are in now but within strict parameters. Specifically, it calls for carefully buying new positions that break out of bases with small starter sizes once a follow through day is signalled in a new rally attempt off a bottom. That follow through day happened on 7/29. Those who followed the IBD method would have been in total or near total cash prior to the date. And of course IBD has strict rules for what constitutes a follow through day.
You are right, the IBD method is strict and not easy to follow as it contains quite a number of rules. Those looking for quick and easy rules for making money in the markets will never like the IBD method.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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QUOTE (JoshuaNControl) QUOTE (BigBlock) IBD is a lost cause in my opinion (their rating wortless -their news -well just not news to the average trader - may be to the uninformed average person). And the Cup and Handle pattern a waste of time.
But don't let me stop you - I am sure you will conclude the same in given time.
I think going to my website at (URL removed by Moderators) and looking at the bull markets of 99, 03, 04, 05, and 06 will greatly prove you wrong that IBD doesn't work. IBD only works in a bull market. Wake up dude. The market has been in a bear since November. IBD NEVER WORKS in a bear. WAKE UP TO THE FACTS. Go to my site and study my past results using the CANSLIM system. It speaks for itself. Those who bash IBD are IGNORANT of how to use it. It is too DIFFICULT for them to understand. They mistake the common sense for some extremely tough process to figure out. IT is THE MARKET PEOPLE. Anyone without 10 years of market expereince needs to BE QUIET!!!!!!!!!!!
---Sir Aloha/MauiTrader
Well you just got me on the exile time when you made your smart remark. I would had been right here to give Reality the show he was waiting for.
But I guess he got a show anyways.
By the way, I studied and put to practice William's theories before you were off the pacifier; I was just trying to save you the grief.
I hope you learn your lesson DUDE.
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Registered User
Joined: 8/6/2008
Posts: 45
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