Henry Ford's MarketWatch LIVE!

3:37 PM
UPDATEWE ARE SWITCHING PASSWORD SYSTEMS THIS AFTERNOON....THE LINKS IN THE LEFT COLUMN WILL NOT WORK UNTIL THIS EVENING . GO TO YOUR NORMAL PITBULL SERVICE LOGIN PAGE AFTER 2pm PACIFIC AND FOLLOW THE INSTRUCTIONS ON THE SPECIAL REGISTRATION PAGE....PICK YOUR OWN USER NAME AND PASSWORD AND THIS WILL BECOME PERMANENT FOR YOU. MUST BE A VALID EMAIL ADDRESS OR YOUR REGISTRATION WILL NOT WORK.
:: Henry Ford ::

2:53 PM
UPDATEStatus Quo...everything is hanging in near the top of the ranges for today. 1.6bil shares on NYSE so far coming into the last hour. All short term indicators are overbought, but that is not unusual for such a strong day and they can remain so...My gut feel is still that we will take out those gaps in the next few days....Coming into 3PM bubble time...
:: Henry Ford ::

1:05 PM
UPDATEWell I'm back, and I see you were all able to contribute to the efforts to keep this market rallying...doesn't look like anybody cared whether I was gone or not...Next timeframe for any significant move will probably be 2-2:30 when traders get back from lunch.
:: Henry Ford ::

11:26 AM
UPDATE Looks like a high-level consolidation here, much as I would like to see that gap filled today, barring any bad news, I don't think they are going to give much of a chance for latecomers to get in on this leg of the rally at lower levels.
I will be out of pocket for the next couple of hours, so watch this morning's gap.
:: Henry Ford ::

10:16 AM
ISLAND PATTERNThe SPU2 and DOW have left an "Island" reversal pattern between the close of 7/18 and this morning's open...This means that there was a gap left on the way down, (between the close of the 18th and the open of the 19th), and this mornings gap, which left an "island" of isolated prices.This is a bullish pattern which has an 83%$ success rate with an average rise of 34%, most likely being 20%. 85% of the time it will meet its predicted price target. We really like this pattern, but about 70% of the time price will pull back, ("throwback"), to the breakout gap before going on to its target, so it is one that really begs for that gap closure we worry about. The NDX also left a shorter 2 day gap this morning, again that begs for a "throwback" to the breakout line before moving on to its ultimate target.

:: Henry Ford ::

9:46 AM
UPDATE Here is what the NDX breakaway gap looked like by 9:45...Curbs just went on. The red line represents the 5% line which multiplies the success ratio of this pattern once breached.

:: Henry Ford ::

9:42 AM
UPDATEOn the NDX tech index we gapped above the upper support line of that very powerful falling wedge pattern...very positive, but the gap on that index is of course a worry.... That isn't the way we like to exit from these long term trends that have been in play and begs for retracement to close the hole left behind. Meanwhile we make hay while the sun shines.
:: Henry Ford ::

9:38 AM
UPDATE As expected, big gap open with SP leaving a 19.50 hole. ....If shorts get squeezed here they may give up and that will cause a meltup exacerbated by short covering and momentum players....
:: Henry Ford ::

9:30 AM
SUBSCRIBER NEWSWe will be changing over our password systems today, (fingers crossed). There will be nothing for you to do except respond to a registration page when it pops up. You will have immediate access and you will be able to select your own unique user name and password which will not expire and be used for all your pitbullinvestor.com online services. It also has built in features to send you email before any of your individual services expires, so that you won't miss out. If you are currently a Stocktables.com customer, you might consider using your same user name and password you registered there, (different site), so that your login to all of our services sites will be the same. We know you have been looking for this feature for a long time....we have too. With multiple services and multiple expirations it was a logistical nightmare....let us know what you think and of any problems.
:: Henry Ford ::

9:02 AM
GOOD MORNING GAP UP!!!...unfortunately that means that odds are at some point we will come back to revist this point...hopefully sooner rather than later. (90% close within 1 week,98% within 1 year)...meanwhile, these breakaway gaps can lead to quite powerful moves when accompanied by high volume and can last several days producing several new highs along the way.. Here is Friday's chart at the close for the SP500 Futures.

On Friday afternoon the DOW and SP500 closed just above the top of this range setting up a Pennant breakout which has the potential for another 400 point move on the DOW. Now Pennant breakouts don't have the extremely high success rate of the falling wedge, but they are successful 81% of the time in an uptrend. 58% will make their predicted targets. The average rise is 21% with the most likely rise between 15% and 20%.
:: Henry Ford ::

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