Still Long Doing Nothing Unless We Gap Up
If we gap up tomorrow morning I will micromanage my index longs and cover at least half.
Many things of mine were up, a few losers, the worst being TWER.
My favorite part of the day was utilizing my indicators and reading the $SBUX chart.
Yesterday I tweeted, “$SBUX weekly chart looks awesome, I don’t know why, or care.” When I said, “I don’t know why,” I was referring to the macro picture. Why should a company who sells overpriced coffee, whose primary customer base is the workforce, which is running at high unemployment, do well. Then I said I don’t care, because I just looking at how sweet the chart looked and how unimportant the macro picture is.
Today I tweeted, “$SBUX is virtually guaranteed to make a new high in the next few days. I have no position and will not be buying, just looking at chart.”
2 hours after that I heard on CNBC that $SBUX was coming out with earnings tonight and I tweeted, “I didn’t realize $SBUX has earnings tonight. That makes alot of sense according to what the daily chart is saying. $$ Bet it pops.”
SBUX popped 9% after reporting earnings. What was I looking at that made me think SBUX would move?
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