Jakovasaurus

Jakovasaurus

+100% short position posted previously. Note the tightened trading ranges as of the last two trading days with slowing momentum. Possible reversal here. IBM also reporting on Tuesday, so should see significant volatility. Took profits.

Jakovasaurus

Price action this AM looked good, with IBM bouncing off ~$130.51 pivot along with a move up on the SPY; however, midday - the market turned sharply lower with IBM closing below the ~$130.51 pivot into a large window. # Next target $116.69 # Short with Dec puts @ $125 and $120

Jakovasaurus

Action today was relatively strong with a gap up and breakthrough of major resistance points at ~$40 and the 20EMA; however, breakthrough had poor conviction and didn't hold, immediately trending back down below $40. On a lower time frame (5 minutes), multiple retests of the $40 range were rejected, leading to a large topping tail on the daily chart. # Bearish...

Jakovasaurus

# Momentum Divergence on Daily and 4 hour charts # Doji candle signaling possible reversal of trend # Gap has closed Overall, bearish short term.