25% Trade On WFT?

I’m looking for a 25% trade on WFT with a breakout of the 200-SMA. WFT has been in a Rounded Bottom Breakout Pattern and looked like it wants to challenge the 200-SMA. Bullishness from yesterdays close could run WFT to about the $3.45 area or about 30%. The WFT chart has recently come out of an Inverted Head and Shoulder pattern, Flagged and gapped. The past ten bars have enjoyed a T-Line Run. The trick with WFT will be getting through the 200-SMA on the daily chart and the 50-SMA on the weekly chart.

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SPY • Bullish Team?

The past four bars in the SPY chart have put together a bullish team, now all we need is the follow through the team to get into the game. As I look at a few different charts I have you can see the SPY is so close to the breakout edge but yet it seems the bulls lack the confidence to push the fence down. Over $268.85 the bulls will have the freedom to run and frolic in the field, the question is will they do it?

The QQQ’s and IWM are leading the market and doing a pretty good job, they both still need to test there breakout.

The VXX has shown no sign of fear in the last few days.

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I have been a member of HRC for five years, RWO for three years. I applaud the efforts of all coaches Rick, Doug, Ed and Steve (also fellow members) in helping me become a better trader than I was starting out and I am still learning. Doug reinforces the “Price is King” mantra every day since we traders tend to forget it in the midst of finding the next ‘sure thing’ indicator. Rick, will make us sometimes answer our questions to foster the thinking and quicken the learning process. Over the years, I have been in many trading rooms. I am here to stay. This room and its members are the best. Period!

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Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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