FOSL’s Weekly PBO Flag Pattern

FOSL’s Weekly Morning Star / PBO Flag pattern has held up well during the market chop last week and the poor performance of market Friday and didn’t seem to be affected by Fridays poor market performance. The Weekly RBB strategy looks strong with good risk reward. The PBO Flag pattern is a Road Trip Continuation pattern.

Special note: We bought FOSL a  few days, now supporting 9%.

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Recently closed

GE 11% • ANF 56% • CREE 51% • FLO 3% • VXX 6% • CAT 39%  • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •

SPY • Evening Star

On Friday the SPY painted the 3^rd candle to create a bearish Evening Star (on stronger volume), price cut through the 200-SMA but closed above the 200-SMA before the closing bell. Weakness and follow through today could send the SPY to test the Feb. 9 lows ($252.92). On the other hand, the buyers could find the energy to keep us in this sideways chop yet another day. Anything below the ($266.00) line the sellers have a strong grip on the buyers, overall the market remains wound tight and sellers outnumber buyers. Be careful and don’t chase every ounce of hope.

The VXX short-term futures

The VXX chart is being painted by the traders that have the greatest fear and lean toward the bearish side. The bigger price pattern is bullish. A good simple rule is to ask yourself what is price doing in relationship to the T-Line and what is price action doing?

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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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