ORCL Short Term Trader On The Short Side

ORCL WEEKLY

ORCL DAILY

A quick look at a short term trade I took in ORCL yesterday on the short side. In my experience after gap ups and when you get the formation outlined in the blue lines, its a sucker move that almost always leads to a quick and abrupt correction down to the 30 or 50 day moving average in short order, which is where I will cover and go long. I am just pointing out formations that work well for me a high percentage of the time and it may seem counter intuitive based on recent action. None the less I am willing to stick to my high percentage set ups.

However I think ORCL will make a nice long play after the short term correction I believe is coming. I am posting two charts, daily and weekly. The weekly chart clearly shows a triple top break out, but first they must trap all the weak longs that bought on the daily chart's current formation believing the path is straight up without the subsequent correction that is coming before the sustained up trend truly begins.

GOLD STOCKS

Quick chart of $HUI Index, which is the gold bugs index. Notice the trend? The purple line is the 90 day moving average. Looks like the trend is still intact to my eyes. A few observations about the chart. All moving averages are still moving up. Higher highs and lows are still being made. The thing that will set off alarm bells for me is if the 90 day starts rolling over while price starts to break its trend channel. Until this happens the trend gets the benefit of the doubt. I do not care if the trend is up or down. As long as you are on the right side of the trend it becomes exponentially easier to make money.

Also look at AU, GG, IAG. Their charts are at their respective trend lines as well. I entered all of these and will be adding on confirmation the trend is resuming.

Of further note since 1977 January, February are historically very strong for gold.

AA

Well the expected move in AA started. I will take some profit near $15. I expect a pull back in the $ 15's and will enter again at good support.

SOLD CCI

Sold my CCI puts when stock was near 34.75