I added another channel line, parallel to the top of the 5 year Bull Market Rally channel (orange lines) with a couple recent touches on the new highs. So it could end up being relevant. For now, it makes a lot of sense to me that we do a little upward biased chop followed by a decent sell down to the old orange top channel line, perhaps even with a little throw-over like back in mid December, to get the bears all frothy again. That would make for a right shoulder of a decent upsloping inverse head & shoulders.
So Vermillion (VRML) made an interesting high volume catapult move to +12% the other day and then gave up all its gains and then some. Didn't really investigate as to why, but heard something about a patent filing. Either way, their conference call is tomorrow March 6th @ 4:30pm and yours truly will be listening in.
FCEL. Wow, when I charted that one I didn't think it would make such a ridiculous move, but there it is. I wouldn't personally be buying up here, but what do I know. I've watched other stocks do a move like that and then just keep going, leaving me in the dust. I took the chart from two days ago and inlayed the updated daily chart, and you can see that it gapped RIGHT up to the horizontal line, and never looked back. Grats to any lucky ducks that got long at that price, they're sitting very comfortably with a great stop and should sit back and enjoy the ride no matter what happens.
Have a good night folks! The economic calendar says Fed's Fisher speaks about now, and futures look flat as can be.