The Scum of 2011
- Posted by admin
- on January 5th, 2012
A scum is a move below a very watched area that gets bears excited and then immediate reversal, thus hurting both bears who just got in, and bulls who just got stopped. The most infamous case of this in 2011 was the BAC 5. We almost miss the $BAC quotes on our stream. Up 27% since the 5 break/reversal (and approaching 100sma and daily resistance, we’d certainly be sellers here if we were long/ for short time-frame traders).
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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The HCPG team has been trading professionally since 1997 and founded The High Chart Patterns Newsletter in 2006. More »
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