Prophet

I was in church this past weekend and the Pastor was talking about the role of Saints, Disciples, Pastors, Teachers, Prophets and the such. He went on to say that the Prophet would predict the future. It was interesting to say the least, you would have had to been there. I started thinking about how I use Prophet to make a living. Am I a Prophet? Not like my Pastor was talking about, that's for sure.
Learning how to chart really well will give you an edge on predicting future price action. It would appear that this learning process goes on forever. I have not seen a better charting system than Prophet Charts along with the great book by the founder, Tim Knight. Both will empower you to profit from the market.

This past week has been busier than most for me. I have started some Posts but wasn't able to get them completed. So I will include some charts that are few days old and some new ones.

WCG - This was an excellent set up mentioned a week ago. As always, click on any chart to enlarge.

ICE - experiment strangle turned out to be a big hit. Well over a 100% return on investment.

CRR - mentioned as a short idea turned out to be a great idea. A break any further and it could fall fast, as there is a lack of support until 39ish.

CMGI - If you took this trade prior to the breakout, you would be up 15%. Not too bad in just a week. Earnings are in the first week of June and if we can get past 2.50, $3 might come fast.

DRIV - Thought I would have had my bounce by now. Still in the trade and waiting. The doji on Friday is a sign of indecision. It is either ready to continue the recent uptrend or investors have changed their mind about this one.

JEF - A favorite of mine recently has just started to breakout of the flag on Friday. I loaded up on Thursday and believe we will make it to 34 which was the original target.

MEOH - Another good play has been consolidating and ready to make a run to 27 plus. A great stock.

WOOF - Can't say I follow this one but looks like a flag to me. Not a tough trade as support is close by.

HOG - Been following all year long and I took a trade a few days ago and this is the chart of a perfect entry. Inverted Head & Shoulders pattern, plus higher highs and higher lows, the most basic concept of a trend.

This is where it ended on Friday. Sorry I did not get my post up mid week.

TIE - Has fallen off most peoples radar. I saw this nice re test of its break out on huge volume and loaded up on calls Thursday.

I needed the 'Easy Button' for this one. If only they all worked out this way!!

AXE - a new one on the radar that was passed along to me by my friend, Silvia, is looking like it is ready for 5-7 point move.

FSLR - Sort of a trendy play. In its short trading history, it has proved to be a mover when it breaks out. 12 points is not out of the question at all. 7 is a much more reasonable request.

I will have a much better watch list for Monday. This last week was normal and odd all at the same time. Investors pushed prices up waiting for Fed news and reports in the beginning of the week. Sold on the news and scared a lot of people out ( including me ) and then drove prices back up to close the week out. I would look for next week to be a bullish week, going for new all time highs. The tone on Monday and Tuesday will be interesting.

I really Hate being a Bear and not having enough bearish trades to post. I live for days like Thursday when the market falls hard and I failed miserably. My most disappointing day of the year by far. I missed the whole move making one mistake after another. Have you ever just wanted another chance?

Happy Mothers Day.