Written by: Trader 2/26/2009 4:49 PM
Gold had a nice run up on the daily charts and has pulled back to the 20 period daily EMA. The ADX is above 30 making this a classic Linda Raschke Grail Buy.
GE on the other hand has had a nice run to the down side. Thursday it close above the 5 period SMA on the daily charts after closing below it for 8+ consecutive days. This is usually a shorting opportunity. This pattern on the daily charts usually reflects a 120 min bear flag on the hourly charts. Check out the 120 min chart of GE shown below - we've highlighted the 120 min bear flag that started to break on Thursday afternoon. If there is a gap up on Friday on GE, short it for at least a scalp.
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Re: For Friday February 26th: Buy Gold; Short GE (Stock)
I know the place www.pdfqueen.com) where you can quickly and easily find books, magazines, manuals, guides in pdf format. I use it.