Wild Weekend Charts

• Posted by chicagosean
• on August 7th, 2011

So much for quiet summer trading and relaxing weekends at the pool or the beach. Congress has spilled our umbrella drinks on our pile of summer reading books and summoned us back to our trading stations.

As always, the StockTwits community has been hard at work scanning the marketplace for ways to limit risk and spot opportunities. The chartists who post charts on Chart.ly have been especially diligent this weekend. Here is just a sample of the treasure chest of goodness:

• The market might look bad right now, but this chart of cumulative weekly new highs/lows from @JackDamn shows this is nothing compared to 2008.
• $FCX is watched by many market participants as a tell. @daytradingzoo shows a spot where he’d like to participate on the long side. He also brings our attention to a very key level in $XLF.
• Bank of America ($BAC) is making @turbotrader sick.
• Bonds have rallied hard recently. @Xiphos_Trading takes a look at a possible top forming in $TLT
• Two seemingly opposing views of fear as measured by $GLD and $VXX.  This point & figure chart from @ChartMoMo makes it look too easy in $GLD. While it seems $VXX is only recently catching up.
• Meanwhile, @fallondpicks points out that the Nasdaq Composite Index is still yet to break some key support.

Lots to sort out this week. Stay tuned to the charts stream on StockTwits for real-time trading ideas brought to you by traders in the trenches.

- Sean McLaughlin: Editor & Curator, StockTwits (@chicagosean)

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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