Richard Gobel, owner and operator of Strategic Stock Trade, has more than 30 years of experience in the investment business.
Over the past few years, he has been using technical analysis and algorithms to develop day-to-day trading strategies to make financial decisions.
One of the keys to his success has been seeking out extreme conditions in the action of stocks. Using those extreme set-ups has guided him in initiating long and short positions based on trading algorithms to track extreme set-ups. When a stock is at its most extreme overbought condition, it will be flashing between 99-100 on his Extreme Set-Up scale. And when it is at its most oversold condition, the stock will be flashing between 1-0.
The stock market finished higher on Tuesday with lackluster volume. No conviction on the buy side.
Indexes closed higher on lower volume Friday.
The stock indexes saw huge selling on Thursday with increased downside volume.
The DJIA closed at an all-time closing high while the Russell 2000 is in Trend Bearish territory.
The stock indexes finished lower Tuesday with a huge increase in trading volume.
The four major stock indices closed higher but trading volume was among the lowest of the year.
The stock market was higher on Friday in slow trading, but the Russell 2000 was again on the downside and negative for the 2014. This is a red flag.
Since last Thursday the four major indexes have seen a correction that has put them in near oversold territory.
All four major stock indexes were higher on Wednesday as the FOMC minutes provided support for a higher stock market.
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