11/7 Wednesday

(10:10am CT) Entered Bearish @ $280.19

Entered bearish just little bit ago here after seeing the market as a whole crashing.  Looks to be forming a shooting star reversal here.  I really need the volume spike up today to really support this bearish reversal here.

Gap support coming up soon here at $265 which will act as support.

Targets: $235, $215

(After Close) Low Volume Concerns Me

We got nice and good looking Shooting Star appeared at resistance.  However, I am concerned about low volume today.   I mean yea $CMG usually don’t have high volumes but I wanted at least higher volume than yesterday’s volume but we didn’t get that.  So that’s going to be a concern going into tomorrow.  I would feel lot better if we fill the gap below by tomorrow EOD.

11/8 Thursday

(1:48pm CT) TANKED

11/13 Tuesday

Bear Flag Is Starting To Form Well

Take a closer look at the volume.  As you can see that as the stock rose last three days but the volume continued to decrease.  This is how you can spot flag patterns.  In this case we will call this Bearish Flag Continuation pattern because it is just a resting pattern before it continue to its original direction since about a week ago (which is bearish).

Today we closed with a Tombstone Doji (long upper wick with tiny body in the bottom) which also gives us sentiment of bearishness especially the Tombstone Doji was formed at our recent resistance.  I was looking at this in the intra-day and we were up pretty bullish in the morning and I was tightening my stop and then towards to the end of the day, it started retracing and now forming this long upper wick (could also be perceived as a Shooting Star).

My target is still around $236 which is going to pretty solid support.

Green is 10EMA and as you can see it has been served as resistance this whole move last three days.  It never was able to close above 100EMA and this suggests that struggle is there as it tried to find some bullish momentum.

10EMA definitely held well last three days and I won’t be surprised if we just start to tank tomorrow.

11/14 Wednesday

(11:25am CT) Tanking But Low Volume

We got very strong bearish candle forming right now but as you can see we are running into recent support (see arrows). We will need some good volume to push through that support.  We must close below that support area today if we wanna see this thing to travel lower.  EOD volume and support will be critical.

11/16 Friday

(9:31am CT) Moving Averages

10EMA and 20EMA are currently acting as resistance and it has been since the fall on 11/8.  In the event that $CMG breaks both of those two moving averages and continue push forward upwards, I would close out my positions and wait for the next move.

(10:12am CT) Possible Bear Flag

Looks like it’s retracing a little bit here as 10EMA is acting as resistance currently.  I propose this morning that we might be forming a bearish flag for another big fall. It’s still early to tell but as of now temporal bulls are losing steam it seems like.  My target remains the same at around $235

Weekly Chart Still Looks Bearish

First I want you to look at those two Shooting Star reversals (see arrows) after a  bullish run.  It has been taken out the short-term bullish move and it resumed with bearish run and I am expecting similar move here soon.  As you can see the volume is very weak this week so I am not so sure if bulls can take over completely. Again this is a weekly chart so we might not see immediate effect on this argument but I think it gives us a good frame work coming into next week.

If you look at the daily chart, we still haven’t broken 20EMA to the upside (we are just sitting right below it).  If 20EMA is broken on Monday, I would think short-term bullish attack might begin.  But all in all, I am still bearish on $CMG.

11/19 Monday

(11:10am CT) Stopped Out @ $265.94

Got stopped out just little bit earlier.  We got a three while soldiers marching up right now.  Seems to be very bullish in a short-term here.  Looking at weekly though, we are possibly looking at some pressure from bears there but for now, we might be heading back up to $284 area.  Indexes have been also very bullish this morning and that definitely boosted $CMG’s move today.