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Overstock.com, Inc. (OSTK)
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So looks like we did get the relief rally we were looking for, touching $96 plus which is right between the 94.50 to 97 I was targetting. My calls have been sold. Feel totally unclear about this now. On one hand, this market feels oversold and could bounce next week bringing OSTK up with it. On the other hand, today's candle looks quite bad. Maybe we can blame weekly OPEX and market fears. But no other stock on my tech/consumer watchlist is showing an inverse hammer. Just something to be aware of. My next entry will be above 96.50 or at $84, for the cup and handle retest. I don't care which way it goes, I will be a buyer depending on price action. So for the ultra bulls, this isn't a bearish call, just being open minded to what could happen.
Buying a new couch today on Overstock Black Friday Sale. The complete takeover of the Macy's Thanksgiving Day Parade by Overstocks marketing department sold me that its time for a new couch.
Ok, Nick Charts. I said I would look at the charts and give you my TA opinion. Ok, first I did a Fib retracement from the low of Aug. 4th (65.03) to the recent high of Nov. 17 at 111.28. A familiar number for you I believe is 82.61 (the 62.80% line). 50% is 88.09, 38.2% is 93.56. I then did the Andrews Pitchfork and found that the bottom rung of the fork coincided with the fib number @ roughly 82.60. The middle rung after doing the fork many ways lands squarely on todays close within pennies. I consider this strong support and if there is to be a bounce and we fill that gap from today that may hold for now. As I mentioned earlier there is strong support around the 84 to 85 dollar range, many peaks to hold there if or before we could get to the 82.50 range.
Anyway those are the numbers I see so far. I know I'm not good at explaining but I tried. Hope it's of some use. fwiw
“Next week may bring minor holiday fade.” My note from Fri. Iridium was even more emphatic and he sounded the alarm correctly. S&P and Nasdaq both dipped hard last 50 min, Nasdaq went from even to 1.26% down. That’s a hard sell.
Later Dec also concerns me for reasons stated Fri.
Now that $104 broke, $100 intraday will be hit but that’s pretty clear. $97 is next level with important peaks/dips to hold. We’ll see.
@AnführerMitWut — your message was lost in translation. $150? Won’t happen during holiday week, EOM or Dec either. Not bashing, just fact from EOY tax selling and later low volume. January should look better but $150 would still be a nearly 50% jump.
Re: Nobody knows: (To make you feel better!!) Cathie Woods’ Ark Innovation Fund (ARKK) is down 15% YTD. And she has been interviewed a million times as the genius who knows everything. Most here have done better than her.
And the outflows of BIG money will continue because billionaires just hate losing money for some reason.
Like I said, Wall St is high school with money. But the popular cheerleader is getting her haircut, too.
Almost closed at Low of the day, with higher than average volume. This is exactly what I was worried about last Friday, in my comment on Nick Chart's post. Longs, stay long, but dont tell me my charting and calls are wrong when I've been bang on. This will be my last comment on this board for now. Kinda exhausted. For those that have benefitted from my calls, thanks for giving me your audience.
I will post when I enter again. GLTA
Happy Thanksgiving from "The land of smiles " everyone be safe..
Need tips to get your home holiday-ready? Tune into The Thanksgiving Day Parade on @CBS on Nov. 25 at 9AM ET to learn how to create a beautiful + bright kitchen and dining room with furniture and décor from Overstock. #CBS #ThanksgivingDayParade
OSTK and ROKU recommended on CNBC just now
Happy Thanksgiving Everyone!
Happy Thanksgiving from the Mile High City.
Mark Cohodes will be on Liz Clamens at 3:45 eastern on Fox Business. All about tzero. It should be great.
Not required but FYI: I bought higher than most, in $70’s. I just sold at $97 dip because angle/speed. VIX last hour yesterday and today is flying up like a fat kid hitting the trampoline which signals wider selling to come short term.
I also don’t trust Dec farther than I can throw Santa. Like Iridium, now looking for a re-entry point. GL
Happy Thanksgiving Everyone!
Mon premarket misc: Uncle Joe knows not to rock the boat with a mythical & unnecessary “activist” Fed chair. I posted on this months ago. Powell is steady and of course experienced. Wall St will support his reappointment.
Also, per Jerry’s comment, “has to fill the gap” (for shorts) or “looks like cup and handle” (for longs) are probably the 2 most overused and misunderstood chart cliches. Whenever I see them, I think “Okay, rookie”. Gives chart people a bad name.
@Ken, will pick up some NVAX today, not because of premarket (which I usually avoid, esp. with buys for many reasons) but because of likelihood of 6-month catalysts.
@Marjorie, thanks, I think you finally shamed my “permanent-hater” into leaving. I encourage thoughtful disagreements but I know it was someone from another board, a short “chart expert” who got embarrassed by his calls and never forgave me, stalked me everywhere.
For OSTK, watch those Feb/52 wk ceilings, intraday $112.30 and close @$107.73 but low holiday volume can bring games. $104 hold is key. GL
Thinking, if market recovers, a 94.50 or $97 retest comes tomorrow. Desire to stay away has been reduced now since this has come down so much. For those that don't care about TA, please do NOT respond to my post.
I bought calls earlier at $91, when others were also mentioning a potential reversal. Saw some nice intraday divergences there. Sold half now. Holding lottos for tomorrow.
OSTK Tues open: $97 is still the intraday floor to hold. We could still close above that today but holiday games will really kick in now. And Dec tax selling (of winners and losers) is kicking in early this year. Don’t believe me?
Look at this board and many others. “Insiders selling” gasp the headlines as if it’s a big conspiracy — it’s not. Execs sell stocks to pay for taxes rather than use cash. See Elon Musk.
OT: Trading Misc: “The U.S. will release 50 million barrels of crude from the Strategic Petroleum Reserve to help cool oil prices, the White House said on Tuesday.” -Reuters
Ha! Exactly what I said Friday and why I don’t play oil. Political interference. Uncle Joe I’m sure will totter forcefully to the podium to announce this. The effect? Zero in less than a week. Why? The U.S. uses about 18 million barrels of oil per day. In fact, political moves like this often have the opposite effect of raising prices long term because it’s a signal to traders that supply is short so they bid up. FYI
The following order executed on 11/23/2021 at 10:15 AM, Eastern time:
Transaction type: Buy
Order type: Limit
Security: OVERSTOCK INC DELAWARE (OSTK)
Quantity: 500 share(s)
*Some prices may be truncated. If your order executes in multiple lots, the price shown represents the average execution price. For full details, see the trade confirmation for this order.
Happy and safe Thanksgiving to all !
They had some interesting insights about OSTK on (
). Definitely made me think twice about the company.
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