On the charts, April gold futures have plunged out of a wedge pattern drawn on the daily chart, see Figure 1 below.
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Hovnanian EnterprisesHovnanian Enterprises (HOV), while lagging some of our other picks of the last few weeks, has broken solidly out of a wedge pattern in the last couple days.
The stock popped out of a wedge in late October, pulled back in an orderly fashion, and then had a key day two weeks ago, breaking out on 230 million shares.
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On January 3rd, the first trading day of 2012, we got that big break out of the wedge, perhaps (as we talked about on our blog beforehand) due to new fund inflows at the beginning of a new year.
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Micheel, the 2003 US PGA champion, was first home with a 69 after mixing five birdies with three bogeys, while the 29-year-old De Jonge, playing in his first US Open, was helped by holing out with a wedge for an eagle at the par-five 14th.
Wedge said he argued Overbay was already out before the obstruction occurred.
Some old company veteran will remember where that switch was buried, or will yank out the offending chip and wedge a copper penny in its place.
The Oil Service ETF (OIH) has been a big tell that the market was not out of the woods, and it took the plunge out of the tightly formed wedge pattern that the newsletter has been targeting.
The organisation is also concerned that if they were to agree to this request it would be the thin end of the wedge and lead to more requests for them to carry out research.
When a stock or index breaks out of a multi-month consolidation pattern like that wedge, the next move in the direction of the break generally lasts about the same length of time that it took to form the pattern.
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First Solar, Inc. (FSLR) broke out on big volume in August, and then consolidated in a beautiful, coiling wedge-type pattern that was broken on not enough volume in October.
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