Three weeks we were delighted to crown BofA's chief technician MacNeil Curry as the new honorary "Tom Stolper [3]" - the person whose trade recos are to be faded with impunity. Today, we got the latest confirmation that Stolper, if only in spirit, is alive and well, and still providing countless fading opportunities.
Last Tuesday, Curry had a trade reco for BofA muppets, and an anti-trade reco for anyone who actually wants to make money. To wit:
Time to buy May WTI (CLK5)
Since Feb-03, CLH5 has been consolidating in an increasingly well defined contracting range. That range is almost complete and the larger uptrend is poised to resume for 59.99/61.59. Additional weakness should be seen as a buying opportunity and limited to Triangle support at 50.73. A break of 50.20 (Feb-11 low) invalidates the bullish setup.
Buy CLK5 at52.50, risk, 50.15, target 59.99 and potentially beyond
[4]
Just 6 days later, anyone expecting to find out what "beyond" may mean can stop holding their breath.
- Stopped out of CLK5 long
Nothing more, because when losing clients money, what's the point of waxing poetic.
The best news: we have a new trade reco: "Sell €/$ at 1.1290 (on a stop), risk 1.1451, target 1.0765 "
You know what to do.
* * *
Update: literally moments after our post, the algos demonstrated they obviously "know what to do" and sent the EURUSD soaring.
[5]
Thanks Stolper, er, Curry for another quick and easy profit.
