United States Steel Corp X Daily BUY SIGNAL from SP500 Removal

420 11 9
If X can trade an entire session above $26, this will setup a very nice buy signal. One of my favorite signals of all time is not a technical signal at all, but a KICK-OUT of the S&P500             Index. I don't publish these often, so don't expect me to continue posting them. This one is especially interesting because we are kicking an old classic out of an index, and it just seems like the end of an era to kick X out of the S&P             . This is kind of like when self-winding-windows in our cars went away.

The reason this is a buy signal is that a removal from the S&P500             Index forces people to sell it without thinking and historically speaking, companies that come out of the S&P500             Index have done particularly well, especially over the ensuing 3-6-9 month time frames.

I don't see X going under $24, but I have put the stop at $23.37 and am looking for a long term goal of $33-$34.

Tim 1:15PM EST, Monday, June 30, 2014 X 25.96 last, -0.06. Low today $25.57 on a gap down.
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nice trade !
+1 Reply
X is a traders dream - lots of movement up and down over a range. Down to the buy zone again here.
2use timwest
So it is still a buy? the move down is as sharp as the one up last session. Does not speak confidence to me, although indeed - idea not yet dismissed. I guess being under 26 would make the picture different?
"Down to the buy zone again here" = BUY
2use timwest
Well, there she blows :)
+1 Reply
Working like a charm so far - When the world does crazy things, it is often wise to do the opposite. Selling X because it was kicked out of an index seems crazy to me. I'd love to see a chart of all of the stocks the S&P500 has kicked out of the index. It must be a great performing chart.
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2use timwest
Nice idea, would be indeed great to see it.
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This technique was the source of many of my most profitable ideas for many years - You just don't always get enough of them. Thanks for the reply.
Right at the top of a downward channel.

Could be a short squeeze really quick here too.

High Short Float (27%)

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