For most people with common sense, it's not a question of if the markets will top, but when. I think this spinning top candle on the weekly here, may finally lead us lower next week. At the very least, it's a sign to be cautious.
I will try to buy tomorrow around $9.20. We sell GoPros where I work, and sales in December, which is their biggest volume month, were only down -0.9% this year. Last year, December was down -18.2%. So, it could be that sales are starting to suck less, which is a start.
Bought CFG bear spread (sold 1 Jan20 35 call; bought 1 Jan20 40 call) for -1.37 (credit). I think stock is overbought and Value Line dropped it's rank from 3 to 4 FWIW...
I'm looking for it to fill gap around 33.
I plan to short around 779 which is 1) last week's highs and 2) the 50% fib retracement and 3) the 50SMA. Monthly and weekly charts are looking weak, especially against rest of market, so I think we should see at least a drop to 740 after that. Maybe it will find some support at the 200 day MA.
Figured I'd update this USO chart with a new target (#3). Unfortunately Energy-related stocks didn't pull back as I hoped when USO nipped at target-1. However, hopefully the target-2 area will allow them to consolidate before moving higher again.