That CENX Retracement Could Have Been Me: A Tale of Three Charts...

Prices collapsed today and I could have been clobbered (even more), but I sold early on...

I held onto BAC - not sure if it was the right thing to do. As I mentioned a few posts back, I'm looking for a bull flag formation on BAC - and perhaps, lots of other traders are too. Therefore, I'm staying the course even on this pullback. If there's support and it's really a bull flag, then I'm going to use the proceeds from my MS sale (took a minor loss on it of about $0.32 per share) to enter another partial position in BAC in the Roth IRA. That is, if my cash settles by then. Now, even my Roth IRA is on probation. E*Trade - seriously?

I also want to revisit what would have been a H&S formation on the 5-day charts on both CENX and SLT. Now that we've closed the trading day, it's evident that's not much of a right shoulder on the 5-day CENX chart. It is seriously sagging and I wouldn't want to be leaning on something like that. The descent on CENX was sharp and quick, dropping -5.59% today in spite of better than expected ISM Manufacturing and not too shabby China Manufacturing PMI. If we take the 50% daily fib level on CENX, we arrive at $11.87, pointing to a bearish close today that right below the psychological $11.50 level. I now know that 50 cent is not a handle, but it definitely is important! My top secret buy order on CENX has not yet been hit and I'm currently revising it. I don't want to put in a bid that's too low, yet I think today's close is somewhat indicative of weakening prices. The question is: where is the bottom?

Finally, what I thought was going to become a H&S on the 5-day SLT chart turned out to be a non-pattern, but prices are flatlining and have closed below the 50% daily Fib level of $11.66. The fact that it is holding onto a psychological level is puzzling me. Will it flop or will it pop next? That's the question.

But, oh, to try to catch those Glencore Traders' falling knives... When I do, I want to make sure their levels are nice and firm.

If I don't find any other stocks I want to buy, CENX and BCS will continue to be on my to do list.

-1.12% SBA

-1.48% Roth IRA

-1.03% DJIA

-1.30% Nasdaq

-1.19% S&P