Index Commentary The DJIA had a large white shaven head candle which closed above its 30 DMA…watch the horizontal resistance from July 23 in the 11,700 area The SPX had a large white shaven head candle which closed above its 30 DMA…watch the horizontal resistance from July 23 in the 1,290 area The Nasdaq formed a doji-like candle while closing above its 30 DMA for the second day in a row…watch horizontal resistance in the area of 2,350 from July 23 The RUT formed a hanging man candle with a small upper shadow…closed above its 50 DMA for the second day in a row…horizontal resistance is in the area of 727 which is also where the current level of the 200 DMA Earnings Watch Tuesday AMC/ Wednesday BMO Earnings Moving Up: CEPH, XRAY, FISV, FMC, LRCX, LNC, AVP, CAM, CMCSA, HES, NBL, SLAB
Tuesday AMC/ Wednesday BMO Earnings Moving Down: ERTS, MET, OSG, AGN, GLW, ENR, GRMN, MCO Wednesday AMC Earnings Moving Up: ESRX, FSLR, MUR, OI, PRU, SBUX, V Wednesday AMC Earnings Moving Down: AKAM, LVS, OII After-hours: AKAM -5.30, -16.96%, FSLR +19.50, +6.84%, OII -6.62, -9.79%, OI +3.44, +7.16% Stock Commentary CF continued support bounce of last 3 days nearing horizontal resistance of 170 MA suport bounce above 30 DMA...earnings 7/31 FSLR continued support bounce of last 3 days...horizontal resistance at 290 MEE broke through 20 and 50 DMA moved to 30 DMA CNX bullish engulfing pattern...earnings 7/31 Wednesday’s Action Moving Up: CF, POT, CLF, MOS, MA, MON, FSLR, CNX, ANR, AGU, MEE, IPI, STRA, BTU, GS, USO, BUCY, SCHN, DRYS, RIMM, FWLT, AAPL, V, MTL, BIDU, MS, ESRX, LEH, IBM, X, PCLN, NUE, MER Moving Down: GRMN, DECK, NIHD Intermediate Term Market Trend: Neutral Short Term Market Trend: Up
Wednesday, July 30, 2008
Oil Up, Stocks Up...What's This?
DJIA + 186.13, +1.63%
SP500 + 21.06, +1.67%
NASDAQ Comp. + 10.10, +0.44%
Russell 2000 + 4.31, +0.60%
Advancers & Decliners
NYSE 2,098 1,043
NASD 1,591 1,246
Oil closed at $126.77 up $4.58
During the past two week the RUT and Nasdaq have been the relatively stronger indices while the DJIA and SPX have been weaker. That was reversed today as the DJIA and SPX had large gains while the RUT and Nasdaq lagged the larger indices today.
Oil was higher on Wednesday due to a government report that domestic gasoline supplies were lower last week than the week before. News from the middle east that the Israeli Prime Minister would not run again increased speculation that could increase tensions with Iran. Dow stock CVX rose 4.42 helping to drive the DJIA higher.
Metals and Mining stocks rose and XME rose +4.8%. Coals sectors stocks and steel stocks also rose. Ag-related stocks moved higher: POT, CF, MOS, and AGU. Financial stocks rose as a series of developments including the SEC extending the ban on naked short selling of 19 primary dealers including FNM and FRE until August 12.
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2 comments:
Aloha Dave
(putting this post in a second time since I think I posted it late to your early morning post)
A few topics I'd love to discuss. I can bring them up on the Active Investor Talk tomorrow too but in case you wanted to do them here also.
1-You've discussed numerous times about playing "Earnigs Gaps" where after the stock gaps up or down after earnings, it will usually flag and then continue on so play the flag as you would any other flag and it's gap direction. My question here is how does that concept work with the "All gaps are filled" folks are always talking about since the two are direct opposite plays?
2-"End of Day" versus mechanical stops. Is there any information to help decide when to use an End of Day stop so not to let intraday swings kick you out versus letting the stop potentially save you when the stock is not swinging but definitely going against you. Todays market action kicked me out of a trade by 3 cents then swung back up (it was on the Q's and I was using S1 from the day before as my exit)so I took a small loss instead of having a gain. Wasn't big but it seems to happen a lot even when I use 25-35 cents below the low of the low day on a bull flag etc.. I have been toying with using a double stop system where I have two stops, one that is kind of a 'Oh My God', get me out and the other is the normal stop but only executed in the last 5 minutes of trading. Easy to do in TOS as long as you do it every day.
Any thoughts as always are appreciated.
john
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