Friday, May 28, 2010

Futures Point to a Flat Open...

BMO – ES +1.00 and NQ +2.00 futures are flat to higher in pre-market trading pointing to a flat open. In pre-market trading AAPL is +5.30, AMZN -0.80, GOOG +1.87, BIDU +0.80, INTC is up 5 cents, BAC is up 2 cents and GS +0.57.

Stocks are mixed this morning on light volume in pre-market trading heading in to the three day Memorial Day weekend. Many short term traders don't like to carry long or short positions over long weekends. Look for trading to be lighter today and generally have smaller trading ranges.  Perhaps a pause day after Thursday's strong move up.

Many traders will take off early on Friday or may take the entire day off.

Have a safe and enjoyable weekend.

Continue to Follow Your Rules.

Bonds are higher and TLT is up 46 cents in pre-market trading. Check out TBT.

Trading Down: GES, MA, CRM, V, CLF, X, SWK, URE, GME, ATI, WMT, AKS

Trading Up: DECK, PCLN, BUCY, HANS, WHR, GS, SNDK, MOS, MCD, CAT, CREE, TSL, FCX, USD, LVS

The short term trend is up, the intermediate term trend is neutral and long term trend is up.

Trade those charts that meet your rules in the direction of the trend.

The Euro is up 3 pips in overnight trading.

SPY is down 2 cents and XLF is down 2 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.

Follow your rules in any trading actions today. Be logical.

SPX
Support = 1,093, 1,089, 1,075, 1,055
Resistance = 1,107, 1,125

At the Open on Friday
SPY –
QQQQ –
FAS –
TLT -
TBT -
NTAP -
DECK -
AKS -
X -
UAUA -
ZION -
STI -
PNC -
CREE -
DE -
BIDU -
AKAM -
SNDK -
NFLX -
DTV -
HAS -
NTRI -
OSTK -
EXBD -
WFMI -
PCLN -
ILMN –
AAPL –
ORLY -
AAP -
WHR –
DHR –
CLF –
DOW –
BBY –
CAT –
PCP –
AMD –
UNP –
FCX –
GMCR –

2 comments:

reno bob said...

hi dave, you say many see a head and shoulders on the spx without the right shoulder. i see a potential inverted head and shoulders without the right shoulder. i guess neither is right without confirmation thanks reno bob

Anonymous said...

S1 held today - bareley. Is this just a pause? We shall see.

I just seems suspicious to me that within a very short amount of timw, 5 to 15 minutes, huge amounts of selling comes in to drive the market down on higher volume. It happened twice today.

SPY 11.5 million shares and 13 million shares for about 2.7 billion dollars.

qqqq 7.3 million shares for about 332 million dollars

dia 0.78 million share and 0.22 million shares for about 101.7 million dollars.

iwm 4 million shares and 3.4 million shares for about 511 million

Those are only 7 candles of 5 minute duration on 4 ETFs. Totaling 3.64 billion dollars

Okay, I understand program trading kicks in at times. Still it seems improbable that it happens so widespread all at the same time.

I guess it doesn't matter as long as I am in tune with the market.

Don