Friday, November 28, 2008
Happy Thanksgiving...What a Great Week
Wednesday, November 26, 2008
Happy Thanksgiving Eve
Tuesday, November 25, 2008
Rally Slows Down on Tuesday
Markets in Moderate Pullback on Tuesday
Monday, November 24, 2008
DJIA and SPX Back Above October 10 Low
Monday’s Action Moving Up: FSLR, GS, STRA, MA, CNX, SOHU, AMZN, NIHD, V, MER, SCHN, PCLN, MS, ZION, ESRX, PNRA, KBE, KRE, NDAQ, X, BTU, NUE, MON, FWLT, SINA, MOS, CLF, BIDU, DECK, INFY, COH, KMT, BRCM, LDK, JASO, ONXX, GDX, MEE, IPI, ANR, AGU, GRMN, AEM, RF, UAUA, HANS, DRYS, BUCY, EBAY, EXPE Moving Down: POT Intermediate Term Market Trend: Neutral – DJIA, Down – SPX, Nasdaq, RUT Short Term Market Trend: Up
Rally Follows Through on Monday
Friday, November 21, 2008
A Rally From Down Under
The emphasis was as originally posted Thursday night.
Maybe Chart Signals do work.
This is a counter trend rally and only the DJIA has moved above its recent support for a potential breakout and reversal. The DJIA barely broke through so it is too early to conclude that Friday is anything more that a short term technical bounce and counter trend move. Watch the short term resistance areas as stated below in Index Commentary for clues if this counter trend bounce sets up a potential reversal point.
Index Commentary The DJIA formed a bullish engulfing pattern…breaks above below its Oct. 10 intraday low…watch R3 from Thursday and R1 from Wednesday…8,500 important intermediate resistance level. The SPX formed a bullish harami…watch R2 and R3 from Thursday and R1 from Wednesday. The Nasdaq formed a hammer…watch R3 from Thursday and R1 from Wednesday. The RUT formed a bullish harami…watch R2 and R3 from Thursday and R1 from Wednesday.
Stocks to Watch Posted on Thursday for Friday Support Bounce AXYS +4.50% Potential Support Bounce SRCL +0.36% CHRW +9.38% TEVA +0.00% SHLD +1.23% FAST +10.05% VMW -3.42% WYNN +2.46
Stocks to Watch on Monday Potential Double Bottom VRTX...MBT...UA...FSYS...DGX...ESRX...UTX...ARG... Morning Star Patterns FAST...PRE...FMC Potential Support Bounce TDS...CMP...OTEX...URS...AMAG...ESI...MHS...RIMM Support Bounce URS...MMM...AMGN Potential Bull Flag ADM...CBST...MYGN Leading Stocks Holding Above 30 DMA TEVA Stocks Moving Above 30 DMA AXYS…EZPW…MMM…PCLN…PPD…RTN Stocks Moving Below 30 DMA None to report Stocks Staying Below 30 DMA AFAM…CL…DLTR…DV…MYGN…VIVO…ANSS…AOB…AYE…CBST…CERN…CHTT…ESI…FLIR…FSTR…GILD…GIS…PRGO…PSSI…SHW…SWN Friday’s Action Moving Up: CF, DECK, FSLR, AEM, MA, ;POT, PCLN, GDX, ESRX, CLF, X, AGU, ANR, NUE, MOS, BTU, FWLT, SINA, MEE, STRA, SOHU, AMZN, BIDU, KRE, NDAQ, PNRA, CNX, SCHN, IPI, GS, MON, INFY, BUCY, NIHD, COH, LDK, KMT, EBAY, MS Moving Down: V, ONXX, Intermediate Term Market Trend: Down Short Term Market Trend: Down
Thursday, November 20, 2008
A Record Bear Market Pecentage Drop
Decliners again led advancers by a 9 to 1 margin. All nine sectors moved lower. Stocks experienced a technical bounce in the morning that faded as concerns over the auto industry and jobless data weighed on the market as sellers gained the upper hand sending stocks lower. Stocks continue to be technically oversold in the short-term, so be alert for a potential short-term bounce Friday or Monday. This could provide a bullish move on the few leading stocks or a counter bounce on the many down trending stocks. Oil dropped $4.92 sending the Energy ETF (XLE) down over 12%. Gold rose $12.70.
Index Commentary The DJIA large black candle…new 52 week closing low…breaks below its Oct. 10 intraday low. The SPX large black candle breaks support…new 52-week intraday and closing low. The Nasdaq formed a large black candle breaks support…new 52-week intraday and closing low. The RUT formed a large black candle breaks support…new 52-week intraday and closing low.
Trend Reversal Strategy RIMM stopped out at $44.70 today. The options closed out at 2.50 with a 41 cent gain or 19% gain. We stated in our Wednesday morning webcast that it would be valid to move the stop even higher in the current volatile market to lock in the strong one day gains, but that we would follow the strategy rules for illustrative purposes.
Stocks to Watch on Friday Support Bounce AXYS Potential Support Bounce SRCL, CHRW, TEVA, SHLD, FAST, VMW, WYNN Broke Support from Wednesday Stocks to Watch GILD…JNJ…IBM…BCR…CELG At Support PCP Below Support BA formed an inverted hammer…watch for a potential counter trend bounce Leading Stocks Holding Above 30 DMA TEVA Stocks Moving Below 30 DMA AFAM…CL…DLTR…DV…MYGN…VIVO Stocks Staying Below 30 DMA ANSS…AOB…AYE…CBST…CERN…CHTT…ESI…FLIR…FSTR…GILD…GIS…MMM…PCLN…PRGO…PSSI…SHW…SWN Thursday’s Action Moving Up: None in our Watchlist Moving Down: FSLR, POT, MA, MOS, AGU, CF, BTU, X, BUCY, MON, ANR, GS, ESRX, V, LDK, SOHU, CLF, NIHD, SCHN, FWLT, CNX, NUE, PCLN, IPI, STRA, KBE, KRE, NDAQ, ZION, RF, UAUA, MEE, SINA, MS, KMT, MER, DRYS, BIDU, LAMR, INFY, ONXX, AMZN, GRMN, PNRA Intermediate Term Market Trend: Down Short Term Market Trend: Down
Wednesday, November 19, 2008
SPX, Nasdaq and RUT Break Support
Tuesday, November 18, 2008
Support Holds on Tuesday
Monday, November 17, 2008
Dow Continues Pullback to Support
Friday, November 14, 2008
Stocks Pull Back on Friday
Stocks to Watch on Monday Leading Stocks Holding Above 30 DMA EZPW…TEVA…ANSS…BLUD…CELG…DNA…ESRX…GIS…MMM…PRGO…RCI…RTN…SHW…VIVO Stocks Moving Above 30 DMA No new stocks listed for Friday. 23 of the 35 stocks that moved above their 30 DMA on Thursday fell below their 30 DMA on Friday…the 12 that stayed above are listed just above. Stock Commentary CELG higher high…higher low…lower close pullback ESRX higher high…higher low…lower close…inverted hammer at support GE inverted hammer…did not confirm bullish harami and hammer from Thursday MMM higher high…higher low…lower close doji UTX higher high…higher low…lower close inverted hammer Friday’s Action Moving Up: STRA, IPI Moving Down: BIDU, FSLR, MON, CF, DECK, AMZN, POT, MA, GS, AGU, BTU, MEE, NUE, CNX, NDAQ, ZION, ESRX, KRE, SOHU, FWLT, X, ANR, MOS, GRMN, SCHN, SINA, PCLN, MS, GDX, DRYS, CLF, INFY, NIHD, EBAY, COH, ONXX, FMCN, BRCM, HANS, UAUA, RF, LCC Intermediate Term Market Trend: Neutral – 5 weeks Short Term Market Trend: Neutral
Thursday, November 13, 2008
The Dow Bounces Over 900 Points At Support
Check out our leading stocks crossing above their 30 DMA today...Wow...35 stocks!
As we posted Wednesday, "If traders have been trading the short-term trend correctly they are already in short-term bearish trades and could be looking to lock in profits if support holds." We hope you were prepared to lock in profits as the markets did bounce today! Index Commentary The DJIA formed a bullish engulfing pattern…outside day…broke broke through the R1, R2 and R3 levels of Thursday’s large black candle…rose to 20 DMA…bounced at major support area. The SPX formed a bullish engulfing pattern…outside day…potential ripple bottom bounce. The Nasdaq fell to new 52-week low…formed a bullish engulfing pattern…outside day…broke through Thursday’s high. The RUT formed a bullish engulfing pattern…outside day…broke through the R1, R2 and R3 level of Thursday’s large black candle…formed a lower low that negated the potential head and shoulders bottom…forming potential double or triple bottom. Stocks to Watch on Friday Leading Stocks Holding Above 30 DMA EZPW…TEVA 35 Stocks Moving Above 30 DMA AMED…AMX…ANSS…AXYS…AYE…BAP…BCR…BIIB…BLUD…CELG…CHU…CL…DNA…ESRX…FLIR…GIS…JCOM…JW.A…LFL…MMM…MTD…OSIP…PRGO…PSSI…PSYS…QSII…RCI…RIO…TN…SAY…SHW…TECH…UTX… VIVO…WMS Stock Commentary CELG higher low…outside day…support bounce ESRX bullish engulfing…higher low GE hammer…bullish harami MMM bullish engulfing pattern TECH outside day…support bounce…higher low UTX higher low…outside day Thursday’s Action Moving Up: FSLR, MA, CF, BIDU, SOHU, PCLN, POT, CNX, NUE, BTU, ANR, MOS, X, IPI, AGU, AEM, MON, SCHN, GS, STRA, BUCY, AMZN, CLF, V, COH, ZION, PNRA, MEE, GDX, KRE, ESRX, KBE, DRYS, KMT, INFY, LAMR, DECK, NIHD, EBAY, BRCM, LDK, ONXX, UAUA, LCC, GRMN, SINA, FWLT, MS, HANS, RF, Moving Down: None In Our Watchlist Intermediate Term Market Trend: Neutral – 4 weeks Short Term Market Trend: NeutralWednesday, November 12, 2008
Stock Indexes Approach Support
Tuesday, November 11, 2008
Oil, Gold and Stocks Move Lower on Tuesday
Monday, November 10, 2008
Stocks Pull Back in Continuing Trading Range
Friday, November 7, 2008
Four Weeks and Counting...
Thursday, November 6, 2008
Stocks, Oil, Gold Fall For Second Day
Wednesday, November 5, 2008
Profit Taking Drives Stocks Down From Resistance
Tuesday, November 4, 2008
Election Day: Stocks, Oil, Gold Rise Big
ALERT: DJIA Breaks 30 DMA to the Upside
VIX Gives Clue on Monday to Stocks Big Election Day
Monday, November 3, 2008
Lighther Volume, Lower Volitility and Smaller Trading Range
Oil prices continued their down trend. Inversely airline stocks rose. Look at the charts of ALK, AMR, CAL, DAL, LCC and UAUA.
Index Commentary The DJIA formed a doji and closed above its 20 DMA for the third straight trading day. The SPX formed an inside day, a small black spinning top candle while closing above its 20 DMA for the third straight day. The Nasdaq formed a small white spinning top and closed above its 20 DMA for the second trading day in a row. The RUT formed a small white spinning top that could be seen as a shooting star and closed above its 20 DMA for the second day. Monday’s Action Moving Up: FSLR, LDK, CLF, ZION, DRYS, UAUA,CNX, X, AEM, JASO, LAMR, SOHU, LCC, Moving Down: DECK, MA, GS, NUE, MOS, ANR, V, NIHD, CF, AMZN, BIDU, STRA, NDAQ, MON, MEE, IPI, FWLT, BTU, INFY Intermediate Term Market Trend: Down Short Term Market Trend: Up