Thursday, April 2, 2009
Futures Point to a Higher Open
BMO - ES +15 and NQ +26 futures are up with more than two hours before the open...this points to a higher open. Keep in mind that the Nasdaq and many individual stocks formed bullish engulfing patterns on Wednesday. See Tuesday's post.
We'll be watching our at the Open list and our stocks that moved above the 30 DMA on Wednesday as the markets open.
At the Open on Thursday
SPY – bullish engulfing
SNDA – broke horizontal resistance
DECK – bullish engulfing
CTSH – higher close
WYNN – confirmed bullish harami/hammer
SCHN – bullish engulfing
MHS – broke horizontal resistance
FCX – bullish engulfing
OSG – bullish engulfing
X – bullish engulfing
BRCM – bullish engulfing
FAS – bullish engulfing
EBAY – bullish engulfing
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4 comments:
It looks to me like we just confirmed the end of short term counter trend down following an intermediate term up trend all encased in a long term sideways market. Continue to buy up trending stocks at support and/or breaks of resistance and sell down trending stocks at resistance and/or breaks of support.
What I find interesting is that at 1pm est we are seeing nearly a 4% rise in the spx, however virtually no change in the vix. Is this telling us that the market isn't completely sold on todays move up?
Anonymous: It is also interesting that I've noticed majority of people in the trading rooms and on virtual coaching are looking at bullish entry after resistance breakout.
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