At the Open on Monday
SPY –
QQQQ –
FAS –
X –
AAPL –
AKAM –
AMZN –
CREE –
KLAC –
LRCX –
NVDA –
RIMM –
BUCY –
DECK –
FLIR –
FWLT –
ISRG –
NFLX –
PCLN –
STLD –
UAUA –
ACN –
AGU –
AMD –
CAT –
CME –
DE –
DOW –
ICE –
MA –
PCP –
POT –
TSL –
UNP –
WHR –
Monday, January 11, 2010
Futures Point to a Higher Open...
10:30 am ET - X appears to be bouncing above S1 as SPY returns to positive...STX is having a nice support bounce this morning...JOYG is following Friday's breakout of a sideways trading range to the upside...ZION is holding above Thursday's S1 level....CAT and DE continue with strong moves this morning...
10:10 am ET - X, STLD and SPY after trading up early have reversed and turned negative...watch the S1 level on X as short term support...LRCX, CAT, DE and FCX are higher...
BMO – ES +4.50 and NQ +4.25 futures are higher in pre-market trading pointing to a higher open. AAPL +0.90, AMZN -0.40, GOOG +1.97 and BIDU +2.38 are mixed in pre-market trading.
The Euro is up 145 pips in overnight trading creating a short term reversal in the dollar. Oil is up 80 cents in electronic trading. XLE is up 60 cents in pre-market trading.
SPY is up 47 cents in pre-market trading. XLF is up 14 cents in pre-market trading. Continue to watch XLF as a key to sustain the breakout in the SPX which it is certainly doing this morning.
There is still a 1,234 chart target for the end of January, we’ll watch closely to see if the time frame is realistic or will need adjustment. Remember direction and price target are more important than time.
While trading with the trend continue to watch for your signals for a potential pull back. Follow your rules in any trading actions today. Be logical.
It looks as if they SPX will break through its 1,145 resistance this morning. We expect the current intermediate term up trend to continue with both Earnings Season and Options expiration week currently being positive factors.
SPX
Support = 1,125 – 1,133, 1,106 - 1,117
Resistance = 1,145, 1,155, 1,170
Trading Down:
Trading Up: AGU, X, RIMM, POT, AKAM, LRCX, STLD, FWLT, DOW, CREE, TSL, BUCY
Look at these Charts…
(click image to enlarge)
At the Open on Monday
SPY –
QQQQ –
FAS –
X –
AAPL –
AKAM –
AMZN –
CREE –
KLAC –
LRCX –
NVDA –
RIMM –
BUCY –
DECK –
FLIR –
FWLT –
ISRG –
NFLX –
PCLN –
STLD –
UAUA –
ACN –
AGU –
AMD –
CAT –
CME –
DE –
DOW –
ICE –
MA –
PCP –
POT –
TSL –
UNP –
WHR –
At the Open on Monday
SPY –
QQQQ –
FAS –
X –
AAPL –
AKAM –
AMZN –
CREE –
KLAC –
LRCX –
NVDA –
RIMM –
BUCY –
DECK –
FLIR –
FWLT –
ISRG –
NFLX –
PCLN –
STLD –
UAUA –
ACN –
AGU –
AMD –
CAT –
CME –
DE –
DOW –
ICE –
MA –
PCP –
POT –
TSL –
UNP –
WHR –
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8 comments:
Good morning Dave and fellow traders - thank you Dave you continue to help me stay focused. I have begun to write goals down and been accoutable for them my sharing some of them with my friends. Have a great day everyone.
CR,
Great job in writing down your goals...especially focus on process goals, actions that you will take daily that lead to your result goals.
DJ
Your right the "how to" is very important and have been included for the short term goals - the how to's for the longer term goals are a little harder to define but I do know achieving each smaller goal is a step to the bigger goal.
Thank you for you encouragement.
HI Dave!
We are all so motivated after all your sessions last week. Goals are hitting paper at record rates!...and fine tuning mine as well.
I have a question on STEC - To me, from what you have taught us, this looked to be a good "C pattern." I have heard some mention that perhaps this has pulled back too far to be considered for the "C."....My understanding was intermed uptrend, then intermed downtrend, breaking the 30dma, the second intermed trend (down) needs to be shorter than the first and the second low needs to be higher than the initial low from the first intermed uptrend......Then, the trade would be taken after the break back up above the 30dma. Can you please comment/clarify?
Thanks for all you do to for us!!
Mishel
Afternoon everyone, almost pull the trigger and sold X it was up early and hit 800% or more and thinking the cash could be put to good use on other stocks (I know its on sale right now, just like the store and mineral water example you use)
Dave in your sectors ETFs, how do you know how much weighting each sector has in SPX. You mention XLF moved something like 2% or more so you knew most financial were moving alot.
Trying to figure out sector rotation using your ETFs, and the reflection on the major Indices
Sorry for the long post
50 BDK
Hi Dave and everyone!
Dave, thank you for your wonderful post this morning! It is always so helpful to read it and now, as part of my NEW morning routine (along with the WHAT and the HOW!!) - Yes....I DID it this weekend and I am even surprising myself! HeeeHeee..
Mishel,
I looked at STEC and this looks like a C pattern to me.. I think the entry signal would have been great on 12/28/09, just when the candle broke through/above the 30 DMA.
Isn't it the truth... We are all putting our Goals and rules to paper so wonderfully! (I just still can't believe i Finally did it!)
50,
I wish I could offer you some information on your question about the weightings each sector has in the SPX . . I just don't know enough about that yet.
Dave, I hope you are feeling better! Will know a bit later on today at your ATA class.
Laney
Hello Dave and everyone,
I took most of my profitable January option positions off the table this morning as the market was weakening and the positions were starting to pull back (AGU, AKS, AKAM, ZION). I feel pretty good about that as the only one that turned around during the day was ZION and only by a few pennies. I'm learning it's important to protect what I have and not try to squeeze out every last bit of potential profit going into expiration week. Given it back too many times before. (And yes, that is now one of my written rules--I tighten stops up more aggressively on a daily basis to protect profits as expiration approaches.)
Happy Trading!
Brian
Dave, learning to be a big boy about not worrying when I give profits back on X. A few months ago that would have bothered me. Now I feel my trading muscles are developing. I had put some Feb 75 short calls on at the end of Friday. Watched the 5 min candles today and bought them back for a nice profit as it was heading back up. Today I'm leaving off the shorts and will only put them back on if we have broken short term support by the end of the day tomorrow or beyond.
Laney and Mishel...did you mean on 12/21 for the C pattern Laney? They are some of my favorites. I've noticed that some of the bigger moves are made when the stochastics (slow or full seem best) are down at the very bottom (oversold) and heading up when the stock crosses back up through the 30 day. I put them on every longer chart I thought had a C pattern and found that the bigger moves usually came when stochastics were at the bottom like that and heading up...
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