Thursday, August 5, 2010

Back to the Present...SPX at Resistance...Be Prepared...

DJIA            10,674.98  -5.45 -0.05%
SP500           1,125.81  -1.43 -0.13%
COMPQ        2,293.57 -10.51 -0.46%
Russell 2000    662.96  -7.30 -1.19%

Exchange       NYSE    NASD
Advancing      1,282        886
Declining        1,744     1,762


SOX      352.44   -2.27
VIX         22.10   -0.10

Index    Direction Confirmation
VIX         Down       No – SPX
SOX       Down        Yes – COMPQ

Leading stocks on Wednesday included PCLN, GES, POT, IPI, NFLX, DOW, MOS, TSL, CSTR, TIE, AGU, FAZ, CAM, CAT, BYI, SWN, DHR, UNP, NYX, DE, A, STI, WFMI, CHL, LXK, PCP

On Thursday the SPX formed a doji with a lower shadow while holding at the 1,120 to 1,130 resistance level. No horizontal break out yet.

Follow your rules and be prepared for a potential pull back or a breakout. Stay focused on and trade according to the chart.

Unemployment numbers will be out on Friday and likely will be the catalyst for whichever direction stocks move in the short run.

Dave is traveling back from the future today and will post Friday evening...

3 comments:

Judy said...

I watched and waited for a sign today of what tomorrow will bring, but just couldn't see it. This is either the pause that refreshes or the calm before the storm. I just couldn't tell whether it will break through or bounce down. I wasn't brave (or stupid) enough to do something, so I will watch and wait. What will happen? I don't know. But, will I be prepared? That is the question. Thanks for keeping me focused (again and again).
Judy

Anonymous said...

Dave

Have a safe trip home. I cannot wait to hear your sessions. I have been counting the days on my fingers like a little child. I"m so addicted to listen to your capstone sessions. You are an inspiring person and I'm so glad to have you as a "Mentor". Hoping you had a wonderful time with your family . Cannot wait till you get back.

Anonymous said...

We've missed you. Can't wait to hear about your trip and market insights. Your Virtual Coaching is the best!