We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
We've got a couple of economic reports due in the first 30 minutes so I'll wait until after 10:00 to make any moves. (Mich Sentiment- Rev will be released at approx 9:45am est; Chicago PMI approx 10am est)
Currently holding:
I don't think I've seen a day with more gyrations on terrorism news. Just after 2:00 the FBI warned of possible threats in Cali and New Mexico and the market sold off. Then at 3:19 there was news of Pakistan capturing a 'most wanted' Qaeda member, which gave the market a little bump. Then less than 15 minutes later there was news of a suspicious vehicle in D.C. After all of that I think it's pretty impressive for the market, especially the NASDAQ, to have closed on the upside.
As for the charts, the bounce in the indices looks real tenuous to me. My long-term group of Multiple Moving Averages is telling me to lean to the short side. There's still a little room for the indices to test those MMAs though, but I'm already starting to see what look like attractive shorts (like the Dow itself). I'd like to let them lift a little more before really pressing the short side though. But I'll do whatever my scans tell me to.
There was some some good stuff in tonight's Worden Report (emphasis is mine):
A Full HouseThe Nasdaq was able to fill out the deck today. All three of the major averages are now in Short-term Uptrends. Please do not write and compliment me for predicting it. I did not predict it. This has been an exercise in observations - not prediction. I watched each of the averages move into Short-term Uptrends and I described it. Ninety percent of trading is observing and waiting for an opening. When the opening occurs, you can then predict something. That's worth another eight percent. The last two percent are to decide something.
Tomorrow we might gain some insight into what the market thinks of the Democratic candidate. And whether it's still afraid of weekends. I suspect we may see some retrenchment. -DW
ASSUMPTIONS
Primary Trend: UP
Intermediate Trend: DOWN
Minor Trend: UP
Update: Interesting that KKD made my short list last night and just now there's an announcement of an SEC investigation. It's almost as if the chart knew that was coming. :-)
Currently holding:
I won't be making any posts the next two days unless something major happens. I've got some errands to run (renewing my car registration, do some work on the money pit, etc.) today and I'm going to try to chill and enjoy my birthday tomorrow. Perhaps we'll get a big rally now that I'm not watching every tick go by. :-)
Here are some charts illustrating some of the levels I talked about in the last post:
The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
Once again there were several stocks with nice setups that I had to scratch due to impending earnings reports. I'll keep an eye on them and maybe catch a couple of them on the other side of the reports.
This will likely be the big news of the day: Google Sets IPO Between $108-$135 a Share :-o
Currently holding:
Well the ugliness continues and I'm glad that I didn't jump the gun yesterday and get long. You can see why I don't like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
Literally half of the stocks that were on my list of long candidates have earnings reports due out next week, so I've scratched them. It's just as well since Microsoft is weighing the market down this morning.
Currently holding:
I think we may have had some capitulation by the bulls over the last two days. Or more specifically during yesterday afternoon and this morning. This morning people were dumping stocks indiscriminately. Even stocks that had good earnings news were down 5 to 10% this morning. And that's after selling off before the earnings news hit. It certainly felt like people were just throwing in the towel. Buyers stepped up around eleven to scoop up all the bargains and caused a sharp reversal. I'm still not thrilled with the look of the indices, especially not with yesterday's long dark candles. However, I'm still seeing plenty of stocks that are in good buying positions. I'll be looking to scoop up a few names if and when they confirm today's moves.
You may want to take a look at The Big Picture's post about the current technical picture and the inverse head & shoulders patterns in the indices. I always get worried when everybody sees what I see in the charts. And it seems like everybody is watching that neckline. Oh well, what are you gonna do? :-)
