Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
After yesterday's stalemate of a day this little rally attempt is starting to look like a dead cat bounce to me. We really need some increased upside volume for this bounce to stick. Right now I'm thinking that I'll use a break of yesterday's range to define which direction I'll trade -- long above yesterday's highs and short beneath yesterday's lows...
Here's a look at the Nasdaq chart:
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
This comment was left the other day about BEBE:
Interesting you brought up BEBE Mike. Bounced off nicely off support at $15. I know that you are a day trader Mike, but do you ever take into consideration the longer term trend or are you purely there for the quick in and out type trades? BEBE has run up nicely for the best part of 2 years now, and the recent sell down may be the beginning of a longer term down trend for BEBE. However, the weekly stochastic is getting closer to a buy signal. What are your thoughts here on BEBE?
CPST is another stock that Cramer was a bull on a couple of weeks ago. He said wait for a pullback and maybe this is exactly what he's waiting for. Mind you though, this puppy is volatile, it's down over 25% from this month's highs.
We've obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I'm on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)
I've listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.
Here's a look at the Nasdaq chart:
Potential swing trades:
Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR
Shorts: TGT, SBUX
Also see one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Let's see if we can get some follow-through on yesterday's strength. I'll be watching some semiconductor stocks on the heels of the Micron (MU) news.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
Here are charts of the Nasdaq, S&P 500, Amgen (AMGN), INAMED Corp. (IMDC), Massey Energy (MEE) and SanDisk Corp. (SNDK):
SD Trader asked for a chart of SIRI:
I have a chart request for SIRI..can you break it down for me. I am currently doing mostly swing trades and this appears to be a decent oppurtunity to get it before the Stern/xmas effect.
From a strictly technical standpoint I don't like the recent action in Sirius. I don't like the fact that it's still under that downward sloping trendline. I also don't like how it's gave up the 50-day moving average without a fight. If I had a fundamental reason to buy the stock then I might say that this is a good spot to buy it since it is oversold and very close to support. Depending on one's risk tolerance a stop could be put somewhere between 6.40 and just under the 200-day moving average.
It's looking like another choppy, narrow range day. And now that this range is so clearly defined any many people have been lulled to sleep this is a great time for a move out of the range. Perhaps month/quarter-end manipulation 'adjustments' by the big funds will help things along.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
The Nasdaq has spent most of the last three days between 2,114 and 2,128. This intraday chart (60 minute candles) shows the range that I've been watching for the last two days.
This type of action is basically hell for me. I guess (good) scalpers don't mind this choppiness but I think it invites nothing but account churning (at best) for most traders. I shut things down shortly after 11 AM the last two days when I saw that the range wasn't going to be broken. I usually like to be in positions by 11 and I generally don't trust moves that happen during lunch time. So I figure it's better to just walk away instead of sitting here and trying to force things.
Hopefully this range will break tomorrow...
Update: I just noticed that Ugly Chart has a similar opinion, albeit on a longer-term chart. I can work with a 100 point range on the Nasdaq though. :-)
My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
