July 2008 Archives

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.

GDP and jobless claims data have sent the futures reeling this morning. So the indices are headed right back into the middle of their recent trading ranges...

On Today's Calendar:

• 9:45 -- Chicago PMI

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today's moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow...

Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.

And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...

On Today's Calendar:

• 10:30 -- Crude Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We're set for a little bounce this morning after yesterday's shellacking. It looks like those traders who are hoping for a retest of the recent lows will have to wait a bit longer.

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.

Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to be a good warning of sellers reasserting themselves. Now I want to see if the bulls can hold the recent minor low at 2250.

It's a similar story for the S&P 500, except that it's much closer to its minor low around 1,250.

The small caps actually broke their 50-day moving average yesterday but also gave a warning with that shooting star. I'm looking for support near 690...

I've had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd's take that it's over-owned and that there's too much overhead resistance in the stock. It got a good bounce off of $150 today but it's still locked in downtrends on many different timeframes. If you trade with the trend you *have to* be a bear on AAPL right now. It'll be interesting to see if the bulls can reclaim the 200-day moving average though...

I'm starting to get the feeling that Apple and especially Google, the other super-popular stock, have seen their best days. Even if the market recovers I'd want to find some new leaders instead of trying to eek some gains out of these over-owned mega-caps.

I'm not sure what sparked today's bounce after the gap down open but I'd like to believe it was partially due to the fact that the market is still oversold in all but the short term timeframe. T2108 just barely got over 20 at today's close. T2108 was just barely over 20 as of Monday's close (and Tuesday's open) and closed just under 29. Bears would be wise to stick & move with the market that oversold as oversold as it was at the open.

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I've listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you'll find a deal on something you've been meaning to add to your library.

The market is at an interesting juncture right now. The indices look like they've had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look like they could easily roll over and head lower again. But good old T2108 shows that the market is still pretty extremely oversold. As we know, when http://tradermike.net/tag/t2108/ drops under 20 that's a good time to cover shorts and/or get long. T2108 actually got all the way down to 7.99 earlier this month and last week's big bounce only brought it back to 19.41. So it's still under 20 and I'd be very cautious about initiating bearish positions.

Again, the indices below have just had oversold bounces which have carried them back to or near their trendlines. They are actually becoming short-term overbought now although, as T2108 shows, they are still oversold on the longer (slower) timeframes...

Did anything interesting happen in the market while I was away? ;-) I hope you've all navigated the big slide well and took the clues from Duru's mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I'm looking forward to going through my scans and starting to do recaps again but I won't be back to full speed for another week or so.

One reason for that is that I am once again going to move my account to a different broker. I just haven't been able to get used to ThinkorSwim's interface. Either I'm officially an old dog (I turn 40 on July 28th) or the interface just doesn't work well with the way I like to trade. So I think I'm gonna jump on the Interactive Brokers bandwagon.

I also have to attend to some family matters. So my focus will be on that for the next several days. I'll try to get a recap out over the weekend and will do a couple or three more next week. Hopefully posting will resume its normal pace on the 28th or 29th.