I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
December 2008 Archives
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.
Trend Table
The short term trends all dropped to lateral today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat(-) | Lat(-) | Lat(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Yesterday it felt like we were back in a market with normal volatility levels. But the VIX, which is still in the fifties, says otherwise. There were a lot of NR7s made yesterday, so perhaps that was just a slight pause before we get back to range expansion. Given the indices' overbought stochastic readings and the looming 50-day moving average I think the odds of a downward move is more likely.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 11, 2008.
Here's a shot of the QQQQ daily chart sowing it stuck for the moment between gap support and resistance from its declining 50-day moving average. In a normal market (less volatile) I'd be doubtful that it had enough steam to make it through the 50 DMA without a pullback. In this market, who knows...
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 10:35 -- Crude Inventories
- 2:00 -- Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 10, 2008.
We're set for a lower open mostly due to the earnings warnings that rolled in overnight. The gaps down are relatively small though. QQQQ is set to open around yesterday's gap so I'll be watching to see if that gap can provide support.
On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Continue reading Watchlist for December 9, 2008.
I'm shutting things down for the year. Look for posting to return to normal around the middle of January, just in time for earnings (& losses!) season.
It was an ugly afternoon yesterday but the indices managed to stay above their November uptrend lines. They're getting squeezed between those rising November lines and the falling 50-day moving averages. Something's gotta give soon.
Yesterday the VIX got to within 0.25 of breaking its November low before the afternoon market weakness made it reverse. Let's see if it can finally break below 44...
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The indices remain on the verge of breaking out above their December highs. Let's see if the options expiration games can help to do the trick.
On Today's Calendar:
- 10:00 -- Philadelphia Fed
- 10:00 -- Leading Indicators
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The other day I thought that we'd probably need some good news to propel the indices above their 50-day moving averages. It's debatable whether today's Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It's often the case that we don't see the true reaction to these Fed decision days until a day or two later, so I'd really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn't plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we're in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I've been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It's starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven't been better than "down" since September.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
On Today's Calendar:
- nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible longs: CX, CBI -- I'm seeing a lot of patterns like those two stocks. But while these two appear to be bouncing off of their 50-day moving average, most of the other charts are just under resistance. So I don't like the risk/reward on them, especially ahead of the Fed.
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Note: I can't post the gappers any more. I'm trying to find another way to post the early movers, hopefully via a live scan. Stay tuned...
Disclaimer & How I use this list
Interested in the alerts below? You can get a 7 day free-trial of the full-blown, customizable Trade-Ideas Pro service.
Note: These alerts refresh/update automatically every 30 seconds
The futures are getting jerked around by news on the auto makers' bailout. They were very weak to start the day after the vote failed to pass the senate last night. Now they've gained some strength on news of the President being willing to tap the TARP. This reminds me a lot of what happened during the voting on the TARP. I guess we'll just have to see what the government decides to do and go from there. From a technical standpoint, those December trendlines are in jeopardy.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Prel.
- 10:00 -- Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Possible shorts: MSCC, XOP, RIG (and a lot of other oil stocks), SLAB, ISIL, ME
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
Continue reading Watchlist for December 12, 2008.
Monday night I wrote "On the down side, an obvious target for sellers is to close this morning's gaps." Those gaps finally got closed today on relatively light volume. While the percentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market's had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I'm not seeing enough setups in individual stocks right now to have much a bias but, gun-to-head, I'd be leaning short.