Date: Mon Feb 2, 2004 9:25 am
Subject: A tone for the Month being set.
The market, DJ-30, closed down + 22 points Friday. DJ-30 closed at 10,488 COMPQX down -2 points at 2066
Sentiment: Longer term Bullish with sector rotation.
Current Outlook: The monthly trend for the market is down for Feburary. The weekly trend for the 1st week of Feb. is Down. The daily trend for Monday, is up in the morning,//lows in the afternoon, closing down. Big Picture: The 1000 sma. Remains in tact. The DJ-30 has broken the MOBO, Sma20, and the LR-30 lower Band. Next daily support is the Sma 50.
Sector/Industry Spotlight:
Bullish Sectors Processing Systems + 6.3
Percent of Sectors Bullish 54% Bearish 46%
Bearish Sectors Trucking –3.0%
US DOLLAR & GOLD, The USD holding the months trading range 85 to 87..
GOLD: Gold moved to our target of $398 area and bounces. A test now to see if the $395 - $400. level will hold.
Hot Stocks SCUR STLD EPNY
Bearish Set-ups: ACUS, reversal to test 50 sma
Bullish Patterns: BONZ , needs MOBO breakout Bearish Patterns NTGR bearish engulfing and heading to 50 sma.
Education Tip of the Day:
BETA A measure of the magnitude of a portfolio's past share-price fluctuations in relation to the fluctuations in the overall market (or appropriate market index). The market, or index, has a beta of
1.0, so the price of a portfolio with a beta of 1.50 would be expected to rise or fall by 15% when the overall market rose or fell by 10%.
Date: Tue Feb 3, 2004 8:40 am
Subject: Several Sideways Days to Break Now.
The market, DJ-30, closed + 11 points Monday. DJ-30 closed at 10,499 COMPQX down -3 points at 2063
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down for February. The weekly trend for the market is sideways/ down The daily trend for Tuesday: Tuesday's move should test some lows of last several days. The Dj-30 hourly failed the 50 Sma, while the COMPQX failed the 30 min 50 Sma.
First DJ-30 Intra-day target resistance, 10544, 10563, , and first support 10,417. COMPQX, at projected support from yesterday, 2128. First resistance
2164. QQQ supports, 36.44, and resistance 37.84.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,400, and 10,129. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Meat 3.1% Percent of Sectors Bullish 80% Bearish 20%
Bearish Sectors in Major Airlines –3.1%
US DOLLAR & GOLD, The USD is now holding the support 85 area, and resistance in the 87-
88 area.. This is the area for our first projected bounce from last fall and it continues to hold, We currently have long signals for the USD. We at the top of the daily MOBO bands, lower support is 85.50 and above the 20 Sma. A target or 87.92 is now reachable. We came within 12 ticks of it yesterday.
..
GOLD: Gold is at $400.90. +$3.00 Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing move. Gold support is the $400-$398.00 area.
.
Hot Stocks CRXA, bounced back above the 50 sma and 61% Fib. CDT bounced off the 50 sma, and 50% Fib. CBST, bounce off the 20 Sma, and 50% Fib. GLDN, bounced off the 50 Sma and the 60 Fib. GNVC, wave 3 breakout, target $4.40 HLYW, Portland Oregon class pick, target $12.82- $13.00 IOM, double bounce off the 50 sma. NAT, 50 sma bounce, and 1% Fib. SBC, SOAP, bounce off the 50 sma, target $14.27 SGMS, SOAP, target $15.23
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups: NABI, bearish engulfing candle.. Bullish Patterns: UNTD, bounce off the 50 sma , and 61% Fib retracement.
Bearish Patterns MODI Negative candle pattern, broke 50 sma.
Education Tip of the Day: GANN ANGLES W. D. Gann (1878-1955) designed several unique techniques for studying price charts. Central to Gann's techniques was geometric angles in conjunction with time and price. Gann believed that specific geometric patterns and angles had unique characteristics that could be used to predict price action. All of Gann's techniques require that equal time and price intervals be used on the charts, so that a rise/run of 1 x 1 will always equal a 45 degree angle. Gann believed that the ideal balance between time and price exists when prices rise or fall at a 45 degree angle relative to the time axis. This is also called a 1 x 1 angle (i.e., prices rise one price unit for each time unit). Gann Angles are drawn between a significant bottom and top (or vice versa) at various angles. Deemed the most important by Gann, the 1 x
1 trendline signifies a bull market if prices are above the trendline or a bear market if below. Gann felt that a 1 x 1 trendline provides major support during an up-trend and when the trendline is broken, it signifies a major reversal in the trend. Gann identified nine significant angles, with the 1 x 1 being the most important:
1 x 8 - 82.5 degrees
1 x 4 - 75 degrees
1 x 3 - 71.25 degrees
1 x 2 - 63.75 degrees
1 x 1 - 45 degrees
2 x 1 - 26.25 degrees
3 x 1 - 18.75 degrees
4 x 1 - 15 degrees
8 x 1 - 7.5 degrees Note that in order for the rise/run values (e.g., 1 x 1, 1 x 8, etc) to match the actual angles (in degrees), the x- and y-axes must have equally spaced intervals. This means that one unit on the x-axis (i.e., hour, day, week, month, etc) must be the same distance as one unit on the y-axis. The easiest way to calibrate the chart is make sure that a 1 x 1 angle produces a 45 degree angle. Gann observed that each of the angles can provide support and resistance depending on the trend. For example, during an up-trend the 1 x 1 angle tends to provide major support. A major reversal is signaled when prices fall below the 1 x 1 angled trendline. According to Gann, prices should then be expected to fall to the next trendline (i.e., the 2 x 1 angle). In other words, as one angle is penetrated, expect prices to move and consolidate at the next angle. Gann developed several techniques for studying market action. These include Gann Angles, Gann Fans, Gann Grids and Cardinal Squares.
Date: Wed Feb 4, 2004 9:10 am
Subject: More Downward Pressure.
Market Outlook for Feb.4th 2004.
Market Commentary: Down day as we break from consolidation of last several days.
No stock initiating positions today.
Date: Wed Feb 4, 2004 5:36 pm
Subject: Free Chicago Meeting
Schedule for Free Chicago meeting and following Advanced Equities Class.
Sat Feb 7th free club meeting Harper College Wojcik Conference Center
1200 West Algonquin Road Palatine, IL 60067
For directions people can go to http://www.mapquest.com
Admission is $10.00 at the door. (Pays the cost of the room and AV)
The location for the Advanced Class is:
The Wyndham Garden Hotel - Schaumburg
800 National Parkway Schaumburg, IL 60173
847-605-9222 COST IS $895.00 with a 100% MONEY BACK GUARANTEE. I have the Wyndham Garden booked for Saturday 2/7 from 2:00pm-7:00pm and on Sunday 2/8 from 8:30am-6:00pm. Be sure and show up for the Club meeting.
The Wyndham Garden is 10 minutes from Harper College Campus. This will give people time to get a quick bit to eat and meet at 2:00pm for the Advanced Class.
ALL GRADUATES PLEASE PRE-REGISTER. MATERIALS COST $100.OO.
Date: Thu Feb 5, 2004 8:47 am
Subject: Markets still holding Six day lows.
The market, DJ-30, closed -34 points Wednesday. DJ-30 closed at 10,470 COMPQX down -52 points at 2014
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down for February. The weekly trend for the market is down The daily trend for Thursday: Thursday's move should test some lows of last several days. The Dj-30 hourly failed the 50 Sma, and the COMPQX failed the 50 min
50 Sma.
First DJ-30 Intra-day target resistance, 10544, 10563, , and first support 10,417. COMPQX, at projected support from yesterday, 1984. First resistance
2034. QQQ supports, 35.92, and resistance 36.77.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,400 and 10,272. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Personal Products 3.1% Percent of Sectors Bullish 80% Bearish 20%
Bearish Sectors in Networking & Communication Dev. –6.5%
US DOLLAR & GOLD, The USD is now holding the support 85 area, and resistance in the 87-
88 area.. This is the area for our first projected bounce from last fall and it continues to hold, We are at the top of the daily MOBO bands, lower support is 85.50 and above the 20 Sma. a break below would signal another USD move to test the recent lows
..
GOLD: Gold is at $399.30. Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing move. Gold support is the $400-$398.00 area.
.
Hot Stocks DANKY , SOAP, bounced off the 50 sma, CYD, bull engulfing, SOAP, NAVI bull engulfing, SOAP, MOBO breakout. AGII, bounced back off the 50 sma. SCS, bounce off the 50 Sma, and SOAP. WFMI bounced off the 50 Sma and SOAP. PETC, bounced off the 50 Sma and SOAP
HLYW*, three inside candles, watch for up move toeay. WWY, double bounce off the 50 sma, SOAP
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups: ACO, bearish engulfing candle.. Bullish Patterns: FFIV, bull engulfing , and bounce back over the 20 sma.
Bearish Patterns RGEN Negative candle pattern, broke and failed the 50 sma.
Education Tip of the Day: LINEAR REGRESSION LINES Linear regression is a statistical tool used to predict future values from past values. In the case of security prices, it is commonly used to determine when prices are overextended. A Linear Regression trendline uses the least squares method to plot a straight line through prices so as to minimize the distances between the prices and the resulting trendline. If you had to guess what a particular security's price would be tomorrow, a logical guess would be "fairly close to today's price." If prices are trending up, a better guess might be "fairly close to today's price with an upward bias." Linear regression analysis is the statistical confirmation of these logical assumptions. A Linear Regression trendline is simply a trendline drawn between two points using the least squares fit method. The trendline is displayed in the exact middle of the prices. If you think of this trendline as the "equilibrium" price, any move above or below the trendline indicates overzealous buyers or sellers. A popular method of using the Linear Regression trendline is to construct Linear Regression Channel lines. Developed by Gilbert Raff, the channel is constructed by plotting two parallel, equidistant lines above and below a Linear Regression trendline. The distance between the channel lines to the regression line is the greatest distance that any one closing price is from the regression line. Regression Channels contain price movement, with the bottom channel line providing support and the top channel line providing resistance. Prices may extend outside of the channel for a short period of time. However if prices remain outside the channel for a longer period of time, a reversal in trend may be imminent. A Linear Regression trendline shows where equilibrium exists. Linear Regression Channels show the range prices can be expected to deviate from a Linear Regression trendline. The Time Series Forecast indicator displays the same information as a Linear Regression trendline. Any point along the Time Series Forecast is equal to the ending value of a Linear Regression Trendline. For example, the ending value of a Linear Regression trendline that covers 10 days will have the same value as a 10-day Time Series Forecast.
Date: Thu Feb 5, 2004 9:01 am
Subject: Up Coming Classes.
Interested in any classes go to WWW.wallstreetteachers.com
Chicago, Feb 7th 8th.
NYC ( NJ) Feb. 21, 22.
Las Vegas, Three day Joint Class with Stephen Bigalow, Feb. 27, 28,
29.
Salt Lake City, Mar. 6-7.
Dallas, Mar 13. 14.
Wash DC. Mar. 20, 21
Denver Mar 27-28
Orlando April 3-4
L.A. Mar 10 -11
Date: Thu Feb 5, 2004 11:31 pm
Subject: A Week of CHOP, with a Negative Bias.
The market, DJ-30, closed +24 points Thursday. DJ-30 closed at 10,495 COMPQX up +5 points at 2019
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down for February. The weekly trend for the market is down The daily trend for Friday: Friday's move should breakout of the wedge. My bias is still down. The Dj-30 hourly failed the 50 Sma, multiple times… and the COMPQX failed the 50 min 50 Sma.
First DJ-30 Intra-day target resistance, 10551, , and first support
10,450. COMPQX, at projected support from yesterday, 2018. First resistance
2062. QQQ supports, 36.10, and resistance 36.69.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,400 and 10,272. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Healthe Care Information +6.0% Percent of Sectors Bullish 72% Bearish 28%
Bearish Sectors in Medical Appliances –2.2%
US DOLLAR & GOLD, The USD is now holding the support 85 area, and resistance in the 87-
88 area.. This is the area for our first projected bounce from last fall and it continues to hold, We are at the center of the daily MOBO bands, lower support is 85.50 and above the 20 Sma. a break below would signal another USD move to test the recent lows A snap back up is possible here.
..
GOLD: Gold is at $396.90. Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing move. Gold support is the $400-$394.00 area.
.
Hot Stocks RFMD, SOAP , bounce off the 200 sma POZN, Snap Back set-up. DANKY *, SOAP, bounced off the 50 sma, BDY, bull engulfing, SOAP. (needs to pop the 200 sma.) ETS, Bull engulfing, bounce off the 200, (needs to pop the 50 sma). MOBE , SOAP, target 50 sma. MTMD bull enguilfing back over the 50 sma. Up tomorrow and it is MOBO. TRCI, Bull engulfing SOAP, target $ upper $17
IVAN, needs to take out $3.40, then target 50 sma.
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups: BVSN, bearish candle ready to break the 20 sma. Bullish Patterns: TJX, kicker, and back over the 20 sma.
Bearish Patterns ABC, bearish engulfing pattern, broke and failed.
Education Tip of the Day: Dow Theory - Confirmation Dow split industrial stocks and railroad stocks into two separate averages. His theory requires that movements on one average be confirmed by the other: · A bull market starts when a bull trend on one average is confirmed by the other average commencing a bull trend. · A bear market commences when a bear trend on one average is confirmed by the start of a bear trend on the other average.
1. The Railroad average has declined in significance over the years and the Dow Jones Transport Average is now used. Dow Jones Industrial Average is compared to the Transport Average. The Transport Average fails to confirm the lower High and Low on the Industrial Average. The bull market is intact.
2. The end of the bull market is confirmed by the lower High and Low on the DJTA and a large correction on the DJIA.
3. Higher Highs and Lows on both averages confirms the resumption of the bull market. Volume Increased volume on declines and dull activity on rallies provide additional evidence of an overbought market. Conversely, lack of activity on declines and increased volume during rallies indicate an oversold market. See Volume Patterns for more details. Trend Changes A trend should always be treated as intact until there is a clear signal that the opposite trend has started. Using the Dow It is not an infallible system for beating the market (Rhea). The Dow Theory was created as a leading indicator of the business cycle. It should merely be used to indicate the direction of the primary trend - to be followed when trading individual stocks.
Date: Mon Feb 9, 2004 9:19 am
Subject: MARKET BOUNCE FROM SUPPORT
The market, DJ-30, closed +97 points Friday. DJ-30 closed at 10,593 COMPQX up +5 points at 2064
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down for February. The weekly trend for the market is Up, until upper MOBO is reached
The daily trend for Friday: Friday's move should breakout of the wedge. My bias is still down. The Dj-30 hourly failed the 50 Sma, multiple times… and the COMPQX failed the 50 min 50 Sma.
First DJ-30 Intra-day target resistance, 10643, , and first support
10,447. COMPQX, at projected support from yesterday, 2018. First resistance
2094. QQQ supports, 36.53, and resistance 37.68.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,400 and 10,10.625-30 resistance. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Silver 8.4% Percent of Sectors Bullish 98% Bearish 02%
Bearish Sectors in Long Distance –.64%
US DOLLAR & GOLD, The USD is now holding the support 85 area, and resistance in the 87-
88 area.. This is the area for our first projected bounce from last fall and it continues to hold, Looking for another test of Dollar lows.
GOLD: Gold is at $396.90. Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing move. Gold support is the $400-$394.00 area. And should bounce to upper $415- $420.
.
Hot Stocks RCNC, SOAP , bounce off the 50 sma , watching for MOBO breakout. POZN, Still in our list and going up.
REDF, SOAP, watch for MOBO breakout. DANKY *, SOAP, bounced off the 50 sma, still on list
MOBE , SOAP, target 50 sma. Target the 50 sma. MTMD bull enguilfing back over the 50 sma. Up tomorrow and it is MOBO. TRCI, Bull engulfing SOAP, target $ upper $17
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups: RDWR, bearish engulfing candle ready to break the 200 sma. Bullish Patterns: TJX, kicker, and back over the 20 sma.
Bearish Patterns EPMD, bearish engulfing pattern, broke and failed 50 SMA.
Education Tip of the Day: SPREADS Overview Spreads show the difference in price between two securities. Spreads are normally calculated using options. Interpretation A spread involves buying one security and selling another with the goal of profiting from the narrowing or expanding of the difference between the two securities. For example, you might buy gold and short silver with the expectation that the price of gold will rise faster (or fall more slowly) than the price of silver. You can also spread a single security by buying one contract and selling another. For example, buy an October contract and sell a December contract.
Date: Tue Feb 10, 2004 9:19 am
Subject: Tuesday's Turn to Make a Move.
The market, DJ-30, closed -14 points Friday. DJ-30 closed at 10,579 COMPQX down -3 points at 2060
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down for February. The weekly trend for the market is Up, until upper MOBO is reached
The daily trend for Tuesday: Friday a head fake move? …… so far. . My bias is still down. This requires very selective stock purchases since the markets may not be there to help.
First DJ-30 Intra-day target resistance, 10.617 , and 10643, and first support 10,544, and 10,513. COMPQX, at projected support from yesterday, 2053. First resistance
2077. QQQ supports, 36.97, and resistance 37.48.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,324 and 10,705.. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Security software 8.5% Percent of Sectors Bullish 56% Bearish 44%
Bearish Sectors in Office supplies –2.9%
US DOLLAR & GOLD, The USD is now holding the support 85 area, and resistance in the 87-
88 area.. This is the area for our first projected bounce from last fall and it continues to hold, Looking for another test of Dollar lows.
GOLD: Gold is at $408.70, +$2.20 Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing move. Gold support is the $400-$394.00 area. And should bounce to upper $415- $420.
.
Hot Stocks JACO TLAB, RDC VISG VTIV
Watch list for positive moves after open. FLML SGEN GGAL INTD
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups: GENZ,, bearish engulfing candle ready to break the 20 sma. AND DROP TO THE 50 SMA Bullish Patterns: ASF, Gap up, , and back over the 50 sma.
Bearish Patterns HILL, bearish pattern, failed 200 SMA.
Education Tip of the Day: STOCHASTIC OSCILLATOR Sto.chas.tic (sto kas'tik) adj. 2. Math. designating a process having an infinite progression of jointly distributed random variables. - Webster's New World Dictionary The Stochastic Oscillator compares where a security's price closed relative to its price range over a given time period. The Stochastic Oscillator is displayed as two lines. The main line is called "%K." The second line, called "%D," is a moving average of %K. The %K line is usually displayed as a solid line and the %D line is usually displayed as a dotted line. There are several ways to interpret a Stochastic Oscillator. Three popular methods include:
1. Buy when the Oscillator (either %K or %D) falls below a specific level (e.g., 20) and then rises above that level. Sell when the Oscillator rises above a specific level (e.g., 80) and then falls below that level.
2. Buy when the %K line rises above the %D line and sell when the %K line falls below the %D line.
Look for divergences. For example, where prices are making a series of new highs and the Stochastic Oscillator is failing to surpass its previous highs. Calculation The Stochastic Oscillator has four variables:
1. %K Periods. This is the number of time periods used in the stochastic calculation.
2. %K Slowing Periods. This value controls the internal smoothing of %K. A value of 1 is considered a fast stochastic; a value of 3 is considered a slow stochastic.
3. %D Periods. This is the number of time periods used when calculating a moving average of %K. The moving average is called "%D" and is usually displayed as a dotted line on top of %K.
4. %D Method. The method (i.e., Exponential, Simple, Time Series, Triangular, Variable, or Weighted) that is used to calculate %D.
The formula for %K is:
Date: Wed Feb 11, 2004 9:01 am
Subject: Greenspan Pauses Market Trading
The market, DJ-30, closed +34 points Tuesday DJ-30 closed at 10,613 COMPQX up +15 points at 20750
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down / sideways for February. The weekly trend for the market is Up, until upper MOBO is reached
The daily trend for Wednesday: The market will make most of it's move in the first hour and then wait for Greenspan to speak. COMCAST has mad a bid for DIS, it will move the mkt higher on the open. Any hint of rate increases should again send the markets to the down side.
First DJ-30 Intra-day target resistance, 10.626 , and 10643, and first support 10,550, and 10,531. COMPQX, at projected support from yesterday, 2026. First resistance
2091. QQQ supports, 36.97, and resistance 37.48.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,530 and 9,765. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Manufactured housing 8.5% Percent of Sectors Bullish 82% Bearish 18%
Bearish Sectors in Computer Based Systems –2.0%
US DOLLAR & GOLD, The USD is now holding at 86.00 with the low support of the 85 area, and resistance in the 87- 88 area.. This is the area for our first projected bounce from last fall and it continues to hold, Looking for another test of Dollar lows.
GOLD: Gold is at $406.00, -$2.00 Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing move. Gold support is the $400-$394.00 area. HUI—X is failing the 50 sma again.
.
Hot Stocks PSRC, , MOBO, looking for a breakout of the 20sma. FLML MOBO over the 50 sma, yesterday watch list for positive moves after open. SGEN, Bounce off the 50 sma. yesterday watch list for positive moves after open. HYGS, SOAP , at the 50 sam , needs pop. TLAB,* RDC * CRAY*
Watch list for positive moves after open. TIII, SOAP , target at $2.30
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups: ASF,, bearish kicker candle ready to break the 100 sma. Bullish Patterns: ASF, Gap up, , and back over the 50 sma.
Bearish Patterns SONT, bearish engulfing pattern, failed 200 SMA.
Education Tip of the Day: AVERAGE TRUE RANGE The Average True Range ("ATR") is a measure of volatility. It was introduced by Welles Wilder in his book, New Concepts in Technical Trading Systems, and has since been used as a component of many indicators and trading systems. Wilder has found that high ATR values often occur at market bottoms following a "panic" sell-off. Low Average True Range values are often found during extended sideways periods, such as those found at tops and after consolidation periods. The Average True Range can be interpreted using the same techniques that are used with the other volatility indicators. Refer to the discussion on Standard Deviation for additional information on volatility interpretation.
Date: Wed Feb 11, 2004 10:00 pm
Subject: NYC / NJ CLASS BY D. ELLIOTT
NEW YORK CITY, NEW JERSEY, PENN. ADVANCED EQUITY CLASS.
DATE: FEB 21, 22. EVENT LOCATION : BUCKINGHAM ROOM RAMADA AT THE NEWARK AIRPORT
550 ROUTE 1 SOUTH NEWARK , 07114
973-824-4000 CONTACT: ANDREA BENC
OPEN TO ALL FRIDAY NITE MEETING,(6pm) OTHER USERS HAVE DRINKS AND DINNER SOCIAL EVENT
GO TO : http://www.wallstreetteachers.com to sign up .
I'm not saying that I will make you jump out of your seat and change your religion, but I am saying that you'll be getting so much highly useable, immediately relevant information that you won't even remember we offer a 100% money back guarantee.
If you're considering skipping this event, THINK AGAIN!
What's different about this CLASS, many clases give you a lot of theoretical mumbo jumbo. Often all you hear is a lot of unintelligible psychobabble or worse yet, speakers whose primary goal is to impress you with how brilliant they are.
A lot of seminars give you a lot of theory, BS and vacuous FLUFF. This event will have none of that. Just highly relevant, immediately useable, easy to implement content. No theory, just practical, useable trading materials.
I give you my personal guarantee that this event will be worth your time. You can sit on your hands and do nothing or you can pick up the phone and call NOW to register.
The information you'll get at this event will pay you financial dividends for years to come.
If you want to really learn how to understand the safe market entry points and best exits, then this is the event for you. CALL NOW to reserve a space.
We look forward to seeing you in the next NYC/NJ class.
Date: Thu Feb 12, 2004 8:22 am
Subject: The Morning After ....Greenspan
The market, DJ-30, closed +123 points Wednesday. DJ-30 closed at 10,613 COMPQX up +14 points at 2089.
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down / sideways for February. The weekly trend for the market is Up, until upper MOBO is reached
The daily trend for Thursday: The market will spend time digesting yesterday's non-negative Greenspan chat with Congress. We have several sell flat indicators, not a overwhelming number, but enough to examine any new highs against natural resistance.
First DJ-30 Intra-day target resistance, 10.626 , and 10643, and first support 10,625, and 10,555. COMPQX, at projected support from yesterday, 2072, 2055.. First resistance 2091. QQQ supports, 37.31, 37.20, 37.01, and resistance 38.06.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,530 and 9,765. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Sporting Goods 4.5% Percent of Sectors Bullish 92% Bearish 8%
Bearish Sectors in CaTV –2.20%
US DOLLAR & GOLD, The USD is now breaking down to the low support of the 85 area, with resistance in the 87- 88 area.. This is the area for our first projected bounce from last fall and it continues to hold, Looking for another test of Dollar lows.
GOLD: Gold is at $412.00, -$2.00 Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing accumulation move. Gold support is the $400- $394.00 area. HUI—X made it thru the 50 sma.
.
Hot Stocks ADCT AMIS MTD AMCC IKN DCEL, ADCT GGAL CRNT CXR TYL SGTL
Watch list for positive moves after open. TIII, SOAP , target at $2.30
* Indicates a stock on a prior "Hot Stock" list. SNAP BACKS NETM, down
Bear set-ups: CTCI bearish engulfing candle breaking the 200 sma. Bullish Patterns: MOVI, Bull engulfing and back over the 50 sma.
Bearish Patterns DYNT, bearish engulfing pattern, headed to the 50 SMA.
Education Tip of the Day: ENVELOPES (TRADING BANDS) An envelope is comprised of two moving averages. One moving average is shifted upward and the second moving average is shifted downward. Envelopes define the upper and lower boundaries of a security's normal trading range. A sell signal is generated when the security reaches the upper band whereas a buy signal is generated at the lower band. The optimum percentage shift depends on the volatility of the security--the more volatile, the larger the percentage. The logic behind envelopes is that overzealous buyers and sellers push the price to the extremes (i.e., the upper and lower bands), at which point the prices often stabilize by moving to more realistic levels. This is similar to the interpretation of Bollinger Bands.
Date: Fri Feb 13, 2004 9:25 am
Subject: BOUNCE TARGETS HIT, NOW FOLLOW THRU .... ?
The market, DJ-30, closed -43 points Thursday. DJ-30 closed at 10,694 COMPQX down -164 points at 2073.
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down / sideways for February. The weekly trend for the market is upper MOBO was reached, as well as the Sma 20.
The daily trend for Friday: The market will spend time digesting the Dell earnings. We have several sell flat indicators, not a overwhelming number, but enough to continues the down move from yesterday. Stops will be yesterday's highs. And The low stops, of market sell confirmation, will be Wednesday's lows.
First DJ-30 Intra-day target resistance, 10.746 , and 10643, and first support 10,666, and 10,583. COMPQX, at projected support from yesterday, 2061, 2057.. First resistance 2077, 2085. QQQ supports, 37.35, 37.26, 37.12, and resistance 37.39.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,530 and 9,765. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Regional 2.5% Percent of Sectors Bullish 92% Bearish 8%
Bearish Sectors in CaTV –4.20%
US DOLLAR & GOLD, The USD is now breaking down to the low support of the 84.90 area old losw, with resistance in the 87- 88 area.. This is the area for our first projected bounce from last fall. It looks like this past low breaks now. Looking for another test of Dollar lows.
GOLD: Gold is at $415.30, Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing accumulation move. Gold support is the $400- $394.00 area. HUI—X made it thru the 50 sma. Gold should make the mid $420's again.
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Hot Stocks MGAM AVN AGP ITIG WC GCOM GGAL PCLE TWR IINT
Watch list for positive moves after open. HGR,
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups: HSII bearish engulfing candle breaking the 200 sma. Bullish Patterns: APHT, Bounce at the 50 sma.
Bearish Patterns HOLL, bearish engulfing pattern, headed to the 50 SMA.
Education Tip of the Day: EASE OF MOVEMENT The Ease of Movement indicator shows the relationship between volume and price change. As with Equivolume charting, this indicator shows how much volume is required to move prices. The Ease of Movement indicator was developed Richard W. Arms, Jr., the creator of Equivolume. High Ease of Movement values occur when prices are moving upward on light volume. Low Ease of Movement values occur when prices are moving downward on light volume. If prices are not moving, or if heavy volume is required to move prices, then the indicator will also be near zero. The Ease of Movement indicator produces a buy signal when it crosses above zero, indicating that prices are moving upward more easily; a sell signal is given when the indicator crosses below zero, indicating that prices are moving downward more easily.
Date: Tue Feb 17, 2004 8:58 am
Subject: Options Expiration Week of Volitility
The market, DJ-30, closed -66 points Friday. DJ-30 closed at 10,627 COMPQX down -20 points at 2053.
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down / sideways for February. The weekly trend for the market is upper MOBO was reached, as well as the Sma 20. The current bias is now down until the 50 Sma is reached.
The daily trend for Tuesday: The market will gap up. We should see a close up today.
First DJ-30 Intra-day target resistance, 10.680 , and 10734, and first support 10,605, and 10,571. COMPQX, at projected support from yesterday, 2050, 2040. First resistance 2073, 2087. QQQ supports, 37.29, and resistance 37.39, 37.49, 36.60
.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,530 and 9,765. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Personal Service +1.5% Percent of Sectors Bullish 19% Bearish 81%
Bearish Sectors in Pollution Control –3.50%
US DOLLAR & GOLD, The USD is now breaking down to the low support of the 84.90 area, recent lows, with resistance in the 87- 88 area.. This is the area for our first projected bounce from last fall. It looks like this past low may break now. We got the test of Dollar lows Friday with a good bounce, but testing the low again.
GOLD: Gold is at $415.10, +$5.00 Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing / accumulation move. Gold support is the $400-$394.00 area. HUI—X made it thru the 50 sma. Gold should make the mid $420's again.
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Hot Stocks STG AVN * TWR IINT * HEB CMCO MXO KOOL LTXX IBIS NEOL, wave two breakout and MOBO, "Snap Back".
Watch for the IBM play
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups: ALGN bearish engulfing candle breaking the 20 sma. and heading to the 50 Sma. Bullish Patterns: PHS, Bounce at the 50 sma.
Bearish Patterns WEBX bearish engulfing pattern, headed to the 20 SMA ACDO, bearish engulfing pattern, headed to the 50 SMA. FAST, Failing the 20 and 50 Sma.
Education Tip of the Day: CORRELATION ANALYSIS Overview Correlation analysis measures the relationship between two items, for example, a security's price and an indicator. The resulting value (called the "correlation coefficient") shows if changes in one item (e.g., an indicator) will result in changes in the other item (e.g., the security's price). Interpretation When comparing the correlation between two items, one item is called the "dependent" item and the other the "independent" item. The goal is to see if a change in the independent item (which is usually an indicator) will result in a change in the dependent item (usually a security's price). This information helps you understand an indicator's predictive abilities. The correlation coefficient can range between 1.0 (plus or minus one). A coefficient of +1.0, a "perfect positive correlation," means that changes in the independent item will result in an identical change in the dependent item (e.g., a change in the indicator will result in an identical change in the security's price). A coefficient of -1.0, a "perfect negative correlation," means that changes in the independent item will result in an identical change in the dependent item, but the change will be in the opposite direction. A coefficient of zero means there is no relationship between the two items and that a change in the independent item will have no effect in the dependent item. A low correlation coefficient (e.g., less than 0.10) suggests that the relationship between two items is weak or non-existent. A high correlation coefficient (i.e., closer to plus or minus one) indicates that the dependent variable (e.g., the security's price) will usually change when the independent variable (e.g., an indicator) changes. The direction of the dependent variable's change depends on the sign of the coefficient. If the coefficient is a positive number, then the dependent variable will move in the same direction as the independent variable; if the coefficient is negative, then the dependent variable will move in the opposite direction of the independent variable. You can use correlation analysis in two basic ways: to determine the predictive ability of an indicator and to determine the correlation between two securities. When comparing the correlation between an indicator and a security's price, a high positive coefficient (e.g., move then +0.70) tells you that a change in the indicator will usually predict a change in the security's price. A high negative correlation (e.g., less than -
0.70) tells you that when the indicator changes, the security's price will usually move in the opposite direction. Remember, a low (e.g., close to zero) coefficient indicates that the relationship between the security's price and the indicator is not significant. Correlation analysis is also valuable in gauging the relationship between two securities. Often, one security's price "leads" or predicts the price of another security. For example, the correlation coefficient of gold versus the dollar shows a strong negative relationship. This means that an increase in the dollar usually predicts a decrease in the price of gold.
Date: Wed Feb 18, 2004 9:25 am
Subject: More Upside ...Watch the DJ-20
The market, DJ-30, closed +87 points Tuesday. DJ-30 closed at 10,714 COMPQX up +26 points at 2080.
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down / sideways for February. The weekly trend for the market is upper MOBO was reached, as well as the Sma 20. We will see today if it can take out those resistance levels on the close
The daily trend for Wednesday: The market will be up in the morning. We should see selling pressure later in the day.
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First DJ-30 Intra-day target resistance, 10.734 , and 10750, and first support 10,683, and 10,637. COMPQX, at projected support from yesterday, 2071, 2068. First resistance 2088, 2087. QQQ supports, 37.24, 37.11, and resistance 37.61
.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,530 and 9,765. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Silver +6.10 Percent of Sectors Bullish 94% Bearish 6 %
Bearish Sectors in Consumer Services –3.8%
US DOLLAR & GOLD, The USD is now breaking down to the low support of the 84.90 area, recent lows, with resistance in the 87- 88 area.. This is the area for our first projected bounce from last fall. It looks like this past low may break now. We got the test of Dollar lows Friday with a good bounce, but testing the low again Tuesday.
GOLD: Gold is at $414.10, -$1.00 Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold is now in a basing / accumulation move. Gold support is the $400-$394.00 area. HUI—X made it thru the 50 sma. Gold should make the mid $420's again.
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Hot Stocks
UTEK SOAP, target the 50 sma TEKC Kicker , going to the 50 sma. NUVO third day bounce off the 20 sma, template SOAP RMBS, will give SOAP buy on any up move ALSC bouncing off the 50 Sma, and snap back. MSFT Target the 50 sma and higher. INTC, Harami, JCOM Snap back up candicate. ANSR Snap back up candicate. KEA MOBO breakout. Needs to take out the 50 sma MANT, Bull Engulfing, Needs to take out the 20 sma DIGE MOBO, Needs to take out the 50 sma CPW , MOBO, took out the 20 sma DJO MOBO Needs to take out the 20 sma RNWK Big Kicker, support at the 200 sma. ASML Kicker, MOBO, Snap Back breakout. NSANY MOBO , Needs to take out the 20 sma ICCI, SOAP, Needs to take out the 50 sma AVID Kicker, needs to toke out the 200 sma.
LESS THAT $5 LSBC, wave two breakout and MOBO, "Snap Back". CTCH, MOBO breakout. CHTR MOBO breakout
Watch for the IBM play
* Indicates a stock on a prior "Hot Stock" list.
Bearish Patterns WEBX bearish engulfing pattern, headed to the 20 SMA
Education Tip of the Day: PRICE RATE-OF-CHANGE The Price Rate-of-Change ("ROC") indicator displays the difference between the current price and the price x-time periods ago. The difference can be displayed in either points or as a percentage. The Momentum indicator displays the same information, but expresses it as a ratio. It is a well recognized phenomenon that security prices surge ahead and retract in a cyclical wave-like motion. This cyclical action is the result of the changing expectations as bulls and bears struggle to control prices. The ROC displays the wave-like motion in an oscillator format by measuring the amount that prices have changed over a given time period. As prices increase, the ROC rises; as prices fall, the ROC falls. The greater the change in prices, the greater the change in the ROC. The time period used to calculate the ROC may range from 1-day (which results in a volatile chart showing the daily price change) to 200-days (or longer). The most popular time periods are the 12- and 25-day ROC for short to intermediate-term trading. These time periods were popularized by Gerald Appel and Fred Hitschler in their book, Stock Market Trading Systems. The 12-day ROC is an excellent short- to intermediate-term overbought/oversold indicator. The higher the ROC, the more overbought the security; the lower the ROC, the more likely a rally. However, as with all overbought/over-sold indicators, it is prudent to wait for the market to begin to correct (i.e., turn up or down) before placing your trade. A market that appears overbought may remain overbought for some time. In fact, extremely overbought/oversold readings usually imply a continuation of the current trend. The 12-day ROC tends to be very cyclical, oscillating back and forth in a fairly regular cycle. Often, price changes can be anticipated by studying the previous cycles of the ROC and relating the previous cycles to the current market.
Date: Thu Feb 19, 2004 11:06 pm
Subject: Hard drive Crashes with mkts.
Sorry for the leack of a new letter this morning. We had a hard drive crash on the PC that i publish on .
For those with TCNET you got the word of a major down day for Thursday in the live chat Wednesday nite and Thursday morning.
If you have not tried it .... try it. Will be worth more than you think.
We should be fully functional by Monday morning with the template and news letter.
Friday does not look like a disaster like today. A possible bounce close up inside Thursday's down candle.
But, the trend is established and continues down from Jan's highs.
Please check our web site for free classes held around the country, as well as paying classes.
We will be in Miami at the U.M. teaching to a graduate class. We have space for
20 that are interested. Call the office.
Denver on the 6th of March is also free.
And several others.
Happy expiration day!
Date: Fri Feb 20, 2004 6:33 am
Subject: Options Expiration Relief
DJ-30 -7 COMPQX -30 (1.5%)
Thursday saw our "Gap and Crap" projection in the tech sector and for all indexes.
Friday is projected to be and inside day close, ie, inside yesterday's down candle.
Our hard drive issues should be resolved by Monday, sorry for any inconvenience. We still have one or two seats avaliable for thsi Sat and Sun. Advanced Class in Newark, NJ. See www.wallstreetteachers.com for details.
Date: Mon Feb 23, 2004 9:16 am
Subject: DANCING ON THE 50 SMA.
The market, DJ-30, closed -45 points Friday. DJ-30 closed at 10,619 COMPQX down -8 points at 2037.
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down / sideways for February. The weekly trend for the market is upper MOBO was reached, as well as the Sma 20. The current bias is now down until the 50 Sma is reached. WE should now in next day or so break the 50 sma on the QQQ as other indexes fail to stay above it.
The daily trend for Monday: The market is showing several up FLATS. We should see a close up today. My mkt bias is still negative.
First DJ-30 Intra-day target resistance, 10.680 , and first support
10,591. Breaking this number gices a MOBO, LR-30, 20 lower band sell signal.
QQQ supports, 36.33, and resistance 37.14, 37.34, 37.57.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,591 and 10,452. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Dairy Products+1.5% Percent of Sectors Bullish Bearish
Bearish Sectors Copper -3.0
US DOLLAR & GOLD, The USD is now broken out thru the 50 Sma area, with an pullback to the 50 sma as support.
GOLD:
Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold will be under pressure until a new move down by the USD
Hot Stocks CTXS BEAS, CAUTION ON ALL TRADES THIS WEEK , WE ARE A 50 SMA FAILURE POINTS FOR MANY INDEXES.
Watch for the IBM play
* Indicates a stock on a prior "Hot Stock" list.
Bear set-ups:
Bullish Patterns:
Bearish Patterns
Education Tip of the Day:
Date: Wed Feb 25, 2004 12:43 am
Subject: BOUNCE TIME
The market, DJ-30, closed -43 points Tuesday. DJ-30 closed at 10,566 COMPQX down -2 points at 2005.
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down for February. The weekly trend for the market is upper MOBO was reached, as well as the Sma 20. The current bias is now down until the 50 Sma is reached. WE did break the 50 sma on the QQQ as other indexes fail to stay above it.
The daily trend for Wednesday: The market is showing several up FLATS. We should see a close up today. My intermediate mkt bias is still negative.
First DJ-30 Intra-day target resistance, 10,596, 10.609-15 ,
10,627, 10,653 and first support
10,525. QQQ supports, 36.11, and resistance 36.53, 36.92, 37.03, 37.57.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,479. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Silver +4.9% Percent of Sectors Bullish 40% Bearish 60%
Bearish Sectors Long Term Care –5.9
US DOLLAR & GOLD, The USD is now broken out thru the 50 Sma area, with an pullback to the 50 sma and MOBO as support.
GOLD:
Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold will be under pressure until a new move down by the USD. Silver on the other hand is looking hot.
Hot Stocks ASMI, Bull Engulfing off the 50 sma, watch for price confirmation. CSE, Bull engulfing off the 50 sma, JNJ, noted Tuesday in AM, Kicker, target over the 500 sma. HD, Template SOAP, bounce off the 50 sma, stops under 50 sma. NVEC, bull Engulfing, target the 50 sma. ATSN, Bull engulfing off the 50 sma, watch price on open. ADVS, Bull engulfing, Target the 50 sma. ADS , Bull engulfing off the 50 sma. TSCO, Bull engulfing off the 50 sma. BCE Bull engulfing, target the 50 sma
LESS than $5.00 CBIZ GENR, Bull engulfing bouncing off the 50 sma..
* Indicates a stock on a prior "Hot Stock" list.
"Snap Backs" UP. SSNC
Bearish Patterns NFLD SNG
Education Tip of the Day: Linear Regression Definition: Linear regression is a statistical tool used for forecasting future price. The concept behind linear regression is to find the best estimate of the trend given a noisy sample of data points. It is calculated by using the "Least Squares" method over a given period, which is drawn as a trendline extending through the defined period that attempts to filter out market noise. In IQ Chart, you can add a Linear Regression Channel, which forms lines above and below the linear regression to help identify support and resistance. LR Channel can be added by clicking "Utilities" "Parameters" and selecting "LR Channel" in the resulting pop-up window. The default LR Channel is one standard deviation above and below the linear regression. Interpretation: There are two conventional interpretations for the linear regression line. The first interpretation is to use the linear regression as the overall trendline for that given period. If the line is positive, it may suggest a buying opportunity, whereas a turn downwards suggests one may consider selling the stock. Price divergences below the line indicate a possible buying opportunity, for the market is oversold, while divergences above the line indicate the market is potentially overbought. Linear regression will work best when the period being studied is similar to the cycle length or typical trend length of the security in question. A second interpretation is to construct a linear regression channel, consisting of two parallel lines at fixed distances above and below the linear regression line. These lines can be used as support and resistance lines, which are used to watch the battle between buyers and sellers. Support and resistance lines are drawn as the upper and lower limits of a trading range, whereby the support line is the bottom line, and is the point at which "bulls" will not let the price fall below, and the resistance line is the top line, the point above which the "bears" will not let the price rise above. Conventionally, a breakout above resistance or below support indicates that there is either a) some news about the company which justifies recreating the upper and lower trading limits or b) there is about to be a correction towards the range as trader's are hesitant about the stock's new value. Using the Linear Regression Channel can assist in finding support and resistance levels from the Linear Regression.
Date: Thu Feb 26, 2004 8:57 am
Subject: Bounce Over, Continued M.A.P.
The market, DJ-30, closed +35 points Wednesday. DJ-30 closed at 10,601 COMPQX up +17 points at 2022.
Sentiment: Longer term Bullish Market with sector rotation..
Current Outlook: The monthly trend for the market is Down for February. WE are in a classic M.A. P. pattern. WE did break the 50 sma on the QQQ as other indexes fail to stay above it.
The daily trend for Thursday: The market is showing several SELL FLATS. We should see a close DOWN today. My intermediate mkt bias is still negative.
First DJ-30 Intra-day target resistance, 10.609-15 , and first support
10,589, 10,561, 10521. QQQ supports, 36.53, 36.45,.
Big Picture: For the intra-day moves for the DJ-30 look at it's 30 and 60 minute MOBO's. The first major DJ-30 support is now 10,479. The 1000 sma. remains in tact for the DJ-30 I continue to like to see 10,000 hold for any big dip low.
Sector/Industry Spotlight:
Bullish Sectors Computers Wholesale. +6.7% Percent of Sectors Bullish 81% Bearish 19%
Bearish Sectors Education Training –5.5%
US DOLLAR & GOLD, The USD is now broken out thru the 50 Sma area, with an pullback to the 50 sma and MOBO as support. A move over 87.60 will accelerate the short covering, with a continued move up.
GOLD:
Gold hit the $428.+ levels, a top a couple of weeks ago. This continues to still look like a top for a while. Gold will be under pressure until a new move down by the USD. Until the USD takes out the 86.00 levels Gold will be under selling pressure.
Hot Stocks MVL Bull Engulfing, bounce back over the 50 sma. CCBL, Bull Engulfing, bounce back over the 50 sma. TKLC Bull Engulfing, bounce back over the 50 sma.
LESS than $5.00
* Indicates a stock on a prior "Hot Stock" list.
