Technical Analysis
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- S&P 500 Warning
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OK, so you now know why I’m bearish on the Dow (double top at 200 day moving average) and if you read my last post on the NASDAQ you know I’m bearish there as well, but now it’s time to look at the S&P.
Above is a 1 year chart of the S&P500 and in the lower pane is the put/call ratio which I smoothed with a 3 day moving average.
As you can see over the past year, when the put/call ratio gets…
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25 May, 2008| Technical Analisis |
Comments (0) @ 19:38
- NASDAQ Bear Showing Its Face
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As you know I’ve been cautious to bearish on the Dow, but now I’m beginning to see bearish signs in the NASDAQ as well.
Above is a weekly chart of QQQQ better known as the Q’s and below that is VXN which is the volatility index for the NASDAQ. You’ll notice that the Q’s just put in a weekly bearish engulfment pattern. For those of you who are not familiar with candlestick charts a bearish…
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25 May, 2008| Technical Analisis |
Comments (0) @ 19:00
- Photo Album: #1 rated EW blog worldwide
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#1 rated EW blog worldwideGold bull…
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25 May, 2008| Technical Analisis |
Comments (0) @ 17:16
- Downside Objective For The Dow
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If you read my last post, you would know that I was turning cautious on the dow based on several reasons one of which was a double top formation. Since that post which was only a few days ago, the dow has fallen and is now approaching my downside objective of 12300….
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24 May, 2008| Technical Analisis |
Comments (0) @ 10:57
- ZAXSCDVFGB7N8H9MJU0I,K-OL.]\]
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Some of you may remember my rant about my horrible experience with BestBuy, Gateway and HP. I was transitioning from a regular career to trading for a living. I thought I would be better prepared going into the market with the best trading software and a really pimped out machine to get the job done. I’ve been using TeleChart for years. B…
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24 May, 2008| Technical Analisis |
Comments (0) @ 8:12
- The Path Of Least Resistance Is Down - Sell OTM Call Spreads
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This has been an interesting week for the market. Monday, the market easily ran up to a major resistance level at SPY 144. That is a five-year up trend line that was broken in January, the 200-day moving average and a horizontal resistance level that dates back over a year. By late afternoon, sellers took profits and Monday’s breakout attempt failed. That reversal paved the way for weakness the rest of the week. Tuesday morning, the PPI came in hotter than expected and the market quickly pulled back from the resistance level. Wednesday, dismal retail results and higher oil prices put …
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23 May, 2008| Technical Analisis |
Comments (0) @ 13:41
- Bounce Finally?
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The market is certainly not giving strong indications of a bounce, but there are some indications. A bounce before the long holiday weekend when traders are presumably selling, not buying, certainly makes no sense to me. However, there are indications of a bounce brewing. Dave from Trading-to-Win suggested that it is in anticipation of a “post holiday oil sell-off”. I don’t have any better reasons so, that makes some sense to me.In any case, I’ll be clearing out the rest of my long positions and shorting and buying puts. The Ascending Wedge that I’ve been talking about (see last 5 or 6 posts) suggests a downside target of the start of the base, which will bring us damn close to making new lows, which I’m expecting as well….
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23 May, 2008| Technical Analisis |
Comments (0) @ 7:22
- Playing the Penny Stock
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Its been a while since ive traded any penny stocks that are sitting below .50 /share. But this chart looks fairly appealing to me for a possible short term trade with a smaller position […]…
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22 May, 2008| Technical Analisis |
Comments (0) @ 17:02
- “I’m Reading A Course By Bernie Schaeffer. Is it a Waste of Time?”
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I am reading Bernie Schaeffers course on 10 Days to Succesful Options Trading. Am on the right path? Is he reputable, or am I wasting my time?
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22 May, 2008| Technical Analisis |
Comments (0) @ 13:28
- Lower Oil Is Supporting The Market Today - If That Changes - Sell Call Spreads.
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The table was set for yesterday’s decline two weeks ago. As the market tried to push through resistance, we saw a dramatic one-day decline were the S&P 500 futures dropped 30 points. I’ve been referencing that event for the last two weeks because it signaled trouble. Huge down days that have come after a relative high have been a warning sign. I was surprised to see how quickly the market recovered from that dip in the face of higher oil prices and weak economic news. When the market rallied up to major resistance at SPY 144 on Monday, it did so …
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22 May, 2008| Technical Analisis |
Comments (0) @ 13:19
- Jockeying For Positions
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I sold my SKF position, put a trailing stop of 1% on my SRS and I’ll hold DUG. I think that little bounce I mentioned the other day, is taking shape. I bought some cheap calls this am, including a few (some yesterday too) in CHINA which got slammed today….
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22 May, 2008| Technical Analisis |
Comments (0) @ 9:49
- Dykstra: Doubleplay With GE and Sanofi
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Today’s trades offer opportunity to get top-notch companies at bargain-basement prices.
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22 May, 2008| Technical Analisis |
Comments (0) @ 5:37
- Technical Analysis Day Trading Setups: 5/21/08
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???? made a great looking breakout to the upside today on increased volume busting through short term resistance. As this company plays a part in alternative wind energy this has some sector momentum […]…
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21 May, 2008| Technical Analisis |
Comments (0) @ 18:30
- Option Trading Will Quiet Down Ahead of the Holiday! Here’s A Strategy.
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Monday, the market ran up to a major resistance level at SPY 144. To my surprise, it did so with ease. By late afternoon, sellers took profits and demonstrated that it would take a concerted effort to push through that level. That afternoon reversal paved the way for weakness yesterday. Before the open, the PPI was released. The headline number came in better than expected; however, the core rate rose faster than expected. This would imply that food and energy prices have declined in the last month and we know that’s not the case. These numbers are seasonally adjusted and the …
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21 May, 2008| Technical Analisis |
Comments (0) @ 13:57
- One last thought…
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Watch out for CHINA Wed. It’s pulling out of an intraday descending wedge which suggests an upside target of at least… Well, I’m not really sure, but I think $3.80 gets taken out pretty easily….
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20 May, 2008| Technical Analisis |
Comments (0) @ 21:27
- Coming Around…
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Well here I am, another installment of my thoughts in this dark little corner of the blogosphere and are we hitting them out of the park or what? The ascending wedge noted 4 or 5 posts back, in the broader market, has finally seen its little blow-off move that I’ve been talking about and now we have a decisive break below that wedge’s channel. Tomorrow (Wed) I expect to see a little recovery attempt, maybe just the morning, maybe the entire day, but it looks like a last chance to unload some longs and get the shorts out. I’m thinking we’ll see a new low for the year before this is over….
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20 May, 2008| Technical Analisis |
Comments (0) @ 21:13
- Technical Analysis Of The Dow
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I just wanted to post a few technical comments about the Dow Jones Industrial Average.
In the above chart of the dow, notice the double top formation that has taken place at the 200 day moving average. I consider that very significant and am now turning cautious on the dow.
The fact that the dow closed below its trend line is also of significance and in my opinion suggests that stocks may…
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20 May, 2008| Technical Analisis |
Comments (0) @ 18:01
- The Market Will Drift Lower Into the Bell - Sell OTM Call Spreads!
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Yesterday, the market staged an impressive rally and it rose above SPY 144. There wasn’t any major news to justify the move. Talks between Yahoo and Microsoft continued to fuel takeover speculation. The LEI came at as expected and a positive tone was set for yesterday’s opening. As the afternoon wore on, sellers started to take profits at a major resistance level. SPY 144 represents a 200-day moving average, one-year horizontal support and the five-year up trendline that was breached in January. These technical indicators are converging at the 144 level. I was surprised to see how easily the market was …
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20 May, 2008| Technical Analisis |
Comments (0) @ 13:53
- Options Plays Heat Up for Summer
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Volatility is dropping, and the living is easy. Joe Kinahan, option strategist at Thinkorswim.com, says the summer is a great time for investors to pocket premiums and relax at the beach.
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20 May, 2008| Technical Analisis |
Comments (0) @ 13:05
- Dykstra’s Deep-in-the-Money Call: Citigroup
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The bank appears to have found a bottom and it has a plan to get its profits back in line.
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20 May, 2008| Technical Analisis |
Comments (0) @ 6:13