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Good 2cu, Market traded as anticipated in narrow range closing near to the resistance.
Let's see what Alcoa earning says, but as noted, it is trading at double top resistance, so earning needs to be strong to break above the resistance.
For the volume action which you are referring to, something needs to trigger the breakout, but filling the gap is not a big huddle.
Having said that, because the current level is a resistance which also happens to be the gap areas, market is taking a longer time to show its move.
The significance is breaking above the TL resistance... if and when that happens, we will see more volume.
Regardless, I think that we will see higher volume during OE week which is the next week.
Good trades..... ALL & Enjoy!
Yes, knowing the stocks which we trade also help such as AMAT usually trends even though it recently consolidated with the sym triangle formation.
So, keep cool, calm and collected.
AMD is a disappointment as ususally, tanking to where sun don't shine while INTC is flying with no good reason, of course, with manufactured reasons.
Will have better days.
MSFT is tanking to my consolidation target.
Retracing Intraday breakout support to 28.10 +/- S
INTC is powering up unfortunately along with AMAT while AMD is still being shorted. The one day AMD short-squeeze didn't last long, so far. Like to see AMD reversing with the RESTRUCTURING NEWS!
AMAT usually trends.
YHOO babe will be good with new platform during 2007, at least, that is what WS is expecting. In addition, internet commerce and community is ever growing as we know more Chinese and India will be online.
GOOG has its good points, but is under mild pressure because of perceived, youtube acquisition flop.
As noted, EBAY, AMZN and YHOO are at resistances, so POP, will prompt those to fly... Of course, flop will be showing a failure to break above the resistances.
Good trades
YHOO, GOOG & A/D is positive at the moment. VIX is still holding above support going into earning season; thus likely see higher VIX.
Issues NYSE Nasdaq
Advancing 1,829 1,710
Declining 1,022 976
Unchanged 217 156
Total 3,068 2,842
Ratio
Advancers
to Decliners 1.79 1.75
YHOO & GOOG, EBAY: Good to see these internet stocks are trading higher.
Qs & SPX: anticipating another narrow range trading before Alcoa earning report in AH. Qs trading near to 44.75 +/- resistance, yesterday HOD.
AA is trading with double top resistance, so will see how market will react to earning report in AH.
Asian Bull market, China made a new high 3444, nearing the next target of 3500.
$KOSPI and $NIKK are comparatively lagging to $SSEC performance.
blasher - sent you emails.
Good trades, ALL
Anyone - Internet love???
YHOO, EBAY, and AMZN are consolidating at the resistances shown on daily charts.
BREAKING DOUBLE/TRIPLE TOP FORMATIONS???
YHOO shows a double top formation; however, price projection shows higher, but Sept 2005 resistance is prohibiting further advancement. The resistance is reflected on the neg. divergence on daily.
AMZN is showing a falling hammer with a double top formation.
EBAY - a triple top formation
Of course, we are waiting for earning reports.
Let's see some action on internet land.....
YHOO, EBAY, and AMZN are consolidating at the resistances shown on daily charts.
BREAKING DOUBLE/TRIPLE TOP FORMATIONS???
YHOO shows a double top formation; however, price projection shows higher, but Sept 2005 resistance is prohibiting further advancement. The resistance is reflected on the neg. divergence on daily.
AMZN is showing a falling hammer with a double top formation.
EBAY - a triple top formation
Of course, we are waiting for earning reports.
Let's see some action on internet land.....
AMAT is upgraded and it is trading above sym triangle TL resistance in premarket.
Helping the chip bounce which we have seen yesterday. We certainly need more solar chips!
Chips! Certainly like to see more love for chip land, powering up and coming alive from the chip pits.
AMD trading above 13.80 is certainly a good news. When its time comes, AMD will be flying.
For INTC, let's see whether it powers up above 20.35, closing above resistance, 20, is certainly positive.
$SOX-SMH break above 7mo TR and 7 TL
Let see what could make $SOX coming out of the $SOX dull drum beat...
Market consolidated in a narrow range after fading the morning gap, as noted on Friday comment, and traded in light volume. It retrieved from the resistances as shown on 60m charts. Intraday price actions are still showing negative divergences which need to be worked out.
SPX traded to SPX 1448 and Qs to 44.75 as the intraday highs closing the Qs gap; however, Nasdaq intraday high, 1478.68 is minor congest resistance, filling half of the Feb gap.
Qs 44.75 and Nasdaq 1478.68 intra highs are weekly TL resistances.
Price formations, falling hammers, on DOW and SPX, signaling a caution for vst pull back; also, selling into close is signaling a caution.
Market action wasn't as strong as I anticipated as we saw that market was trading in low volume.
We have Alcoa earning report tomorrow, so the AA earning report could be a catalyst for market to generate more volume actions.
DELL is broken out of down TL.
MOT is trading in a tight range for more than 2 weeks which will be showing a strong move soon.
XLU has broken out to new high.
INTC closed above resistance.
AMD closed below resistance.
As noted earlier, INTC/AMD bounces will stimulate $SOX/SMH rebound from 7mo TR and 7yr TL.
blasher - sent you an email.
Good luck to ALL
OIL May 07 contract is trading at 61.51 +/- after trading near to 67 +/- which is a strong IT resistance. Oil is volatile.
Commented on OIH a few days ago that it is trading at resistance with a triple top formation, so take a profit.
As for market having light volume day, it is waiting for earning reports since at this juncture there is no reason to jump ahead of earning season at the resistances.
OIL is down almost $2 and USO is trending down after trading near to $55 +/- target area. However, XLE making new intraday high.
We have very light volumes which seem to be waiting for earning reports.
So far, this consolidation at the resistance is normal.
Certainly good idea with being cash or trading in vst until we see directional breakouts.
AMD bounced to 13.60 +/- intraday downtrend resistance. Breaking above 13.60 +/- is a strong initial reversal signal.
INTC is trading above the 20 resistance.
JT, Right about "Emotional Intelligence" is absolutely necessary with dealing markets. We briefly discussed that it is not a good sign to see an emotional outburst, even though it could be a change of pace when we see those once in a while without going out of control.
DOW is showing low volume, but I expect that volumes will be up with earning reports which we will see soon.
Alcoa reports tomorrow.
http://biz.yahoo.com/research/earncal/a/aa.html
What's your opinion on AMD/INTC actions today?
http://www.investorshub.com/boards/read_msg.asp?message_id=18579354
With the restructuring news, it seems that it is having a short-squeeze.
AMD 13.52 0.66 5.12% 0.88% 35,041,433
INTC 20.15 0.57 2.91% 1.36% 52,083,007
TXN 30.92 0.10 0.32% 0.06% 4,460,198
NSM 24.79 0.07 0.28% -0.44% 2,409,900
IFX 15.65 0.01 0.06% 0.00% 387,400
LLTC 31.94 -0.06 -0.19% -0.22% 1,244,103
XLNX 25.93 -0.10 -0.38% -0.08% 1,921,406
AMAT 18.61 -0.07 -0.37% -0.59% 8,388,738
TER 17.00 -0.09 -0.53% -0.58% 2,782,000
ALTR 20.30 -0.15 -0.73% -0.44% 1,491,948
MRVL(E) 17.06 -0.12 -0.71% -1.52% 2,732,936
BRCM 32.67 -0.31 -0.94% -1.18% 4,221,372
MXIM(E) 29.37 -0.33 -1.11% -0.91% 2,418,431
KLAC 55.12 -0.73 -1.31% -1.22% 1,819,349
NVLS 32.65 -0.45 -1.36% -1.24% 1,167,784
MU 11.29 -0.22 -1.91% -1.83% 14,734,400
VOLUMES
Yes, as expected the seasonality is the well-known definition which you are employing for your stock selection with your style.
Remember that the seasonality didn't work out during Jun-Jul 2006 bottom for major markets as I predicted that the seasonality would not play out at that time, as well as for Oct 2006 low when many were expecting a sell-off.
But in general, seasonality and statistics are useful.
For today, we had enough discussion on the subject since I have 15 posts per day and we don't want to fill this board with your commercial. pun
Thanks for explanation.
Good trades
ADDENDUM: Be careful that you do not mix "holiday" with "seasonality". blasher, I do not think so, of course!
~~~
Posted by: __1Best__
In reply to: blasher who wrote msg# 147
Date:4/9/2007 10:56:22 AM
Post #of 153
$SOX/SMH are also much focused sector and ETF as we know. Since the Jul 2006 comments on cyclical turn up and bottom call which I posted on CS, it came off my radar because it was trading in a trading range.
But now, as I noted the 7yr TL and 7yr Trading range about to break, it is worthwhile to pay attention.
I guess that you are not going into full details of how you define "Seasonality" for your trading/stock selection. Knowing that you are a programmer/EE - a close friend went school with me with master in EE, then to HP years ago - you would have different approach than others.
I am aware of seasonality of sectors and other various cyclical rotation, but if you will, a detailed explanation would be nice. Of course, if it is proprietary which is, you do not want to go into full explanation, but again would be good for readers if you give some ideas which are useful.
Nice call on PALM.
AMD is powering up on restructuring news as I alerted earlier. It seems having short-squeeze.
Expected Gap-fade at the resistance as noted.
The two gaps which you are referring to are "Minor Gaps" which I will comment on sometime. Certainly we had different trading environment lately with morning gap ups.
So far, volumes are light, so, I would be cautious as well, though.
Good trades
~~~
http://www.investorshub.com/boards/read_msg.asp?message_id=18572075
Posted by: __1Best__
In reply to: Jamestown who wrote msg# 131
Date:4/8/2007 7:15:55 PM
Post #of 150
SOX PF signal is showing on the $SOX/SMH TL as posted, thanks.
The charts which I posted, I will link the charts to my web page and on the board front page, so that you can also check since you know my comment style.
Futures are certainly positive at the moment, +4 / +7.75. Will see whether it will hold until market open tomorrow morning, but I am sure that traders will be ready to fade "Gap-up". The potential Gap-up will likely be at the resistance TL shown on the 60m charts, Qs & SPX.
$SOX/SMH are also much focused sector and ETF as we know. Since the Jul 2006 comments on cyclical turn up and bottom call which I posted on CS, it came off my radar because it was trading in a trading range.
But now, as I noted the 7yr TL and 7yr Trading range about to break, it is worthwhile to pay attention.
I guess that you are not going into full details of how you define "Seasonality" for your trading/stock selection. Knowing that you are a programmer/EE - a close friend went school with me with master in EE, then to HP years ago - you would have different approach than others.
I am aware of seasonality of sectors and other various cyclical rotation, but if you will, a detailed explanation would be nice. Of course, if it is proprietary which is, you do not want to go into full explanation, but again would be good for readers if you give some ideas which are useful.
Nice call on PALM.
AMD is powering up on restructuring news as I alerted earlier. It seems having short-squeeze.
Thanks Blasher, Please let us know about Seasonality, if you would like to.
For $SOX - SMH:
If we see AMD/INTC/MU price action bounce from the recent slump with an anticipation of chip bounce with cap spending, we will certainly see $SOX/SMH to upside.
AMD makes a strategic move by lowering price.
AMD spasm in premarket with a news.
It is trading in a wide range in PM.
http://www.xbitlabs.com/news/cpu/display/20070409043949.html
CPU Price-War Rages On: AMD Lowers Microprocessor Prices.
AMD Improves Price-Performance Ratio of Its Chips
Category: CPU
by Anton Shilov
[ 04/09/2007 | 04:41 AM ]
Advanced Micro Devices on Monday officially reduced prices of its desktop microprocessors, making dual-core chips available at less than $100 price-points and reducing the price of its top-of-the-range offerings from $999 to $799. The price-cut may boost interest towards AMD’s microprocessors, but the fierce price war with Intel reduces both chipmakers’ profits.
The furious competition from Intel’s Extreme processor series has forced AMD to start selling two Athlon 64 FX microprocessors for $999, the price-point of one former top-of-the-range offering, and now the firm had to reduce the price-tag on its fastest desktop solution that consists of two AMD Athlon 64 FX-74 chips by 20% to $799. In addition, AMD removed AMD Athlon 64 FX-70 and FX-62 central processing units from its price-list, leaving only two processor bundles – FX-72 and FX-74 – in the family.
AMD’s dual-core Athlon 64 X2 family also faced significant price slashes from 23% to 48%, making the fastest desktop processor from the company – AMD Athlon 64 X2 6000+ – to cost $241. The least expensive dual-core chips from AMD – Athlon 64 X2 4000+, X2 3800+ and X2 3600+ – now cost $104, $83 and $72 in 1000-unit quantities, making two processing engines from AMD available in value segment.
The family of single-core processors from Advanced Micro Devices also became tangibly more affordable after the price-slash. The most advanced single-core chip, Athlon 64 4000+, by AMD now costs $92, whereas the cheapest, Sempron 3000+, is available at $31 in 1000-unit quantities.
At the new price-points price-performance ratio of AMD Athlon 64 X2 processors looks better, in some cases, when compared to Intel Core 2 Duo. Considering that in a lot of cases mainboards for AMD’s chips are sold at lower price-points compared to similar motherboards for Intel’s central processing units, AMD’s Athlon 64 X2 lineup may gain additional popularity primarily among system integrators.
PALM formed double top, as you noted. It is also competing with Sandisk.
It closed at intraday support with Resistance 18.08 +/-.
Measured Target is 16.50+/-.
Good call and good luck
Thanks, blasher... and,
You are doing nice job with stock selection as well. Please alert us with your specialties.
Any good tips on B.L.A.S.H.I.N.G. land?
God bless!
GOOG is up to 473 in premarket and YHOO has a good news with sandisk which I like.
Yahoo to provide music services for Sandisk player
Reuters
Published: Monday, April 09, 2007
NEW YORK — Flash memory maker Sandisk Corp. SNDK.O said on Monday that Yahoo Inc. YHOO.O would provide music services for its Sansa Connect digital audio player.
Sansa Connect lets users listen to typical MP3 songs, but also has a built-in wireless communication connection, allowing users to download songs from Yahoo’s service without first linking to a personal computer.
http://www.canada.com/nationalpost/financialpost/story.html?id=61b564bd-f002-4932-90ec-b0c2584d4c23&....
ASIAN BULL MARKETS: China $SSEC
S.Korean $KOSPI, $NIKK traded positive today.
I commented on China $SSEC breaking out since the beginning of Market.
Now it has broken out of 17yr TL breakout and is continuing to making new highs, $SSEC 3400.
Also commented on $KOSPI breaking out from the resistance. It has also broken out of 1470, to 1500.
Yep, JT, SPX target 1460 +/- is getting close and we might hit my target of SPX 1460 which was set with the "Breakout Retest" on 3/5-3/14 double bottom call.
Good trades
~~~
SPX target 1460 +/- "Breakout Retest" Scenario to New Highs: The target SPX 1460 +/- with 3/5-3/14 double bottom call will meet today. I am anticipating a consolidation period at the major resistance - i.e. double top resistances for major markets.
We might see SPX 1460 +/- target with "Breakout Scenario" today. As noted before, "Breakout Retest" is a strong TA signal, normally leading to making new highs.
Cyclically, it confirms the cyclical 4-yr bottom which I commented during the Jun-Jul 2006 low which I posted with the call on this site as well. As commented on the previous posts, I do not micro-manage small cycles because it is not necessary for my style of market timing; however, I will be occasionally commenting on it in a couple of months.
$SOX 7yr TL and 7mo TR: $SOX-SMH are trading in a 7-mo trading range and about to break above 7yr TL resistance.
Yes, we have intraday neg D. as noted on my comments.
Futures are up and if it stays and if we see "gap up" tomorrow morning, then I am sure that the gap will be faded.
Please refer to the additional comment on the link below.
Enjoy
http://www.investorshub.com/boards/read_msg.asp?message_id=18572075
SOX PF signal is showing on the $SOX/SMH TL as posted, thanks.
The charts which I posted, I will link the charts to my web page and on the board front page, so that you can also check since you know my comment style.
Futures are certainly positive at the moment, +4 / +7.75. Will see whether it will hold until market open tomorrow morning, but I am sure that traders will be ready to fade "Gap-up". The potential Gap-up will likely be at the resistance TL shown on the 60m charts, Qs & SPX.
http://www.investorshub.com/boards/read_msg.asp?message_id=18543359
My comment on Friday morning after the Job number is in effect.
60m price actions show negative D. but please refer to my comment above.
The NYA chart which you posted, Excellent! That you are getting it so quickly. Of course, it is a piece of cake as a x-rocket-scientist... 8)
The point which I am making for NYA is that it is a stronger market which is showing that it is almost retraced to the Feb '07 top, only 28 points to go to breakout above the Feb 2007 high to make a new high. This means that NYA is leading the rest of the market as it did before. Did you also check on $MID and $RUT? They are also a few points away from the Feb 07 high. Even though, as you pointed out NYA neg D., market is heading up, I believe, to breakout. I know that we are heading to earning season, but with a bit of good news, market seems to be heading to make new highs.
Have you checked $SOX components? Are there any good signals?
Thanks and keep up the good work.
QQQQ ~ SPX ~ DOW ~ Nasdaq ~ $SSEC ~ $KOSPI ~ $NIKK
SMH & $SOX 7m T.R. & & 7y TL
Thanks JT, I will post charts and provide the links to the main page, so that you can post the technical readings. You can just copy and paste the link as well. Posting link is easy way than posting charts.
The following site is another site to post charts.
If you are interested in commented on $SOX major components, it will be great. In other words, I will focus on the market direction and you on major $SOX components. Of course, I will take a look as well. This will be efficient way to allocate our expertises and time.
http://www.easystock.com/tkchart/tkchart.asp?stkname=GLD&wt=1&ind=kd
http://www.easystock.com/tkchart/tkchart.asp?stkname=ALTR,AMAT,AMD,BRCM,IFX,INTC,KLAC,LLTC,MRVL,MU,M....
MU 11.52 -0.55 -4.56% -5.19% 65,275,000
INTC 19.56 0.18 0.93% 1.35% 36,741,641
AMAT 18.65 0.00 0.00% -0.11% 16,756,406
AMD 12.84 0.13 1.02% 1.26% 13,957,913
TXN 30.82 0.22 0.72% 1.05% 10,632,398
MRVL(E) 17.19 0.34 2.02% 1.66% 7,005,945
BRCM 32.91 0.06 0.18% 0.34% 6,304,417
ALTR 20.45 0.33 1.64% 1.89% 4,611,858
NSM 24.70 0.32 1.32% 1.03% 4,597,739
KLAC 55.86 0.62 1.12% 1.32% 4,254,474
TER 17.16 0.00 0.00% -2.00% 2,987,900
MXIM(E) 29.70 0.19 0.64% 0.78% 2,972,361
NVLS 33.01 0.21 0.64% 0.33% 2,736,436
LLTC 32.00 0.14 0.44% 0.79% 2,451,995
XLNX 26.02 0.02 0.08% 0.27% 2,311,854
IFX 15.64 0.05 0.32% 0.19% 1,286,400
~~~~~~
ALTR 20.45 0.33 1.64% 1.89% 4,611,858
AMAT 18.65 0.00 0.00% -0.11% 16,756,406
AMD 12.84 0.13 1.02% 1.26% 13,957,913
BRCM 32.91 0.06 0.18% 0.34% 6,304,417
IFX 15.64 0.05 0.32% 0.19% 1,286,400
INTC 19.56 0.18 0.93% 1.35% 36,741,641
KLAC 55.86 0.62 1.12% 1.32% 4,254,474
LLTC 32.00 0.14 0.44% 0.79% 2,451,995
MRVL(E) 17.19 0.34 2.02% 1.66% 7,005,945
MU 11.52 -0.55 -4.56% -5.19% 65,275,000
MXIM(E) 29.70 0.19 0.64% 0.78% 2,972,361
NSM 24.70 0.32 1.32% 1.03% 4,597,739
NVLS 33.01 0.21 0.64% 0.33% 2,736,436
TER 17.16 0.00 0.00% -2.00% 2,987,900
TXN 30.82 0.22 0.72% 1.05% 10,632,398
XLNX 26.02 0.02 0.08% 0.27% 2,311,854
Are you referring to DJ COT and SPX COT?
For E mini SPX, It is interesting that large speculators are betting to downside which we know the reason which I commented before as Climactic volume sell-off because many traders were anticipating a sell-off. The market psychology is reflected on the large speculators' bet as we can see on the COT chart showing the net negative bets with gray bars.
However, as noted before, Commercials have lightened up their risk as we can see that their net position is small. The reversal point on 3/5/07 had the highest open interest... interesting since the short positions would have cashed in by smart money. We now can see that Small speculators are all piled in long side... they must be following my signals?
For DOW, speculators are betting it to upside as we can see that all are positioned themselves to positive side, BUT, open interest is very low... Comments on it, pls.
For Emini long side, we can see small speculators are on the net long side. I have about 1000-3000 readers of my website and they must be positioning themselves ... accordingly. Now, this could be a warning signal.... don't you think?
Therefore, I would be cautious at this point as you noted that it is a good idea to be neutral bias at the 60m resistance as shown on the chart.
Nice observation, oild and wise.
http://www.trend-signals.com/Comments/2007/COT.htm
A retest of the intraday breakout point is a good technical signal on major markets, I concur.
GLD is targeting 68 after intraday consolidation.
How's P&F looking like?
Keep up the good work, Sir.
$BTK at major juncture, tapping on breakout resistance while $DRG is showing positive momentum at a major support.
treat50, Glad to hear that you are enjoying the weekend at nice, beautiful beach which I am familiar with as well since I also worked at there, former Price Waterhouse, in 1980s, for a couple of years.
JNJ and MRK have nice setup. Would like to know your opinion.
Have a nice long holiday, ALL
http://www.investorshub.com/boards/read_msg.asp?message_id=18559297
MRK & JNJ Alert: MRK is trading at major resistance and JNJ is at major support.
http://www.traders-talk.com/mb2/index.php?showtopic=68711
MRK was trading at a trading range for 5-6 months; and, it is closed at a strong resistance on weekly as you also shown.
On weekly chart, if you go back 5yrs, you will see the TL resistance which you drew is longer resistance ong back to 2001; therefore, we can say that it is trading at an important juncture.
Trading abfove 46.50 +/- is a strong signal to upside.
JNJ, it bounced off from major support on weekly price actions as you also alerted; therefore, we can anticipate a bounce.
JT, considering the price actions relative to the holiday light volume tradings, we can be positive about the market action if we see a healthy consolidation period during the next week. As we can see on 60m chart internals, we have negative divergences; but, daily price actions show relatively healthy price actions.
Since we are going into earning report season, we could see volatility on individual stocks; therefore need to be careful with holding stocks through earning report if one is trading in VST.
As you also noted, $NASI daily/weekly internal is improving, but we need to see better breadth for LT health of markets even though I expect narrower leadership in this late cycle of economic stage.
Conclusion: Market is continuing to show upward momentum filling the NASDAQ/NDX gaps and retesting the Feb 07 tops.
Nice comment and, you too, have a good weekend.
http://www.investorshub.com/boards/read_msg.asp?message_id=18544674
http://www.investorshub.com/boards/read_msg.asp?message_id=18501402
Market actions during the next week will be interesting. I would like to see healthy consolidation to work off negative divergences shown on 60m charts due to the holiday light trading activities during the last week.
Considering the low volume trading days which we have seen, the price actions during the last week were relatively healthy. Will post more thought on it later.
Have a nice weekend
http://www.investorshub.com/boards/read_msg.asp?message_id=18544674
Posted by: __1Best__
In reply to: blasher who wrote msg# 113
Date:4/6/2007 11:17:38 AM
Post #of 117
Thanks, A/D is turning up showing continued strength, 10dma is pointing up after the recent break-out from the negative divergence which I noted during Jan-Feb 2007. The secondary improving internals is a sign which I noted yesterday that we need to see improving internals after the 7 day-consolidation period following 3/27 rally. The only caveat is that market traded in light volumes due to the holiday trading, so I would like to see healthy consolidation during the next week.
SPX long term TL supports with the highest volume at the support as shown on the monthly chart with circled highlighted volume is technically meaningful sign. This shows that market participants were aggressively supporting the critical support at breakout level which I commented "Breakout Retest" scenario from the LT TL.
Also, as commented on the climactic volume actions during 2/27-3/5, we now can see that the high volume actions were meaningful and "climactic" as we now see that price actions were heading higher. Will comment on it more later.
It will be an interesting earning report season as I noted to be careful with holding individual stocks for example NVDA which treat50 and I mentioned moved about 7% move on Thurs. It is safe to go with TA until earning report day. It was treat50's watch stock and I alerted the move and resulted in a very good technical reading with high volume action.
Holding through earning report is often a gamble. Remember, I am a x-CPA who is risk-adverse.
Be careful, but if you are a bear, then you will be hoping for market to fall back... are you a bear?
WB, Good Friday and Enjoy the holiday. Thanks
The following is my market commentary after the Eco news this morning.
Have a great day.
After the Eco # Employment, premarket traded up strong to SPX future 1459 near to 2/22/07 intra high, 1465 +/- which is progressively confirming "Breakout Retest" of LT price channel scenario which I commented since the Mar 05, 2007 bottom. As noted before, the Breakout Retest scenario is a strong technical price action which is normally projecting new highs, by which we can anticipate SPX 1550 with successful continuation of uptrend momentum above SPX future 1465 and SPX cash 1461.57 intraday high on 2/22/07. For the Feb '07 highs were Qs 45.55, for Nasdaq 2531 +/-, and for DOW 12795 +/-.
The Thursday Holiday trading was positive before the today's Eco number. The price actions traded above the resistances as continuation of the intraday breakout above the resistances which I commented 4/3 intraday breakout. "Qs intra high 44.31 was R3 and SPX traded to 1440.57 making new intraday high which is a good sign. SPX 1440 is 1/25/07 resistance. DOW intra high, 12534.27 is Feb '07 low, but closing above 50ma and making higher high of Mar '07 is progressively positive. NASDAQ didn't trade above Mar '07 high; but, it is trading above 50ma resistance." and a follow-through on 4/4-4/5 price actions above the intraday resistance which I noted as "Progressively Confirming Breakout Retest" Scenario. Therefore, as noted, we now can anticipate SPX 1460 +/- as the next target and SPX 1550 with successful consolidation and a breakout above the Feb '07 high to SPX 1550 +/-. I will be reassessing market strength along the way to SPX 1460 +/- and then to SPX 1550 +/-.
The aforementioned "Breakout Retest" Scenario is consistent view since I called 3/5/07 bottom after I sensed that market was signaling it, and then, market is progressively confirming the view.
http://www.investorshub.com/boards/read_msg.asp?message_id=18543359
Thanks, A/D is turning up showing continued strength, 10dma is pointing up after the recent break-out from the negative divergence which I noted during Jan-Feb 2007. The secondary improving internals is a sign which I noted yesterday that we need to see improving internals after the 7 day-consolidation period following 3/27 rally. The only caveat is that market traded in light volumes due to the holiday trading, so I would like to see healthy consolidation during the next week.
Happy Good Friday to you too!