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Tuesday, 27 September 2011 08:51 |
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Has the market put in a bottom? For the near term it seems as though the answer is yes. There were way too many stocks that tested the perfect spot for support and held to ignore and some of those have just been horrible performers but managed to find a level to stop the carnage for now. Look at the natural resources sector, MOS, MON, CLF, CF, AGU, X, AKS, STLD is a short list of names that have just been getting hammered everyday and now have a very long bottoming shadow. This is evidence of real buyers stepping in. AAPL, AMZN, BIDU, SNDK and NVDA in the tech world, GS, JPM in the bank sector all proving to have the same setup. There is certainly overhead resistance on the indices but if that was the bottom, it was done perfectly just the way a technician would expect.
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Monday, 26 September 2011 09:20 |
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If you subscribe to the Daily Pivot report than you are aware of the support level on AAPL at $391 that was highlighted on Thursdays report. Well today was that test and it handled it great. The 20 day SMA was the right number, there were other data points to support it and the low was within 30 cents, not bad for a stock of that price. I see a number of stocks that tested good levels today and held up, BIDU, AMZN and SNDK to name three. I am not ready to think the market will push to new highs now but it seems that for the near term buying pullbacks is the way to go. 1175 and then 1200 on the S&P are my next resistance levels. I am very proud of the way the methodology is working basically providing wonderful support and resistance levels and helping me to read this market with near perfection. I am also proud of the way my current crop of students are navigating a volatile market as I read the success stories it makes me feel great that the education is getting through. To my students that are performing well, keep it up and stay the course and stay in the moment. For those that are not having the success they desire, work harder and find the information that will make the difference and let the other students be your inspiration.
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Friday, 23 September 2011 07:01 |
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I believe that swing traders control the short term direction of the markets and therefore those that made their directional bet early in the week will exit that direction towards the end of the week causing the reversal. For example, if the swing trader got short on Monday of this week and watched the market crumble, that trader will look to cover the trade just after the market opens and causing a reversal in the overall market. Of course not one person, but many swing traders need to do this to make the reversal happen. I have identified 1105 as support on the daily chart of the December Futures S&P 500 contract. It would not surprise me to see that level touched around 10-10:15 and then to see an ensuing rally for the remainder of the morning. It has been a very good week for my trading and for the education business. The October class is filling up and the September class seems ready to take on the world of professional trading. I am busy and I am fired up. Enjoy your weekend and do the work to make yourself better.
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