| Feb 10, 2010 |
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Daily Insight - Feb 10, 2010 3:30pm The pivotal day that we expected for today did not materialized and instead we got a "pause" day. Markets went down, came back up, and is now basically flat into the last half hour. So the pivotal day is now pushed forward to Thursday and remember that declining midpoints represent the first resistance of a defined downtrend. This is still very much in force as today's high did not pass Tuesday's high nor go over their respective midpoints. "Day Trader" had no trades for today and will discuss his selections after the close. Swing Trading - Feb 10, 2010 3:30pm "Swing Trader" has no trades for the day. After 4:00pm - Feb 10, 2010 Broad market index SPX.X exhibited a "pause" day and seen below is how the downtrend is still defined as bounded by its declining midpoints and the lower TFTF envelope that coincides with the 1034.00 line. A pivotal day could arrive by Thursday as a breach of Monday's low or Tuesday's high could dictate the immediate direction.
Tech and bio-tech index COMPX is retaining its defined downtrend and while it is also "consolidating at the lows," shown below is how a break of Monday's lows should resume the decline in earnest.
"Day Trader" has no trades for Thursday as a lot of issues are being resisted by their declining midpoints, (AAPL, FDX, IBM, MSFT, NKE, AXP, etc.), and yet are not at or near the lows of last Friday. Illustrated below is a chart on AXP and noted is that prices have trended in a narrow and sideways fashion below its midpoints but above its lowest horizontal supporting trendline. In other words, daytrading AXP for the past three days would have most probably resulted in scratch trades.
Trade Summary - Feb 2, 2010 No trades Week's Recap No trades |
