| Feb 11, 2010 |
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Daily Insight - Feb 11, 2010 3:30pm Today's pivotal day is seemingly to the positive side as the major indices are trading above their respective midpoints. This tells us that instead of a resumption of the decline, prices are now content to move in a sideways consolidation until this "box" is penetrated on either side. So being the best scenario from the decline, it takes the steam out of the downtrend and changes it into a "consolidation at the lows." "Day Trader" had no trades for today and will discuss his selections after the close. Swing Trading - Feb 11, 2010 3:30pm "Swing Trader" has no trades for the day. After 4:00pm - Feb 11, 2010 Broad market index SPX.X edged above its declining midpoints and a change from a defined downtrend to that of a sideways consolidation pattern could now materialize. Illustrated below is how the index is near a resistance trendline but over its midpoints and a breach of Thursday's high should give it some upside momentum.
Tech and bio-tech index COMPX has also broken above its midpoints and shown below is how it should make an effort to reach the 2200.00 horizontal trendline.
"Day Trader" will buy AMZN at Thursday's high or higher as long as it opens under this price. Seen below is how the stock has declined from over 140.00 in a basically straight fall and is in position for a reflex bounce. Noted is that it has recently traced a series of higher lows as well as finishing above its midpoints.
Trade Summary - Feb 2, 2010 No trades Week's Recap No trades |
