| Feb 16, 2010 |
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Daily Insight - Feb 16, 2010 3:30pm As proposed, a sideways consolidation has become the dominant chart pattern for both the SPX.X and COMPX. So unless today's vector is negated on Wednesday, the recent declining phase has ended with prices content to stay within its wider 6-month consolidation zone. "Day Trader" had no trades with MSFT and lost $1.40 with AMZN as it was one of the few techs that just couldn't go up along with today's rally. He will discuss his selections after the close. Swing Trading - Feb 16, 2010 3:30pm "Swing Trader" has no trades for the day. After 4:00pm - Feb 16, 2010 Broad market index SPX.X has rallied back into a higher consolidation zone and as said on Friday, because this "pausing action" allowed the midpoints to smooth out, not unexpected was the change from the recent decline to a sideways consolidation. Seen below is how the index should reach its first immediate resistance which is the area between the black-colored 50-day moving average of 1108.43 and the horizontal trendline of 1115.00.
Tech and bio-tech index COMPX is also trying to "bust out" of the 2200.00 resistance line as it finished at 2214.19. Illustrated below is how it can take a breather around here and allow its now rising midpoints to come up to help support and "push" prices higher.
"Day Trader" will buy BRCD at Tuesday's high or higher as long as it opens under this price as it is shown below supporting on its lime-colored 288-day moving average and in position to push back up to its black-colored 50-day moving average.
Trade Summary - Feb 2, 2010 No trades Week's Recap No trades |
