| Feb 23, 2010 |
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Daily Insight - Feb 23, 2010 3:30pm Markets have retreated back to their rising midpoints and we will wait to see how the indices close as they seem to be in a pivotal state. In other words, the upside is contained by an intermediate-term 50-day moving average whereas the downside is finding support at its very short-term midpoints. "Day Trader" had no trades for today and a lot of techs have staged terrible vectors below their midpoints as well as establishing new lows under last week's lows. Examples seen include RIMM, AAPL, NVLS, NTAP, GLW, AMAT, etc. He will discuss his selections after the close. Swing Trading - Feb 23, 2010 3:30pm "Swing Trader" has no trades for the day. After 4:00pm - Feb 23, 2010 Broad market index SPX.X declined back to its midpoints and usually we are buyers at midpoint support during uptrends. But seen below is how prices are being resisted by the "important" black-colored 50-day moving average and a possible larger "head and shoulders" top has an outside chance of occurring. In other words, we would rather buy on a break above the 50-day and that would give us a stronger buy point because if prices go back up there, Tuesday's vector would have then been negated by Wednesday as well as establishing a 'U' reversal off the rising midpoints.
Tech and bio-tech index COMPX has supported above its rising midpoints as well as the 2200.00 trendline. Illustrated below is how the index is at a critical juncture because a decisive move either way from here should give us the next immediate direction.
"Day Trader" will sell short AT&T [T] at Tuesday's low or lower as long as it opens above this setup requirement. Depicted below is how the stock is meandering, "consolidating at the lows," and in position to stage a Day-1 breakdown spike.
Trade Summary - Feb 2, 2010 No trades Week's Recap No trades |
