Candidates for 02/29/2008

Here is the list of my candidates for today. I will not trade all of those but will start watching them for short-term reversals.

Date Sym L/S Close MA(200) Vol MA(100) Reason
20080228 ACOR 20.83 20.01 427068 1

1. 5 Consecutive down days.
2. Volume is 30% over the 10-day moving average.
3. Volume is 70% over the 30-day moving average.
4. Volume is 50% over the 50-day moving average.

Happy Trading!

Pre-market 2/29/08

A down day on major indicators of the market today breaking a two day rally. I am taking down my long-term for now. I am sticking to short-term which is from the 60-minutes chart and the intermediate which I get from the daily chart. Please take not these notation are subject to my own interpretation.

The current rally was interrupted by a drop and with the futures down and the news overall negative I think the down movement will extend in tomorrow’s (2/29) trading session.

Intermediate Short-term
NASDAQ Sideways Down
Dow Sideways Down
S&P Sideways Down
The NASDAQ is clearly still sideways in a wedge. We will need more then the short rally. The 60 minute chart of the NASDAQ Composite shows how choppy short term movements can get in these markets.
I did have to adjust the DOW chart. I left the old wedge line for now but I am looking at rising triangle forming at the moment. This is positive, the symetrical triangle was continuation OR reversal, the rising triangle is more bullish. The 60-minutes charts again shows how choppy markets get.
Like with the NASDAQ, the S&P is in the symmetrical triangle (wedge) still. All three 60-minutes charts pretty much follow each other. I clearly see this down move extending into tomorrow (2/29).

Happy Trading!

Candidates for 02/28/2008

Here is the list of my candidates for today. I will not trade all of those but will start watching them for short-term reversals.

Date Sym L/S Close MA(200) Vol MA(100) Reason
20080227 ACOR 21.96 20.02 423722 1
20080227 JASO 15.9 15.23 9097904 1
20080227 MA 191.19 169.23 3897692 1

1. 5 Consecutive down days.
2. Volume is 30% over the 10-day moving average.
3. Volume is 70% over the 30-day moving average.
4. Volume is 50% over the 50-day moving average.

Happy Trading!

Candidates for 02/27/2008

Here is the list of my candidates for today. I will not trade all of those but will start watching them for short-term reversals.

Date Sym L/S Close MA(200) Vol MA(100) Reason

1. 5 Consecutive down days.
2. Volume is 30% over the 10-day moving average.
3. Volume is 70% over the 30-day moving average.
4. Volume is 50% over the 50-day moving average.

Happy Trading!

Pre-market 2/26/08

The end of day Friday rally continued most of the day today on the positive Ambac news. The middle of the trading session showed a little profit taking but overall, indicators closed up 1-2%.

I am keeping my intermediate status sideways at the moment but the Dow and the S&P seems to have poke through the upper boundary of the triangle. So I will be looking for confirmation on that on the upcoming trading sessions.

 
 

  

Long-term

Intermediate

Short-term

NASDAQ

Down

Sideways

Up

Dow

Down

Sideways

Up

S&P

Down

Sideways

Up

 
 

The NASDAQ daily chart has not yet broken the wedge. But I don’t think this sideways action can be sustained much longer.

The 15 minute chart shows the profit taking mid-day but overall a positive close. We are back up to last Wednesday’s levels.

The Dow seem to be breaking the upper boundary of my wedge. It is one indication but it needs a lot more confirmation. We are still in a sideways market, volumes not quite enough to break this at the moment.

A very similar 15 minutes chart. Profit taking mid-day but an overall positive day.

The S&P seem to also be breaking that wedge so I will look for confirmation here also. The congestion could come to an end soon. Most vacations and other “anchors” are over so I will be looking for volume to increase as people see positive action and want to participate.

  

Another similar 15 minutes chart. Very strong push at the open following Friday’s news. A little profit taking mid-day and positive afternoon trading. I think this should carry into Tuesday with increased volume.

Happy Trading!