Tradesight Market Preview for 8/23/11
The SP posted an unqualified reversal day, blasting away from the 0/8 Gann support. The futures gained 35 on the day to settle right at last week’s gap window.
Naz gained 80 on the day, slightly breaking into the gap. Keep an close eye on the MACD for a positive cross.
Multi sector daily chart:
The 10-day Trin still has a huge amount of negative energy in the tank to fuel upside in equity prices.
The SOX was top gun, keep a close eye on a positive cross in the MACD.
The OSX registered a key reversal candle. The next test will be the 10ema.
The BKX recorded a range low outside day up. This is the best looking potential reversal candle of the day--very clean and no gap. Keep in mind that there is no reversal until there is a follow though.
The BTK is now forming a triangle. Keep an eye on a break of the apex which should be explosive.
The XAU was a source of funds and the only major sector down on the day.
Gold registered a range high outside day down. While this type of pattern has excellent potential for a lasting reversal, it did not come off an overbought Gann level nor did it come after a completed Seeker sell countdown.
Oil was constructively higher on the day, confirming the advance in broad market equities.
Stock Picks Recap for 8/23/11
With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
From the report, DISH triggered short (without market support due to opening five minutes) and worked enough for a partial if you grabbed it:
QCOR triggered short (without market support due to opening five minutes) and worked enough for a partial:
In the Messenger, Rich's AAPL triggered long (without market support due to opening five minutes) and didn't work, then it triggered and worked:
His GS triggered long (without market support due to opening five minutes) and didn't work:
AMZN triggered long (with market support) and worked huge, Rich also had a trigger on it in the afternoon that worked too:
NTAP triggered long (with market support) and worked enough for a partial:
Rich's IBM triggered long (with market support) and worked:
GOOG triggered long (with market support) and worked:
Rich's RL triggered long (with market support) and worked:
His BIDU triggered long (with market support) and worked:
His JAZZ triggered long (with market support) and worked:
SINA triggered long (with market support) and didn't work:
AMGN triggered long (with market support) and worked:
In total, that's 9 trades triggering with market support, 8 of them worked (some HUGE); INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_category`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES 1 did not.
Forex Calls Recap for 8/23/11
August doldrums continue as the pairs ended up mostly where they started, but at least today we had a clean trigger and a nice winner during the session. See EURUSD below.
Here's the US Dollar Index intraday with market directional lines, note that direction shifted many times under our rules:
New calls and Chat tonight.
EURUSD:
Triggered long early at A, didn't stop, came back and gave you another chance at B, hit first target at C, raised stop in the morning under the VWAP and stopped at D. Note that if you were awake, you could have done even better with the trade as it ran another 100 pips or more overnight before coming back, including a move well over R2:
Stock Picks Recap for 8/22/11
With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
From the report, AMRN triggered short (with market support) and did not work:
GTAT triggered short (with market support) and worked enough for a partial:
AMTD triggered short in the last few minutes of the session, so we don't count that.
In the Messenger, AMZN triggered short (with market support) and worked:
GOOG triggered short (with market support) and worked great:
RIMM triggered short (with market support) and didn't work:
Rich's AZO triggered short (with market support) and didn't work:
His BTU triggered short (with market support) and didn't work:
His VRTX triggered short (with market support) and worked:
His CF triggered long (without market support0 and worked:
His CMG triggered short (with market support) and worked:
His SODA triggered short (with market support) and worked:
TEVA short triggered in the last few minutes, doesn't count.
In total, that's 10 trades triggering with market support, 6 of them worked, 4 did not.
Forex Calls Recap for 8/22/11
A really dull session, with about pips of range on the EURUSD, which ended up right where it started again. Here's the US Dollar Index intraday with market directional lines:
New calls and Chat tonight.
EURUSD:
Triggered long at A, didn't hit first target, moved stop under entry at and stopped at B in the morning:
GBPUSD:
Triggered short under LBreak and stopped:
Tradesight Market Preview for 8/23/11
The SP posted a flat day after a very large gap up. Price settled at what is becoming a very important magnet, the 1125 level.
Naz was higher by 3 but like the SP closed near the low. Note that the MACD is still in a sell condition.
The 10-day Trin is still oversold at 1.49.
Multi sector daily chart:
The Dow/gold ratio settled at a new low close as investors continue to favor gold over equities.
The XAU was the top performer, up more than 3%. There are 2 key levels just overhead, the 221 static trend line and the 225 8/8 Gann level.
The SOX posted an inside day.
The BTK was weaker than the market, working inside Friday’s range.
The OSX broke below Friday’s low in a show of relative weakness and also make a new low close on the move.
The BKX was the last laggard on the day, moving further into oversold territory in the Gann box. Next support is 34.37 and there is no Seeker support yet for a reversal.
Oil was higher on the day:
Gold made a new high touching 1900. The chart is getting aggressively over bought but there is plenty of room before the next big Gann level at $2k.
Stock Picks Recap for 8/19/11
With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
From the report, NXTM triggered short (without market support due to opening 5 minutes) and didn't work:
NTGR triggered short (without market support due to opening 5 minutes) and didn't work, although it triggered later with support and did:
LULU gapped under the trigger, no play.
AREX triggered short (with market support) and worked:
SREV triggered short (without market support due to opening 5 minutes) and didn't work:
PTEN triggered short (with market support) and worked:
In the Messenger, NTAP triggered long (with market support) and didn't work, although we took it again on the retrigger and it did:
COST triggered long (with market support) and worked:
SINA triggered long (with market support) and worked for over a point:
Rich's GOOG triggered short (with market support) and worked:
In total, that's 6 trades triggering with market support, 4 of them worked, 2 did not.
Forex Calls Recap for 8/19/11
A loser and a better winner in the EURUSD to close out a narrow week of August doldrums trading (despite a lot going on in the world). See EURUSD below.
Here's the US Dollar Index intraday with market directional lines:
As usual on the Sunday report, we will look at the action from Thursday night/Friday from the pairs that we cover, then look at the daily charts heading into the new week, and then look at the US Dollar Index, which is stuck in a weird mess for August.
EURUSD:
Triggered short at A and stopped. Triggered long at B, hit first target at C, raised stop in the morning at stopped at D:
The rest of the report is for subscribers only.
Forex Calls Recap for 8/18/11
Another light range session, and true to August doldrums, another near winner but a spike to take us out. See EURUSD below. New calls and Chat tonight as I remain half size (and was less last night due to CPI).
US Dollar Index intraday with our market directional lines:
EURUSD:
Triggered short at A, gave you all the way to B to enter, unfortunately stopped on the spike on news at C because it worked later. Note the perfect use of UBreak to stall out at D:
Forex Calls Recap for 8/18/11
Another light range session, and true to August doldrums, another near winner but a spike to take us out. See EURUSD below. New calls and Chat tonight as I remain half size (and was less last night due to CPI).
US Dollar Index intraday with our market directional lines:
EURUSD:
Triggered short at A, gave you all the way to B to enter, unfortunately stopped on the spike on news at C because it worked later. Note the perfect use of UBreak to stall out at D: