July, 2009


19
Jul 09

The Dow Now

Price Momentum: Negative/Neutral – Significant bounce here. Possible sentiment shift in play. No new positions.

Support (Daily Chart) – 8350 to 8600 area. If price pulls back, look for buy signals in this area only.

Resistance (Daily Chart) – 8800 – 8900 area. 200 day expoential moving average up here. Wait for short signals. No signs of selling yet.

Chatroom: Real-time analysis, charts, trades. Click here. PW: and654

Dow Jones Industrials Average

Dow Jones Industrials Average

Comments:
In my previous post I wrote, “Wait for a bounce.” Well we got a bounce all right. Obviously it is news driven. Focus on the technicals. The price went from a support to the major resistance in 5 days.  I will be looking for signs of selling up here for a possible short. In order to go long, I need to see price retrace back to the 8350-8600 area. If it holds, I will look into buying some call options to ride the continuation upward. If I short at the resistance up here, I will buy some puts, and not expect a huge move. Momentum is now neutral which means it may be turning positive. For a daily play by play, join us in our chatroom. Click here. PW: and654. Steve.

Upcoming Market Highlights:

This Week’s Earnings

Ben Bernanke speaks!
Click here for US economic reports.

Bank of Canada rate announcement.
Click here for WORLD economic reports.

New blog format: Posts will be simple, brief and useful to those trading Dow Jones Industrials stocks, related ETF’s or futures contracts.

 


12
Jul 09

The Dow Now

Price Momentum: Negative  -  Looking for shorts.
Take some profits off table at this level.  WAIT for bounce.

Support: (Daily Chart) 8100
–  Dojis and spinning tops appearing
Minor support holding.

Resistance: (Daily Chart) 8350
– 34 Period Exp Mvg Avg at this level. Price can go here.

Chatroom
: Real-time analysis, charts, trades. Click here. PW: and654
Dow Jones Industrials Index

Dow Jones Industrials Average

Comments:
As long as the price stays below 85-8600 area, this thing is a short. I would not jump into new shorts at the current level though. WAIT for a bounce. This can take 3-5 days atleast. We break 8100, look for price to work its way to 7800 area. The bright green highlights indicate a head-and-shoulders classic chart pattern in play. Steve.

Upcoming Market Highlights:

Earnings: Watch for major banks. These move markets. 
Click here for schedule.

This week’s important economic indicators and reports.
Click here for calendar.

New blog format: Posts will be simple, brief and useful to those trading Dow Jones Industrials stocks, related ETF’s or futures contracts.