[INTRA-DAY ACTION]
12:50 pm and I'm just sorting out my new monitor for today. Been watching the SPY trade in a consolidation range between 900 and 910 this morning, it's just dropped below it and is down quite a bit now on yesterday. I would like to see further pull backs today before a continuation of the rally as we started the trading year.
AA, KO and RIMM are catching my interest at some key technical levels and I'll post the charts later. Going out for lunch with a mate so should be back for the bell.
Updates to follow..
15:00
Little late back from lunch, uninspiring opening here, waiting for a reversal in a few things. Here's a chart of the SPYs so far today. It's been pretty straight forward, the market is giving some good information today.
Also here's X looking interesting on the daily chart...
There is a nice longer term inverse head and shoulders formation with a resistive neckline at around $42 here. However since December another head and shoulders, this time the bearish formation, has formed on the current upward trendline. That, coupled with the topping at the 50MA make me feel that X could drop to $35 today, and potentially $30 in the medium term. I'm waiting for some volume to come into X, as when it does I think I will take an entry at these levels with a short term target of $40 and higher based on good trade management.
AA is popping off the lows this morning at $10.60. I am hesistant to enter here as it it still very bearish on most timeframes. This new low is also stopping me from considering an entry until I see some reversal action.
Coke (KO) is currently consolidating between $41 and $47 which both represent good entries long and short. In a shorter timeframe it's chopping out a pennant. I would like to trade this channel but only if I get the prices I want.
It was predictable and I was pleased to see RIMM top out at $48 yesterday. I am now looking for a pullback to $43 for an entry based on this chart:
19:50
Market caught a nice double bottom bounce at 897 and has jumped to 907 quite quickly. Waiting to see if it can break this on the third attempt today. Earlier, the market responded unfavourably to an Obama speech, which I was surprised at. I anticipate some strong surges north around the time he takes his seat in the office and I'll be actively seeking trades at that time.
AA is ripping it up at $11.30 after bouncing strongly off $10.60 which was 20 cents lower than where I thought it would jump. Not much volume in it though.
The thing that made me post an update however was DRYS, it has just blasted off in the past hour. If I were in I would probably take a sizeable portion off the table and look for a re-entry at $14.60. There's an hour to go and people will be looking to close out so I think it would be wise. I've spent the past hour and a half on a report so I missed this opportunity, but never fear, the market will provide me with these kinds of moves all the time!
Check that consolidation at the 20MA before some volume came in at it went for gold.
AA, KO and RIMM are catching my interest at some key technical levels and I'll post the charts later. Going out for lunch with a mate so should be back for the bell.
Updates to follow..
15:00
Little late back from lunch, uninspiring opening here, waiting for a reversal in a few things. Here's a chart of the SPYs so far today. It's been pretty straight forward, the market is giving some good information today.
Also here's X looking interesting on the daily chart...
There is a nice longer term inverse head and shoulders formation with a resistive neckline at around $42 here. However since December another head and shoulders, this time the bearish formation, has formed on the current upward trendline. That, coupled with the topping at the 50MA make me feel that X could drop to $35 today, and potentially $30 in the medium term. I'm waiting for some volume to come into X, as when it does I think I will take an entry at these levels with a short term target of $40 and higher based on good trade management.AA is popping off the lows this morning at $10.60. I am hesistant to enter here as it it still very bearish on most timeframes. This new low is also stopping me from considering an entry until I see some reversal action.
Coke (KO) is currently consolidating between $41 and $47 which both represent good entries long and short. In a shorter timeframe it's chopping out a pennant. I would like to trade this channel but only if I get the prices I want.
It was predictable and I was pleased to see RIMM top out at $48 yesterday. I am now looking for a pullback to $43 for an entry based on this chart:
19:50
Market caught a nice double bottom bounce at 897 and has jumped to 907 quite quickly. Waiting to see if it can break this on the third attempt today. Earlier, the market responded unfavourably to an Obama speech, which I was surprised at. I anticipate some strong surges north around the time he takes his seat in the office and I'll be actively seeking trades at that time.
AA is ripping it up at $11.30 after bouncing strongly off $10.60 which was 20 cents lower than where I thought it would jump. Not much volume in it though.
The thing that made me post an update however was DRYS, it has just blasted off in the past hour. If I were in I would probably take a sizeable portion off the table and look for a re-entry at $14.60. There's an hour to go and people will be looking to close out so I think it would be wise. I've spent the past hour and a half on a report so I missed this opportunity, but never fear, the market will provide me with these kinds of moves all the time!
Check that consolidation at the 20MA before some volume came in at it went for gold.
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