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The Top is Here!

Well, for the short term anyways… The two bearish candlestick patterns on the daily chart of the S&P and across the top line board look to be a telling sign that a pullback is in store, all we need is a catalyst. Look for a quick and vicious move back down to $1000. Of course, if the market likes Thursday’s GDP # and we do happen to move above $1038, we will be buying with both hands as bears’ stops…

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Wk33: Market Recap

Monday’s gap down was short lived as the bulls took over once again. As we move higher week after week, we continue to harp on the Fibonacci levels and targeted support and resistance. The S&P pulled right back to the 38.2% Retracement Monday before moving higher. The Fibo 38.2%, 50.0% and 61.8% are the most commonly talked about areas, as these tend to act as the strongest resistance points when drawing a retracement. Fibonacci lines can also be looked at…

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Wk34: Market Forecast

In the week ahead look for these news announcements to act as potential market movers…· Tues: S&P Case-Shiller HPI 9:00 AM ET· Tues: Consumer Confidence 10:00 AM ET· Weds: Durable Goods Orders 8:30 AM ET· Weds: New Home Sales 10:00 AM ET· Weds: EIA Petroleum Status 10:30 AM ET· Thurs: GDP 8:30 AM ET· Thurs: Jobless Claims 8:30 AM ET· Thurs: EIA Natural Gas Report 10:30 AM ET· Fri: Personal Income and Outlays 8:30 AM ET· Fri: Consumer Sentiment 9:55…

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Wk34: Stocks to Watch

We are watching for stocks that are not too overextended in this market, yet breaking out. Preserving capital for the next few weeks as big money traders begin to flow back into the markets. No blog next week.

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Las Vegas Traders Expo

November 18-21 will be the Las Vegas Traders Expo, held at the Mandalay Bay Resort. I will be a guest speaker talking about what it takes to become a successful trader and how to build a solid trading plan. Registration is Free and it will be a fun and educational experience!

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Wk32: Market Recap

Week 32 put in lighter volume trading and formed a doji on the weekly bar, however the more we move sideways here the more of a bullish bias we will take. Sideways action after a vertical move higher forms a bull flag formation (a bullish chart pattern). While, not much has changed from week 31, the sideways action creates a base of support here which if broken to the upside should send stocks higher. On the weekly chart of the…

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Wk33: Market Forecast

In the week ahead look for these news announcements to act as potential market movers…· Mon: Treasury International Capital 9:00 AM ET· Mon: Housing Market Index 1:00 PM ET· Tues: Housing Starts 8:30 AM ET· Tues: Producer Price Index 8:30 AM ET· Weds: EIA Petroleum Status Report 10:30 AM ET· Thurs: Jobless Claims 8:30 AM ET· Thurs: EIA Natural Gas Report 10:30 AM ET· Fri: Existing Home Sales 10:00 AM ET OPTIONS EXPIRY FRIDAY! Ben Bernanke Speaks at 10:00 AM…

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Wk33: Stocks to Watch

Watch for stocks that are relatively strong and relatively week to the NASDAQ this week. Once we break in one direction or the other, the relatively weak stocks should tank and the relatively strong stocks should spike.

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