In the week ahead make note of these important economic announcements.· Tues: Ben Bernanke Speaks 8:30 ET· Thurs: Retail Sales 8:30 ET· Fri: International Trade 8:30 ETLook for a break of S/P 725 or 665 for continued moves to the up or downside. We are in uncharted territory so proceed with caution. The most important thing through these times is to preserve capital.
For this week’s watch list, look to our Facebook group where Justin will be keeping everyone up to date on weekly market action…http://www.facebook.com/profile.php?id=10029906&ref=profile#/group.php?gid=57750268853
The S/P and Dow both broke down and closed below the prior lows set back in 2002, while the NASDAQ and Russell are considerably well off those levels. Nonetheless, the month of February was quite bearish. Earnings, Economic Data, and President Obama’s Stimulus Plan were all contributing factors in the month’s volatility.Even though we are primarily swing traders, it is important to back out and review the indices and individual positions on a larger timeframe as prior levels of support…
The internals do not paint a clear picture of last weeks price swings (Click on the image to read more about the A/D Line and Breadth). With a fake out to the upside mid-week, the bears finished the week on top. Economic news was grim as news of the federal government taking over Citigroup along with a weaker than expected fourth quarter GDP of -6.2% on Friday sent stocks lower.As we continue making these new lows, the VIX (Volatility Index)…
In the week ahead make note of these important economic announcements.· Mon: Personal Income and Outlays 8:30 ET· Mon: ISM Manufacturing Index 8:30 ET· Fri: Employment Situation 8:30 ET Also pay attention to Tuesday’s Pending Home Sales Index at 10:00 ET and Thursdays Jobless Claims 8:30 ET. A move lower seems likely, but we are still setting up with some long positions because we feel the risk/reward is such that a sharp rally to the upside will occur at the…
Last weeks trading session didn’t produce much. As mentioned in a previous write up called “First 15-min. Rule” we do nothing the first 15 minutes the market is open. This gives us an initial gauge of market direction. Typically if a stock gaps up or down off the open it fills, therefore if a stock we are thinking about going long gaps up above our entry price, it will either begin to fail in the first 15 minutes, or move…