Friday, June 02, 2006

 
Trading Ideas & Picks

Bullish Stochastics, Breakout, Good Volume
WB fell substantially during the latter two thirds of May. Now the stock began to display several signs of a technical turnaround and the recovery is likely...
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NASDAQ Chart of the Day



NTRS has recently established support near 55. Should this support hold, we could see near term strength and a rally back toward 61. Look to establish a long position with a break above recent consolidation near 57.2. However, a decisive break beneath 55 will signify a support break and will likely lead to sharp capitulation back to 52.

Daily Trading Signals

 
Daily Market Commentary

Updated Thursday, 6/1 for Friday's
market

Key DOW Levels for 6/2

UP

Above 11,300

DN

Below 11,080


Steady Uptrend

- Dow penetrates the above upper boundary of the narrowing consolidation pattern.
- The S&P and NASDAQ both maintained a strong bullish uptrend throughout today’s session. In the process, both indexes have broken outside boundaries of recent consolidation and appear to have established a bullish bias in the near term.

Summary

For Thursday’s session, we will focus on 11,220 and 11,300 for an early indication of directional bias. However, considering the magnitude of today's advances, we may see a period of consolidation as the index prepares for its next decisive advance or decline.

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Thursday, June 01, 2006

 
Daily Market Commentary

Updated Wednesday, 5/31 for Thursday's
market

Key DOW Levels for 6/1

UP

Above 11,300

DN

Below 11,080


Mid-session Weakness

- Dow opens session strongly, but fails to retain bullish momentum.
- Despite today's volatility, the NASDAQ and S&P each managed to achieve solid gains. Like the Dow, it appears that both the S&P and NASDAQ are establishing short-term consolidation patterns. We will monitor these boundaries in anticipation of a trend defining break.

Summary

For Thursday’s session, we will remain vigilant to intraday activity near the boundaries of the narrowing consolidation pattern seen in the 15 and 60 minute charts. A definitive break above or below the noted boundaries will likely provided early indication for a medium term directional bias.

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NASDAQ Chart of the Day


NOVL has established a descending trend channel. A break above 8.1 could trigger a near term strength and a re-test of recent highs near 8.6. Conversely, a break below 7.5 could led to near-term weakness a re-test of recent lows near 7.

Daily Trading Signals

Wednesday, May 31, 2006

 
Trading Ideas & Picks

Money Flow, Stochastics, Breakout
Despite a stock price decline of nearly 15% in a two-month period, money flow in VZ has been consistently positive....
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Breakout & Stochastic Crossover
After declining steadily for two weeks, CIB stayed within a range of consolidation for a week, and then broke out on Friday...
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Trading Ideas & Picks

Day Trading Apollo Group, Inc (NASDAQ: APOL)
APOL is currently trading at extremely low RSI levels. The stock is also approaching a resistance turned support level at 51.40. The combination of these two factors makes APOL worth watching...
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United Parcel Service Is Trying To Stay In Flight..
UPS has held very strong at the resistance turned support level of 79.40. The stock is sitting just above the support level at the moment, and today's price action should give us a good idea as to whether support will hold...
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NASDAQ Chart of the Day



ONNN filled last week's gap to the downside and could be headed much lower. This exhaustion gap could be an early sign of another big sell-off.

Daily Trading Signals

 
Daily Market Commentary

Updated Tuesday, 5/30 for Wednesday's
market

Key DOW Levels for 5/30

UP

Above 11,300

DN

Below 11,025


Big Sell-Off

- Dow sells off at Open, continues lower to the Close.
- NASDAQ and S&P each each sold off heavily from start to finish today. The indexes are now headed back toward key support levels that have held throughout the overall decline. A break or bounce of these levels could be huge for direction.

Summary

The Dow closed the day sharply lower from Friday's close, as the index lost a hefty 184 points. The index is headed back toward a test of the major 11,025 zone, which could be the break that leads to the next huge medium term decline. Watch this zone closely.

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Tuesday, May 30, 2006

 
Technical Indicators

Projection Oscillator

The Projection Oscillator is a by-product of Dr. Mel Widner's Projection Bands. In essense a slope-adjusted Stochastic, the Projection Oscillator shows the relationship of the current price to its minimum and maximum prices over time. Unlike the Stochastic Oscillator, here the minimum and maximum prices are adjusted up or down by the slope of the price's regression line. It is this adjustment that makes the Projection Oscillator so responsive to short-term price moves.

Three common ways to interpret the Projection Oscillator:

· Overbought/oversold
· Crossovers
· Divergences

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Daily Market Commentary

Updated Friday
, 5/26 for Tuesday's market

Key DOW Levels for 5/29

UP

Above 11,300

DN

Below 11,150


Steady Advance

- Dow opens with strength, extends gains above 11,200.
- NASDAQ and S&P each pushed slowly higher today and continue to look bullish in the near term. Continue to watch resistance to signs of an upside continuation.

Summary

The Dow closed the day near the highs of the session after breaking firmly through key resistance at 11,200. The index has reached the key 38% Retracement zone where we could see another pattern develop. Look for continued strength above 11,200 next week. If the index can continue holding above this level, we could see much more strength.

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NASDAQ Chart of the Day




ALXN is getting an upside break from a very narrow channel at 32.00, which is quite bullish. Look for follow-through above the break point of this channel for continued overall strength.

Daily Trading Signals

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