| Feb 22, 2010 |
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Daily Insight - Feb 22, 2010 3:30pm Markets are "consolidating at the highs" as both the SPX.X and COMPX have limited movement in its daily range. This action allows the upper TFTF levels and midpoints to rise higher so that higher prices have good room to run. In other words, uptrends are developed by prices vacillating between midpoints and upper TFTF levels and the best scenario is always for prices to remain steady while the midpoints come up to help "push" prices higher. "Day Trader" had no trades on BRCD nor GLW as the former opened above Friday's high while the latter never went over its Friday high. He will discuss his selections after the close. Swing Trading - Feb 22, 2010 3:30pm "Swing Trader" has no trades for the day. After 4:00pm - Feb 22, 2010 Broad market index SPX.X paused today as it rotates around its black-colored 50-day moving average. Illustrated below is how the index is biding time while waiting for its midpoints to rise up and help "push" it higher.
Tech and bio-tech index COMPX is also trending upwards but took a breather on Monday. Shown below is how it is "consolidating at the highs" above its 50-day moving average and targeting the 52-week highs which should coincide with the upper TFTF line.
"Day Trader" has no trades for Tuesday as a lot of stocks had the high of the day near Monday's opening but closed lower, with many such as RIMM, AAPL, MMM, LXK, NTAP, TXN, ADBE, MOT, etc., all finishing near their daily lows. Conversely, he sees a lack of momentum from Monday's close. Trade Summary - Feb 2, 2010 No trades Week's Recap No trades |
