| Feb 24, 2010 |
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Daily Insight - Feb 24, 2010 3:30pm Markets are staging a pausing vector as it is limited in range with most prices remaining within Tuesday's range. So with yesterday's assessment still valid at this point in time, patience is warranted as the indices stay around/within the 50-day moving average and their midpoints. "Day Trader" will most probably lose less than a dime on AT&T if he were to cover now, (as he went short at 24.83), but because the stock remained weak throughout the trading day, he will keep it overnight for Thursday. He will discuss other selections after the close. Swing Trading - Feb 24, 2010 3:30pm "Swing Trader" has no trades for the day. After 4:00pm - Feb 24, 2010 Broad market index SPX.X staged an "inside day" with a "U" reversal off its midpoints and that gives us a more bullish chart pattern. Seen below is how a break of the 1115.00 horizontal trendline will allow it to challenge 52-week highs as well as reaching upper TFTF levels. Conversely, traders that are short the market will look to cover with a decisive break of 1115.00 as that will negate the large "head and shoulders" top pattern.
Tech and bio-tech index COMPX is showing strong signs of building an uptrend as good support is coming from a rising midpoint. This is shown below and a breach of Monday's high will resume the current rally.
"Day Trader" is short AT&T [T] at a price of 24.83 and will set a stop at 25.05 as it is seemingly "consolidating at the lows" without really participating in today's rebound. He is also a buyer of Agilent [A] and NSM at Wednesday's high or higher as long as they open under this setup requirement. Illustrated below is how AT&T is biding time and remains in a Day-1 breakdown status, Agilent is in position to break into new 52-week highs, while NSM is ready to push back up into its highest consolidation zone.
Trade Summary - Feb 2, 2010 No trades Week's Recap No trades |
