The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at
I am always open to questions, comments, or suggestions on how to improve this blog.

Monday, June 1, 2009

Mon. 06_01

Let the charts speak for themselves...
The S&P500 couldn't quite close above that previous January high, so close.
The leader of the bunch (Nasdaq Composite) looks poised to keep running. I'm seeing a lot of charts that are testing, or close to testing, a previous gap level.Russell poked it's head above those January highs. Perhaps looking to target 551.
Next we have the laggard Dow. Just kissed the 200-MA, next logical upside target would be approaching 9100. A test, and hold of 8600 would be nice too.As financials were the "play" of Q4 '08 and Q1 '09, with the crumbling $dollar energy/commodities/oil are showing strength. XLE broke out of prior resistance/highs:
OIH is in lift-off mode. Gap-fill play in the $120-$124 level.A curious development in POT today. Price broke out of a narrow base and tested that huge gap from September '08 which happened to coincide with a 38% Fib. retracement (snapped from high in June '08 to low in Dec. '08). It sold off hard at the end of the day, but rests right on top of the support range.FCX has a shooting star pattern going on with a lower momentum reading as it approached the gap resistance from Sept. '08.
CF has a flag setting up as price retraced into the 20-EMA (previous resistance). Reloading for more upside?

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