Wednesday, April 18, 2007
Voodoo Trading
Voodoo trading could add a lot to your bottom line. W.D. Gann, R.N. Elliott and
other cultists spent years studying the market's mystical side, trying to
figure out how obscure ideas could tap hidden profits. Magic numbers,
astrological dates and prayer wheels have all been enlisted in the search for
that elusive trading edge. Read
More...
Improve your trading with W.D. Gann's timeless methods -
Forecasting service based on W.D. Gann's methods - The Complete Forecasting
Package ... Gann
Global Financial
Trading Education
Tutorial
Courtesy of
Nirvana Systems
Support and Resistance Levels
History Tells Us When Securites are Overbought or Oversold
Support indicates a level on the chart where we can expect an
increase in the demand for a security (buyers take over). How do we know this?
By identifying this reaction to this price level in the chart's history.
Read
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NASDAQ Chart of the Day
Courtesy
of Nirvana Systems
BMRN
retraced back to 50% after the big Feb/Mar decline and has now taken a
breakaway gap to the downside, which indicates that another key sell-off may be
ahead. Watch 16.50 for more signs of weakness.
Daily Trading Signals
NYSE Chart of the Day
Courtesy
of Nirvana Systems
CBG has built out a large triangle pattern and is now testing the upper
boundary of the range at 35.75. Watch for a solid upside break from this pattern
for a potential 8 point rally.
Daily Trading Signals
Daily Market Commentary
Courtesy of
Nirvana Systems
Updated Tuesday, 4/17 for Wednesday's market.
|
Key DOW Levels for 4/18
|
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UP
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Above 12,825
|
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DN
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Below 12,700
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Near All-Time Highs...
- Dow rallies near all-time highs, holds to the Close. The index
came within 5 points of reaching all-time highs and ultimately closed the day
with a 53 point gain, but 25 points from new highs. Considering the Dow has
rallied this far, we could see a new record set tomorrow before a pull-back
occurs.
- The NASDAQ and S&P each traded sideways-to-up today, building out clear
ranges in the process. Keep a close eye on the consolidation of the NASDAQ, as
this range could give the best directional signal of movement tomorrow morning.
Summary
The Dow put together another strong session today, as the index came very close
to reaching all-time intraday highs. The index should be able to make a new
high very soon, but could be in for a moderate retracement once a new high is
reached.
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