Tuesday, December 05, 2006
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Potentially profitable Short-Term Trading
Ideas
Long candidates:
Oracle (Nasdaq: ORCL, $19.28) -- When Oracle reported earnings in mid-September,
the stock gapped nearly $2 higher, going from the mid-$16 range to the
low-$18's. Since that time, the shares have consolidated between the low-$17
and low-$19 range. The shares appear ready to test psychological resistance at
$20. If ORCL can make it through that level, then it should reach the
mid-$20's. Target is $23.95. The stop loss is $16.48, beneath the lower-end of
the September gap.
Short Candidates:
Robert Half International (NYSE: RHI, $38.40) -- RHI provides staffing
services worldwide. After bottoming just below $30 in mid-September, the shares
then hit a peak just below $40 in late November. Since then, the stock has
broken uptrend lines in both price and relative strength. Daily MACD,
stochastics and CCI have all given sell signals. Target on RHI is $35.05. Exit
the trade at $40.11.
Trading Education
Tutorial
Trendline Breaks
When is a Trend Truly Broken?
The importance of trendlines cannot be overstated when it comes to technical
analysis. We are told to trade with the primary trend, exit when the trend
reverses, enter on trend reversals, and so on. Trends are easy enough to
identify, but when is a trend actually broken?
Read More...
NASDAQ Chart of the Day
CKFR
has formed a large triangle pattern that has been winding up for five months
now. A breakout from this range should yield big movement. Watch 38.50 down,
and 42.50 up.
Daily Trading Signals
NYSE Chart of the Day
LSI
took a large gap down at the Open and sold off the remainder of the day with
increased volume, which is quite bearish. Look for more selling ahead.
Daily Trading Signals
Daily Market Commentary
Updated Monday, 12/4 for Tuesday's market.
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Key DOW Levels for 12/5
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P
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Above 12,325
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DN
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Below 12,075
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Steady Advance...
- Dow breaks through 12,250, rallies throughout session. The index
continues to look poised for another run at new highs, but needs to hold above
12,200.
- The NASDAQ and S&P each rallied steadily throughout most of the session
today and look poised for more bullish behavior. Watch for a potential
continuation pattern to form near highs for another advance.
Summary
The Dow closed the day with a nice gain after breaking through the top of the
initial triangle at 12,250. However, we could see this pattern build out a bit
more before a much bigger move is seen. Watch 12,325 closely tomorrow.
Read More...
