Monday, January 29, 2007
Trading Ideas &
Picks
The QQQQ Report for January 29th -
February 2nd, 2007
QQQQ:
The bears did push the index below the moving average, which is now acting as a
area of short-term resistance. We'll continue to hold onto our short-term
target near the 100 DMA until the bulls are able to push the index back above
its 15-day moving average...
Trading
Picks - Read More
Trading Education
Tutorial
Trading Ranges
Big Moves Occur Outside of the Range
A trading range is basically a horizontal channel in which a
security moves from the high and low of the channel for an extended amount of
time. Obviously, the upper level of the range can be considered resistance and
the lower level represents support. Trading within a range is possible, but
it's the breakout from the range that provides the best opportunities.
Read
More...
NASDAQ Chart of the Day
GOOG
continues to wind up within the boundaries of a highly explosive triangle
pattern. A breakout through 513.00 or 48.00 could spark a solid 60 point move.
Daily Trading Signals
NYSE Chart of the Day
IRF got a solid breakout through the top of a large triangle range via a
big breakaway gap and high volume. Look for more strength from this stock.
Daily Trading Signals
Daily Market Commentary
Updated Friday, 1/26 for Monday's market.
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Key DOW Levels for 1/29
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P
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Above 12,650
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DN
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Below 12,425
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Pop & Drop...
- Dow sells off sharply from early momentum, bounces from lows.
The index dropped off about 110 points and tested the key 12,450 zone before
getting a solid bounce late in the day to close the session just beneath
12,500.
- The NASDAQ and S&P each sold off fairly aggressively today, but each held
lows and bounced to the Close. Watch key support next week, as a test of these
levels could be big.
Summary
The Dow closed the day with a nice bounce from the day's lows to end the
session with just a modest loss after a bad start to the day. The index
continues to look very 'toppy' in the Daily and 60 Minute Charts, which could
indicate more weakness ahead.
Read More...
