Wednesday, May 23, 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
Saucer Patterns
Rare Pattern Is One of the Most Predictive
One of the most predicitive chart patterns you will come across is
the saucer pattern. Saucers are also referred to as "bowls" or even
"rounded tops or bottoms", and one look at this pattern tells where
these names are derived from. However, there is a problem with saucer patterns
- they're hard to find.
Read
More...
NASDAQ Chart of the Day
Courtesy
of Nirvana Systems
ROIAK is holding right at key resistance at 7.55, which has held firmly
since January. If this stock cannot rise above 7.60, we will likely see another
steady drop from these highs.
Daily Trading Signals
NYSE Chart of the Day
Courtesy
of Nirvana Systems
FIX
is holding right at a major resistance level at 14.10, which has held since
last August. Look for a big downside reversal from these highs if 14.20 cannot
be crossed and held.
Daily Trading Signals
Daily Market Commentary
Courtesy of
Nirvana Systems
Updated Tuesday, 5/22 for Wednesday's market.
|
Key DOW Levels for 5/23
|
|
UP
|
Above 13,600
|
|
DN
|
Below 13,500
|
Another Late-Day Decline...
- Dow drops from highs yet again, sells off to the Close. The
index eventually rallied to new highs on the session, but succumbed to another
late-day collapse, which should be concerning moving forward.
- The NASDAQ and S&P each traded mostly sideways today, but managed to
rally to nice intraday highs later in the day. The late-day declines to the
Close, however, could indicate potential selling pressure ahead.
Summary
The Dow ended the day within a very tight range that continues to build out at
overall highs, but has ended the last two days with afternoon declines, which
could lead to more selling ahead. Watch 13,500 for key directional clues
tomorrow.
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