Thursday, November 02, 2006
Trading Ideas &
Picks
PCAR
- Pullback toward the ascending trendline
PCAR: Technical indicators are suggesting that we could see a pullback
toward the ascending trendline. The Parabolic SAR indicator has recently
produced a sell signal. The MACD, which has recently crossed below its signal
line. This bearish crossover could also be used by traders to confirm a move
toward the support near $57.
Trading
Ideas - Read More
Trading Ideas &
Picks
Yahoo
Inc. (NASDAQ:YHOO) Should Pull Back
YHOO:
Recent price momentum has been favorable to those holding long positions in the
stock. The upside price action has pushed YHOO to downtrend line resistance.
Being that this resistance level has only been tested successfully on one
previous occasion, the validity is still uncertain...
Trading
Picks - Read More
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Tutorial
Volume Climax
Volume
Helps Identify Reversals
Various price
patterns can alert us to potential reversal candidates. Trendline Breaks,
Support and Resistance Levels, Fibonacci Retracement Levels and other price
information are valuable in determining a change in direction for a security.
However, one of the most overlooked chart patterns that help us determine
reversals is not reflected in the price itself. Volume climaxes are easily
identifiable and valuable in assessing a change in market sentiment.
Read More...
NASDAQ Chart of the Day
ADTN is getting an initial downside break from the large triangle range
at 22.50, which could spark a significant drop in this stock. Watch for more
weakness to come.
Daily Trading Signals
NYSE Chart of the Day
ALO
has filled a large exhaustion gap to the downside and is now breaking a large
triangle through the bottom as well, which is highly bearish. Watch for
continued weakness from this stock beneath 21.50.
Daily Trading Signals
Daily Market Commentary
Updated Wednesday, 11/1 for Thursday's market.
|
Key DOW Levels for 11/2
|
|
UP
|
Above 12,125
|
|
DN
|
Below 12,000
|
Approaching 12,000...
- Dow ells early advance, drops just shy of key 12,000 level. The
index came within a few points of hitting the key 12,000 zone and bounced to
the Close for an eventual 51 point loss.
- The NASDAQ and S&P each sold off big compared to the Dow today,
especially the tech-heavy index. Today's break could be the first spark to big
selling this month.
Summary
The Dow closed the day with a nice bounce that recovered some of the day's
losses, but the index remains vulnerable to key weakness ahead. Watch 12,000
closely, as a break or bounce in this zone could influence the next key medium
term move.
Read More...
