Thursday, November 09, 2006
Trading Ideas &
Picks
Amazon.com Inc - Above a medium-term
resistance
AMZN:
The bulls have managed to push the price of the company's shares above a
medium-term resistance level. The $39 level has prevented the bulls from
pushing the price higher on several occasions over the past eight months, but
today's breakout suggests that this story is changing...
Trading
Picks - Read More
Trading Education
Tutorial
Fibonacci Retracement Levels
Using Retracement Levels in Your Trading
Leonardo Fibonacci da Pisa was a thirteenth century mathematician who (re)
discovered what is today known as the Fibonacci sequence. Adding 1+1 and then
continuing to add the sum to the previous number will arrive at this numerical
sequence. The sequence gives rise to the following numbers: 1, 1, 2, 3, 5, 8,
13, 21, 34, 55 and so on.
Read
More...
NASDAQ Chart of the Day
PEIX
has wound up perfectly within the boundaries of a solid triangle pattern. The
stock is now testing the upper trend line of the pattern at 17.50 and could get
a huge upside break and rally. Watch this pattern closely.
Daily Trading Signals
NYSE Chart of the Day
WPI
has gotten a big breakaway gap from a tight consolidation at 25.60, which is
quite bearish. Look for continued weakness from this stock.
Daily Trading Signals
Daily Market Commentary
Updated Wednesday, 11/8 for Thursday's market.
|
Key DOW Levels for 11/9
|
|
UP
|
Above 12,200
|
|
DN
|
Below 12,100
|
Record Close...
- Dow reverses from major trend line, rallies steadily to the
Close. The index proceeded to push higher the remainder of the day and
eventually closed at another record high at 12,176, which was good for a 20
point gain. The index continues to struggle at 12,200, however, which is the
next big level to watch for strength.
- The NASDAQ and S&P each rallied from early lows this morning, but failed
to advance above key resistance. Watch the ranges that have formed for the next
medium term move.
Summary
The Dow closed the day near the highs of the day to set another record high.
However, the 12,200 level continues to hinder further strength. Watch this
level for key breakout movement; otherwise, 12,100 could be tested again.
Read More...
