Tuesday, October 10, 2006
NYSE Chart of the Day
HOV
has formed a large saucer pattern at the lows, which is shaping up to be
bullish. An upside break through the lip of the saucer at 32.00 could spark big
strength ahead.
Daily Trading Signals
NASDAQ Chart of the Day
AMKR
has gotten a big upside break through a major upper trend line via a breakaway
gap and high volume, which is quite bullish. Watch for a continuation higher
through 7.25 for continued strength.
Daily Trading Signals
Trading Ideas &
Picks
ACN -
Long term secular uptrend
ACN:
Stock is in a long term secular uptrend as seen in the above chart. The stock
has recovered from the fall it witnessed in mid June. The stock made a good
bottom at 26.10 levels and has been steadily moving up. The stock is trading
above its 10-Day EMA of 30.52 and the 7-Day Average Directional Indicator has
generated a strong buy signal. All the short term indicators are in the buy
zone...
Trading
Picks - Read More
Trading Ideas &
Picks
HD -
Medium term uptrend
HD:
Stock is in a medium term uptrend as seen in the above chart. The stock has
recovered from the fall it witnessed in July-August. The stock made a good
bottom at 33.25 levels and has been steadily moving up. The stock is trading
above its 10-Day EMA of 36.51. The 7-Day Average Directional Indicator and the
20-Day Moving Average are in the buy zone...
Trading
Picks - Read More
Trading Education
Tutorial
Consolidations
Sideways
Movement Gives Indication of Future Price Direction
A consolidation is a place where buyers and sellers are very closely matched in
numbers. As the battle ensues, others notice that the market is consolidating,
and begin considering to get on board. As soon as a break from the
consolidation occurs, the latent buyers or sellers usually begin taking
positions.
Read
More...
Daily Market Commentary
Updated Monday, 10/9 for Tuesday's market
|
Key DOW Levels for 10/10
|
|
UP
|
Above 11,900
|
|
DN
|
Below 11,800
|
Still Consolidating...
- Dow continues sideways within tight consolidation, builds toward
potential breakout. The index gained just 8 points for the day, but is
definitely gearing up for a big potential breakout move.
- The NASDAQ tried to rally the broader market today and has only half
successful. The index broke out to new highs within the overall uptrend, but
the S&P continues to hold within its consolidation range. Look to near-term
support for the next key move.
Summary
The Dow closed the day within the boundaries of the very clear consolidation
that has formed at the overall highs. Look for the index to build out this
range a bit more before the next key breakout move is seen. Watch this range
closely.
Read More...
