Monday, October 23, 2006
The Ultimate Trading Machine by NetPicks
NASDAQ Chart of the Day
NETL
is getting a big downside break through the bottom of a large triangle range.
Watch for continued weakness from this stock.
Daily Trading Signals
NYSE Chart of the Day
VFC took a large gap up this morning and immediately filled it to the
downside en route to heavy selling to the Close. This behavior is highly
bearish and could spark much more additional selling. Watch 74.00 for a trend
line break to indicate another wave of declines.
Daily Trading Signals
Trading Education
Tutorial
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...
Daily Market Commentary
Updated Friday, 10/20 for Monday's market.
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Key DOW Levels for 10/23
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UP
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Above 12,050
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DN
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Below 11,940
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Still Holding...
- Dow pushes back and forth around 12,000, closes relatively flat.
The indexeventually closed the day with a small loss, but remained barely above
the 12,000 level.
- The NASDAQ and S&P each traded mostly sideways-to-up after the early
weakness. Each continues to hang within their respective ranges, which could be
on the verge of a big breakout opportunity.
Summary
The Dow closed the day with a 9 point loss and continues to struggle in the 12,000
zone. The index has maintained a highly bullish stance within a clear uptrend,
but a huge violation through 11,950 could spark big weakness.
Read More...
