Wednesday, September 06, 2006
Trading Education
Tutorial
Pattern Cycles: Reversals
No chart pattern better illustrates this slow
evolution from bull market to bear decline than the Descending Triangle. Within
this simple structure, the trader examines how life drains slowly from a
dynamic uptrend. Variations of this destructive formation precede more
breakdowns than any other reversal. And they can be found doing their dirty
deeds in all time frames and all markets.
But why does it work with such deadly accuracy? Most traders don't understand
how or why patterns predict outcomes. Some even believe these important tools
rely on mysticism or convenient curve fitting. The simple truth is more
powerful: congestion patterns reflect the impact of crowd psychology on changes
in price and momentum...
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Daily Stock Picks
Volume Pop -
Sep 5 for Sep 6:
CHTR CMOS CRGN CYTR OSCI
(Increased Volume
> 200% of 6mo Average with overall strenght)
Oversold Stocks -
Sep 5 for Sep 6:
ACXM
(Stocks closing higher than they opened, crossing up through their 25
Stochastic level, and on 150% + greater than average 6 month volume)
Overreaction -
Sep 5 for Sep 6:
GNTA PGWC SGXP
(Potential Bullish
Bounce: Stocks making a 52 WK low and moving down 10% or more in one day)
More... Stock Picks Page #1
Daily Market Commentary
Updated Tuesday, 9/5 for Wednesday's market
|
Key DOW Levels for 9/6
|
|
UP
|
Above 11,500
|
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DN
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Below 11,375
|
Holding..
- Dow trades back and forth throughout session, holds above major
11,400 zone. The index continues to hold confidently above the 11,400
resistance level and the major lower trend line, which we will continue to
watch.
- The NASDAQ and S&P each pushed higher today, extending their overall
advance from last week. Watch near-term support for direction tomorrow.
Summary
The Dow closed the day fairly quietly and continues to hold above key
resistance at 11,400. Continued overall near-term strength is likely above this
zone, unless it is solidly crossed. Use this level as our near-term fulcrum
tomorrow.
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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.
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