Monday, September 11, 2006
NASDAQ Chart of the Day
EZPW
is winding up within the boundaries of a large triangle consolidation. A
breakout from this range could be huge. Watch 42.00 up, and 37.00 down.
Daily Trading Signals
NYSE Chart of the Day
CTB
has broken a major upper trend line at 10.00 on high volume, which is quite
bullish. This upper line had been in tact since last January, which makes this
break a big deal. Watch for continued strength from this stock.
Daily Trading Signals
Trading Education
Tutorial
Island Reversals
Stand Alone Formation Speaks Volumes
Reversals tend to occur slowly, with securities forming double
bottoms, higher lows, head and shoulders patterns, etc. before starting a new
trend. However, sometimes we see a dramatic reversal immediately, and one of
the best indications of these types of reversals is Island Tops and Bottoms.
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More...
Daily Market Commentary
Updated Friday, 9/8 for Monday's market
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Key DOW Levels for 9/11
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UP
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Above 11,450
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DN
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Below 11,325
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Back at 11,400
- Dow trends slowly higher throughout session, halts advance at
11,400. The index closed the day just beneath this key level and ended the day
with a 61 point gain.
- The NASDAQ and S&P each pushed slowly higher throughout the session, but
continue to look bearish in the medium term. Watch the consolidation ranges for
a breakout Monday.
Summary
The Dow ended the day with a nice gain after pushing higher throughout the day.
The index is now holding just beneath the key 11,400 fulcrum, which we will
continue to watch. Keep an eye on the large head-and-shoulders pattern that
could be forming the Daily and 60 Minute Charts.
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