Posted by 31 July 2006

July 31, 2006 Stock Market Recap

There’s not much to say about today’s action. The indices just consolidated last week’s gains on lighter volume — which is bullish action. Just about all the indices made NR7 bars today so those bars should (could) be good ones to trade off of, if NR7s are your thing. The Nasdaq’s sitting just under that [...]

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Posted by 31 July 2006

Watchlist for July 31, 2006

The futures are down a little this morning so I guess we’ll find out if Friday’s low volume rally was for real. If we head higher during the day I’m expecting a struggle at the early July highs on the S&P 500. Potential swing trades:

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Posted by 30 July 2006

July 28, 2006 Stock Market Recap

It was a struggle on Wednesday and Thursday bit the bulls finished the week strong on Friday. But while the price action was undeniably impressive volume was lacking. Yes, I know I always complain about the upside volume but I have to call ‘em as I see ‘em. I’m not alone though, IBD has issues [...]

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Posted by 30 July 2006

Chart Request: QUALCOMM Incorporated (QCOM)

The question on Qualcomm is do I think it’s bottomed. I see nothing in the chart that leads me to believe QCOM has bottomed. But I guess it all depends on your time frame. In the short term it’s promising that the stock was finally able to close above its 10-day moving average. It’s down [...]

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Posted by 30 July 2006

Chart Request: iShares Dow Jones Transportation Average Index Fund (IWT)

I was asked what I thought was a good entry and target price for shorting the Dow Transportation Index. My answer, as if often the case is “it depends”. One possible entry is at or near the top of its downtrend channel whch, at the moment, is around $81. If I were to try to [...]

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