Posted by 17 June 2007

June 15, 2007 Stock Market Recap

Rising interest rates took the stock market down earlier in the month and economic data pushed it back up over the last three days. So although rates haven’t dropped back to where they were before the stock selloff began (sub 5%) stocks have recovered their losses. Either the rates don’t matter anymore or the rise in stocks isn’t to be believed (expiration games?). Here’s the chart of the 10 year rates:

The rate sensitive utilities stopped right at the downward sloping trendline. This sector has a lot of work to do to get back to 2007 highs.

The S&P is chasing its broken March trendline.

New highs for the Nasdaq but is that an exhaustion gap on Friday?

The Russell’s looking strong again after a little scare at the 50-day moving average last week.

Trend Table
Trend Nasdaq S&P 500 Russell 2000
Primary Up Up Up
Intermediate Up Up Up
Short-term Up Up Up(+)

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend

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Comments

  1. Posted by Kevin Hoffman on June 17, 2007 at 9:31 pm

    Hi Mike,

    Just signed up for Trade-Ideas. . Could you tell me how you configure the software for a NR7 Alert. Don’t quite understand, since I just the NR7 box to check, but there is a box to the right that has “Count”??

    Thanks,

  2. Posted by Kevin Hoffman on June 17, 2007 at 9:57 pm

    P.S.. From your interview you like high volume stocks. . Could I ask if you use the filter in Trade-Alert with a combo query like the following:

    High volume, 30 minute consolidation? Also, since you mainly use 30 minute candlestick, I assume you go by a 2 day chart or 3 day? Sorry for the questions, still green at this stuff. A one day 30 minute candlestick would only give you two candlesticks since you wait at least 30 minutes to trade and I can’t see that being much data to go by.

    Thanks again, Kevin

  3. Posted by Michael on June 18, 2007 at 9:27 am

    Kevin,

    Have you read the Trade-Ideas documentation/help? You can leave the count column blank. This may help you as well – http://tradermike.net/2006/08/trade-ideas_pro_usage_tips/

    When I trade off of 30 minutes charts I wait until after 10:30 to trade. So there are at least two bars from the current day but, yes, my charts also go back about 2 days as well.