Freestockcharts.com(FSC) is a great charting program for free. They have added social networking to it so we can now share charts. All you need to do is sign up, create a profile, and add me as your friend. You can find me under "mtn.guy" on FSC. I will be posting notes on stocks I like.
Tuesday, February 9, 2010
Sunday, February 7, 2010
Oil on the 200 dma
Crude oil came down last week and kissed the 200 day moving average(dma) at $70.50(white line). Typically, crude oil bottoms around the middle of February and starts going up into the Memorial Day weekend. This could be a nice short term trade as long as the 200 dma holds. If the price closes below the 200 dma, then next support is $65-$66 on the weekly 50 dma.. USO is another way to play oil.
Gold buy signal
Gold is giving a buy signal last Friday off the monthly S1 pivot at $1050. Look for a possible $50 pop this week if Gold opens up on Monday. Use Friday's low as your stop. Otherwise, it could fall to 1002.
S&P Buy signal
What did I write last week? "Look for resistance at 1100 and support at 1042". That's exactly what happened. The S&P hit 1100 on Tuesday and then fell to 1040 by Friday. Traders that bought the Monthly S1 pivot at 1040 last Friday are happy traders, since we had a 20 pt bounce at the close. This is also setting up a buy signal with the "Long legged doji" pattern last Friday. We need to see confirmation with an "UP" open on Monday. Look for support this week at 1038 and resistance at 1100 again(maybe 1106). If we don't get confirmation, then we could see 1018 on the S&P soon. Remember, my signals are short term(a few days to a few weeks), not long term buy and hope.
Thursday, February 4, 2010
3 months of consolidation per Sir Bradley
Last October I wrote that the November 9th, 2009 Bradley date, would be the start of a new sideways trend. As of today we are at the same price as last November. The stock market has gone no where in 3 months.
Subscribe to:
Posts (Atom)
