Tradesight Market Preview for 6/1/11

The SP opened the session with a strong gap up, filled most of the gap and rallied to back to settle near the opening. Note that the close exceeded the February breakout. A short term DTL has been added to the chart to represent the potential breakout over the current down trend.

Naz was higher by 39 on the day and was relatively strong vs. the broad market. This is a positive development and welcomed by the equity bulls. Price closed right at the 8/8 level and below the 8/8 Gann level. The February high at 2400 is the next important level.

Multi sector daily chart:

The 10-day Trin is retreating from the 1.35 oversold reading last week and has plenty of gas in the tank before becoming overbought by moving to 0.85 or lower.

The SOX was top gun on the day, leading all major sectors with an advance of 1.5%. Price is pivoting off the completed 9 bar buy setup. The near term level for consideration is t he static trend line at 448.

The BTK rebounded and moved to the middle of the recent trading range.

The OSX was higher but slightly weaker than the broad market even with much higher energy prices on the day. Price has cleared the recent lateral trading range with a 279 trade to target (50dma).

The BKX closed back above the 200dma but the meaningful move is a close over the 50dma and the active DTL.

The XAU has been in a strong bounce since recently printing new YTD lows. The upward impulse has completed 9 day. This implies that price is likely to either consolidate and trade sideways or retrace.

Oil was higher and broke above the prior weeks high.

Gold was slightly lower and is working on 8 day up in the Seeker sell setup phase.


Stock Picks Recap for 5/31/11

With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
From the report, CVLT gapped over, no play.
CY triggered long (without market support due to opening five minutes) and didn't work:

PTEN gapped over, no play.
In the Messenger, FSLR triggered short (with market support) and worked:

Rich's VMW triggered short (with market support) and didn't work:

AMZN triggered short (with market support) and worked enough for an easy partial:

BIIB triggered long (without market support) and worked great:

Rich's AAPL triggered long (without market support) and worked great:

Rich's MON triggered long (without market support) and didn't work:

His BIDU triggered short (with market support) and didn't work:

In total, that's 4 trades triggering with market support, 2 of them worked, 2 did not.


Stock Picks Recap for 5/31/11

With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
From the report, CVLT gapped over, no play.
CY triggered long (without market support due to opening five minutes) and didn't work:

PTEN gapped over, no play.
In the Messenger, FSLR triggered short (with market support) and worked:

Rich's VMW triggered short (with market support) and didn't work:

AMZN triggered short (with market support) and worked enough for an easy partial:

BIIB triggered long (without market support) and worked great:

Rich's AAPL triggered long (without market support) and worked great:

Rich's MON triggered long (without market support) and didn't work:

His BIDU triggered short (with market support) and didn't work:

In total, that's 4 trades triggering with market support, 2 of them worked, 2 did not.


Forex Calls Recap for 5/31/11

Nice winner to start the week as the market moved early coming back from the long weekend, as it often does.
Here's the US Dollar Index intraday with our market directional tool:

New calls and Chat tonight.
EURUSD:
Per the instructions, should have put orders in early as they often get moving fast after a three-day weekend. Triggered long at A, hit first target at B, holding with a stop a couple of pips under R2:


Forex Calls Recap for 5/31/11

Nice winner to start the week as the market moved early coming back from the long weekend, as it often does.
Here's the US Dollar Index intraday with our market directional tool:

New calls and Chat tonight.
EURUSD:
Per the instructions, should have put orders in early as they often get moving fast after a three-day weekend. Triggered long at A, hit first target at B, holding with a stop a couple of pips under R2:


Stock Picks Recap for 5/25/11

With each stock's recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early.
From the report, JOYG triggered short (without market support due to opening five minutes):

From the Messenger, Rich's CF triggered long (with market support) and worked:

His RL triggered long (without market support due to opening five minutes) and didn't work:

His AMZN triggered short (without market support) and worked:

BIDU triggered long (with market support) and worked:

ERTS triggered long (with market support) and worked:

GS triggered long (with market support) and worked enough for a partial:

In total, that's 4 trades triggering with market support, all 4 of them worked.


Forex Calls Recap for 5/25/11

Nice night with two winners, one still going in the GBPUSD. See below (also EURUSD). New calls and Chat tonight.
Here's the US Dollar Index intraday with market directional:

EURUSD:
Triggered short early (half size) at A, hit first target at B, second half stopped:

GBPUSD:
Triggered long at A, hit first target at B, still holding with stop under R1:


Tradesight Market Preview for 5/26/11

The SP closed near the midpoint of the session when you figure in the runoff after 4pm. Price was higher on the day by 3 but there was little accomplished by the bulls. Settlement was below the 10 and 50mas and the broken static trend line was resistance that price could not penetrate.

Naz was higher by 7 on the day with a similar design to the SP. Price on the day was almost inside the prior day’s range.

The Naz and SP are both in bounce mode but the Naz continues to underperform the SP which is almost never positive.

The OSX continues to outperform oil futures which is positive for the whole energy complex.

There is still a negative divergence between the SOX and the NDX. Until the SOX either reclaims leadership or trades inline with the NDX the market is technically in only a bounce.

Multi sector daily chart:

The OSX was top gun closing at the high of the recent range. Set an alarm for a break over 271.50.

The XAU was up much more than the broad market and tested the 200dma.

The SOX used the static trend line for support but didn’t not exceed yesterday’s high.

The BTK has bounce off the low of the recent range. Look in this sector for long DTL break setups.

The BKX was weaker than the broad market and was red by a small amount. The AIG re-IPO was not well received and the sector reflected it.

Oil was higher by $1.70.

Gold:


Tradesight Market Preview for 5/25/11

The SP closed about flat on the day on low volume. Price attempted a push higher but left the gap open from Monday. This is the second settlement below the static trend line and the 50dma.

Naz was much weaker than the broad market losing 14 on the day. Tuesday’s price action undercut Monday’s range and close. Key support remains at the static trend line at 2280, next support is the 4/8 Gann level at 2281. Note that the CCI has recorded the lowest reading of the year and is loaded with oversold energy.

Multi sector daily chart:

The sometimes defensive XAU was the top performing sector on the day, +2.5%.

The OSX was higher on the day but remains range bound.

The BKX broke to new lows but closed mostly unchanged. The last line of defense for the bulls is the 38% fib at 48.75.

The BTK is very close to breaking down below the 6/8 level that is the current low of the recent range. Note that the MACD is already moving lower and will gather momentum if 1437.50 is lost marking a qualified lower high.

The SOX was weaker than both the broad market and the Naz. The 2010 December highs are the last line of defense.

Oil:

Gold:


Tradesight Market Preview for 5/25/11

The SP closed about flat on the day on low volume. Price attempted a push higher but left the gap open from Monday. This is the second settlement below the static trend line and the 50dma.

Naz was much weaker than the broad market losing 14 on the day. Tuesday’s price action undercut Monday’s range and close. Key support remains at the static trend line at 2280, next support is the 4/8 Gann level at 2281. Note that the CCI has recorded the lowest reading of the year and is loaded with oversold energy.

Multi sector daily chart:

The sometimes defensive XAU was the top performing sector on the day, +2.5%.

The OSX was higher on the day but remains range bound.

The BKX broke to new lows but closed mostly unchanged. The last line of defense for the bulls is the 38% fib at 48.75.

The BTK is very close to breaking down below the 6/8 level that is the current low of the recent range. Note that the MACD is already moving lower and will gather momentum if 1437.50 is lost marking a qualified lower high.

The SOX was weaker than both the broad market and the Naz. The 2010 December highs are the last line of defense.

Oil:

Gold: