Week of July 3
Market Overview
Well, it seems Mr. Bernanke had some good news for the markets last week as we were up strongly for the week, with the DOW closing at 11,150 and the NASDAQ at 2,172. We'll need to hold the 11,100 and 2,150 levels as they've now become lines of support.
At this point, we're cautiously optimistic--and are now considering new long positions. However, a drop below the above support levels will quickly squelch that optimism, and put us back into a neutral stance.
Note that today (Monday) will be a "short" trading session (ending at 1:00 PM EST) due to the holiday. Expect low volume as well, as most traders are off for the holiday.
Review of Last Week
Last week was a good week for us, with our recommended positions performing quite well. Our first open position, BEN was made on the 27th--and was the only position opened that day. (Remember our rules--if the markets are down, only shorts are viable entries.) BEN turned out to be a short duration trade, as we exited on the 28th on the reverse Lincoln't hat formation.
OII faired exceptionally well, with an entry on the 28th (or the 29th if you were a bit more conservative). This stock is now up tremendously. We'll be watching this one closely to protect our profits.
R also was up smartly, and again we're looking now to protect our profits.
SHLD started up quickly, but has since retraced its position. We may exit this one should it drop below the 7 DSMA--we'll be watching this one closely today.
All things considered an excellent week!
Well, it seems Mr. Bernanke had some good news for the markets last week as we were up strongly for the week, with the DOW closing at 11,150 and the NASDAQ at 2,172. We'll need to hold the 11,100 and 2,150 levels as they've now become lines of support.
At this point, we're cautiously optimistic--and are now considering new long positions. However, a drop below the above support levels will quickly squelch that optimism, and put us back into a neutral stance.
Note that today (Monday) will be a "short" trading session (ending at 1:00 PM EST) due to the holiday. Expect low volume as well, as most traders are off for the holiday.
Review of Last Week
Last week was a good week for us, with our recommended positions performing quite well. Our first open position, BEN was made on the 27th--and was the only position opened that day. (Remember our rules--if the markets are down, only shorts are viable entries.) BEN turned out to be a short duration trade, as we exited on the 28th on the reverse Lincoln't hat formation.
OII faired exceptionally well, with an entry on the 28th (or the 29th if you were a bit more conservative). This stock is now up tremendously. We'll be watching this one closely to protect our profits.
R also was up smartly, and again we're looking now to protect our profits.
SHLD started up quickly, but has since retraced its position. We may exit this one should it drop below the 7 DSMA--we'll be watching this one closely today.
All things considered an excellent week!
posted by Dan at 8:54 AM
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