Marketbeat - Thurs Aug 28th

ES Chart: Click to view

Apparently what goes down, must also go up; as we have noted in the broad markets this week. After Mondays big drop across the board, the markets have mustered their way up the charts, breaking through 130 on the S&P500 spiders (SPY) for the first time since Aug 15th (however, we only pegged 1300 on the ES S&P E-Mini Futures). The question for us short term traders is, are the exchanges just going to channel it out until the elections are over, or will they chose a side and break through either way, be it up or down? The internals were more straight forward with their direction today, with the Bulls having momentum for the most part of the day, giving control to the Bulls for the short term.

Daily Internals Chart: Click to view

The core sector list was mostly in the green today, coming in @ 14 to 2 for the Bulls . The NYSE Breath came in at 4 to 1 for the Bulls, while the NYSE TRIN closed at 0.91 ; with the NASDAQ Breath closing at 4.8 to 1 , with the TRIN at 0.98. The Vix was only down .35 today which gives cause for caution seeing as we are still in a very sensitive channel and with the Market coming into a long weekend (with a tropical storm/hurricane on the rise) anything can happen so we should remain very cautious going into the weekend.

Closing #'s:

Dow - +205 to 11,175
SPY - +18 to 1300.68
NASDAQ - +29 to 2411.64
Russel 2000 - +14 to 747.79
VIX - -0.36
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S&P/TSX - +154 to 13,750.48


Internals:

NYSE Breath - 4:1+
NYSE TRIN - .91
NASDAQ Breath - 4.8:1+
NASDAQ TRIN - .98
A/D - 1813+

Core Sector List -
+14/2 to the bulls
-builders bankers insurance, retail, semis, tech up / oil & oil services down-

Marketbeat : Wednesday Aug 27th

Market #'s @ Close - Dow: +90 / S&P500: 10 / NAQDAQ: 20 / Russel2000: / VIX: .66
Internals - Core sector list: 13/3 / Breath: NYSE: 6:1.7 - NASDAQ: 1.1:0.42 / NYSE TRIN: .85/NASDAQ TRIN: .666 / AD LINE: 1600+
Volume: very light today

Another sunrise, another interesting day in the Markets. The day got off to a quick start, with the broad exchanges quickly finding support after the bell rang and not looking back much after, reaching the first resistance pivot point before 11am on the ES Futures (E-mini Futures S&P500). The Dow told a similar story with its chart intra-day, almost mirroring the S&P. During the lunchtime laggard sessions the market ripped to new highs and the second pivot point only to retrace a bit before the close. Oil and Gold were up today with the market adding further confusion to the mix. The internals spoke a lil bit of a clearer picture today with the core sector list reading 13 to 3 for the bulls with home builders, brokers, and gold leading and biotech and internet down). Moving onto some other #'s - NYSE Breath 3.5:1 [6:1.7] while the NASDAQ Breath read 2.6:1 [1.1:0.42], with the NYSE TRIN coming in at 0.85, NASDAQ TRIN at 0.66 and the NYSE A/D line up 1600 Ticks.

Internals Chart




After the market closed, in the news is Fannie Mae and Oracle having made some internal changes, that is to say, they've made some changes in their C-level executive positions. Oracle even changing their CFO. So is this lil piece of input going to make a difference to the financials? The Dollar inched today furthering its steady climb off the lows.

US Dollar Index Chart




Stocks in Scope:

WYNN: H&S pattern still holding, watch for confirmation with break of 90 (See Chart)
FSLR: Looks to be in a channel
FSYS: Trend is nice, Nice pop from earnings, looks like its ready for a bounce (See Chart)
TSO: Refining profit is climbing as crude falls, Industry has been moving up as crude moves down, looks like a breakout waiting to happen, keep an eye on it.

Unusual Options Today:

VMW / NTAP (Sept 25) / ISIS

Marketbeat for August 26th - 2008

Market #'s @ Close:
Dow +26.62 / To 11,412
S&P500: +4.70 / To 1,271.51
Nasdaq: -3.76 / To 2,361.97
Russel 2000: +1.53/ TO 723.51
Vix: -0.45/ To 20.52
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S&P TSX: +10.11 / To 13,299.07

Internals :

Nyse Breath - 4.33:3 (1.4:1)
Nyse Trin - 1
NQ Breath - 825/600 (1.3:1)
NQ Trin - 1.6

Can we all say choppage? Well the market can, as it spent the majority of the day between pivot points. Even with FOMC minutes coming out at 2pm the Market had a quick jerk but nothing solid, rallying into the close. With the use of pivot points (See Pivot Points on Shadowtrade.net here) one could map the ups and downs of the intraday market and see how it likes to peg those levels (See chart of S&P (ES FUTURES) here). This of course becomes useful in many different aspects to trading. First and most obvious if your trading of Futures, knowing the lines in the sand can be a key tool. Secondly knowing what lines need to be crossed or broken can be transferred into your trades within the Indices. For instance if you are mapping the NASDAQ futures and know your pivot points, and have or are planning a trade on RIMM or AAPL, those lines aka pivot points can be useful in finding entry and exit points.

Below is a chart mapping the Dow, Es S&P e-Mini futures and internals...

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Whats left for us today is really catch up on some homework, go over your watch lists, and wait for the market to show you its hand. Can it muster up the strength to fill in the gap Mondays trading left, or will it test old lows before any hope of that thought comes around, Our job as active traders is to play what we see, when we see it, abiding to our Trading Rules and Trading Strategies.

Internals : NYSE Breath - 4.33:3, NASDAQ breath - 825/600, $TRIN: 1, $Vix: -0.45 (20.52),

Stocks on the radar: WYNN (Still forming that H&S pattern - watch for break of neckline [90]) / BNI / ACI

Stocks with earnings tomorrow (Wednesday): ENER, VIP

I'll keep this post updated as the night progresses...

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Important Disclaimer! This website is for entertainment purposes only. Equities, Futures, Options, and Currency Trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Absolutely do not trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell equities, futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Absolutely consult your Registered Financial Advisor and your Risk Trading Plan before ever investing or trading any financial instrument!

Marketbeat - August 25th 2008

Another day another drop, with the broad market gaping down this morning, almost pegging the lows of Fridays gap up. From this opening point the market looked lower all day with minor points of it taking a breather before continuing lower. The point were all going to be watching tomorrow is 1265 on the ES' (S&P 500 E-Mini Futures) If the broad market fails to hold this line in the sand we could be in for another leg down to the 1250 line on the ES'. With a sea of stock tickers in the red today. However if it does hold we could see the market rally off this move or just pause a bit, the fact is we've been in a little channel mode on the S&P500 since mid-July so we could see this action continue. On the internal side, the bulls were completely playing hookie, almost no where to be seen in today's action. The core sector list came in around 16 to 0 for the bears, with small changes intra day (13-3 etc) but nothing held. Trin pegged and closed at the high point of the day @ 2.21. The NYSE breath read 7.62:1 for the Bears, while the Nasdaq breath came in at 1.28:0.2 (6.4 to 1) for the bears.

Todays action was interesting to watch, but for the sake of the trader 6months from now, I chose to SOH (Sit on Hands), This is a good market to experiment with some Paper money and get the kinks out of some strategies you like.

Market #'s:

S&P500: -24 to 1266.84
DOW: -241 to 11386.25
NASDAQ: -48 to 2365.59
RUSSEL: -16 to 720.56

Internals:

NYSE Trin: 2.2
Nasdaq Trin: 2.2
Nyse Breath: 7.62 : 1
Nasdaq Breath: 6:1 (1.28:.2)
Core Sector List: 16 to 0 to the Bears

Some Stocks im watching: MYGN, TIE, RIMM, AAPL, RBN

Important Disclaimer! This website is for entertainment purposes only. Equities, Futures, Options, and Currency Trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Absolutely do not trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell equities, futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Absolutely consult your Registered Financial Advisor and your Risk Trading Plan before ever investing or trading any financial instrument!