Today on the Marketbeat: Just another inside day ....

Market #'s @ Closing Bell:

S&P: +3

DOW: -27 

NASDAQ: +16

RUS2K: +2.54

TSX/S&P: +63

VIX: -0.41

Internals:

Core Sector List: 13/3 to the Bulls

NYSE

BREADTH: 1.8/1

AD LINE: +730 ticks

NASDAQ

BREADTH: 2.3/1 

AD LINE: +600

Today on the Marketbeat: Just another inside day ....

Holy indescion Batman!!! The day started lower once again, only to fill the gap fairly quickly. After a solid drop on profit taking yesterday, I was looking for the market to basicly do what it did today. It didnt go lower, yet it didnt really go higher, it basically stopped falling and based out. Which is good for positions to set up nicely. With a choppy to bullish afternoon, the market jumbled around between the daily pivot and S1, closing near pegging the Pivot point at the close. 

The internals were another choppy jumbled mess today as the breadths switched back and forth until the bulls pulled away towards the last hour of trading when the market shaped up and rallied into the close. The Ad Lines were about the only clear internal indicator as they both (NYSE & NASDAQ) tacked on respective gains in todays chop fest. 

Ideas were not hard to come by today, here's a coupel I came accross that are near or at action points:

Long: CBRL, RGLD, MEE, IWM

Short: CFR

Food For Thought 2 Use wit Stocks: 

$TVOL: Total NYSE Volume, use to compare daily total volume numbers.

$TVOL/Q: Total Nasdaq Volume.

Today on the Marketbeat: Profit taking on a snowy Wednesday

Market #'s @ Closing Bell:

S&P: -28 to 906 (held 905 = 61.8% retracement)

DOW: -245 to 8770

NASDAQ: -53 to 1599

RUS2K: -19

TSX/S&P: -360 

VIX: +5.17 to 43.73

Internals:

Core Sector List: 16/0

NYSE

BREADTH: 7.3/1

AD LINE: -1900

NASDAQ

BREADTH: 3.3/1 

AD LINE: -1300

Today on the Marketbeat: Profit taking on a snowy Wednesday

Today was an interesting day, touching down on the idea I put across last night. With So much bullish internals yet no price action to back it up from Monday & Tuesdays sessions, I made the argument that we could be seeing a Bearish divergence. Sure enough today opened lower on a gap down on the major indices. The Market didn't stop at the gap either, as it quickly broke through the S1 and continued lower to break S2 and even S3, although it essentially stayed in that area after and rallied through it near the close. So what was the deal? aside from bad news on Alcoa's part (ticker symbol: AA) the big idea was profit taking as the markets were heavily overbought since last week. Now as we wait to see what tomorrow will bring, it brings me to my idea for the night tonight. With such a solid downward swing, If the markets can hold 900, and bounce back, and we see some more strength - How many solid break out candidates will be re-testing old support/resistance? Well Ive done a lil work, and Ive got a little list of some nice ideas. Long & Short. 

Under the hood, the market was heavily short today, as most exchanges and sectors saw alot of the same thing, selling. The core sector list was in the red from the get-go and closed the day in the same fashion at 16/0 to the bears. The Breadth finished the day near its lows @ 7.3/1 to the bears on the NYSE and 3.3/1 on the NASDAQ. The AD Lines lost all their gains from earlier this week and closed today's session around its lows @ -1900 ticks. 

Currency: Well as expected when markets go one way, the currency goes the other. And that held true today as the US dollar got taken to the woodshed again the Euro, but gained some strength against the CAD. 

Ideas:

Long:

FCX, DRYS, KOL, NOV, USO, SPW: nice trend up 41-42, NAT 36 retest level, RGLD 45 support, CBRL: anticipatory entry breakout move buy 20, supp @ 18, cal: 3x touches at resistance, watch break, NST: entry 35.5, stop 34.5 - anticipatory breakout, ORH, HOTT, CAH - 34 action pt, MOO: retest for inverse h&s break. SMH

Short:

MTB: watch for retest of ~53, BBT - Zion, STI, CFR:45action pt / PNRA: H&S? - watch for confirmation: 50, PPG: at resistance after rally, rolling over tar 39, WST/ SON: channel, action pt 25, PNC: descending triangle - watch for rollover

Food for Thought 2 Use with Stocks:

Here's a lil info some of you might find helpful towards your trading 

- NYSE McClellan Oscillator - overbought all week this week, finally profits being taken as market drops, coming down to +60-40

- $BPNYA - Bullish % For NYSE, doesn't hit overbought levels much and doesn't stay up there long. Above 70 = over 1000 on SPX = easy signal is reversal which results in bear alert. Stay bullish, take profits quick and watch for bear plays and signal on first sell signal on P&F.

- $cpc - CBOE options total put call ratio

look for extreme readings (bear - 1.4 / bull 0.8) use with McClellan and bullish %

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Today on the Marketbeat: Another Rangebound Tuesday

Market #'s @ Closing Bell: 

S&P: +7

DOW: +62

NASDAQ: +24

RUS2K: +8.6

TSX/S&P: +170

VIX: -0.52

Internals:

Core Sector List: 12/4

NYSE

BREADTH: 3/1 to the Bulls

AD LINE: +1750

NASDAQ

BREADTH: 4.2/1 to the Bulls 

AD LINE: +60 ticks

Today on the Marketbeat: Another Range bound Tuesday

It seems that the major exchanges have been riding the Moving averages this week. Yesterday we basically chopped around from open to close, with not much action in between. The action pretty much remained a bit of the same today with the S&P (ES Futures) gaped open with a 5pt gap, moved a bit more after the bell and then filled that gap before lunchtime. It continued its downward slide into the lunch hours, briefly breaking the daily pivot and making a turning point after recapturing it eventually breaking through the R1 - trying to break its daily highs until the bears stepped in around 3pm, coinciding with the 3pm reversal period.

Under the hood, the internals were surprisingly bullish today despite the choppy sideways action, now if one was to compare yesterdays bullish internals and put them side to side with today's, one would notice that neither market moved really higher, in fact today's close was only 3 pts above the close of yesterdays. However, when looking at just the NYSE Breadth & AD Line, one could notice some very one sided internals. The NYSE Breadth closed the day near its highs around 3/1 to the bulls, while the AD Line closed up 700 ticks up from yesterday. Could this action fit into a divergence? only time will tell.

Daily Watch list:

xle - big vol on calls yesterday (Monday)

rgld -bounce, bull engulf (support 45)

zion - good put entry point

nat - watch for retest, swing candidate

ndaq - put entry, rollin over, target 25

nyx - inverse h&s

esi - higher lows, retesting highs, 91.5 entry, supp 88

ung - watch for breakout to upside or bounce down

chd - watch close today for entry

nsc - at Resistance, watch 50 / turnaround

smh - 17.5/18

Today on the Marketbeat: Headlines Rule the Day

Market #'s @ Closing Bell:

S&P: -81 to 8953

DOW: -4 to 927

NASDAQ: -4 1628 

RUS2K: -2.6

TSX/S&P: +33

VIX: +0.23

Internals:

Core Sector List:  8/8 Equal

NYSE

BREADTH: 1.5/1

AD LINE: +1000

NASDAQ

BREADTH: 1/1 

AD LINE: +240

Today on the Marketbeat: Headlines Rule the Day

On the first day of the first official week of 2009, Headlines ripped through the grapevines as news headlines took control of the day today. With rising tensions in the middle east as Israel goes into their 10Th day in Gaza, the Rod Blagojevich scandal heating up as Rolland Burris tries to accept his place in the Senate. Combine that with automakers needing bailouts, and Obama working on the economic stimulus plans one would find it easy to see how we witnessed a fairly inside day today on the Markets. 

The futures gaped down early in today's action as the new year got off to a more official start today. That gap was filled before lunchtime and after filling that gap, basically chopped around briefly making a new high on the day for the ES but not on the YM. Alongside the choppy day, the internals basically backed up the indecision; closing the day at parody on the NYSE and NASDAQ Breadth and Core Sector list. The only internal indicator to read a clear positive signal was the AD Lines, with both NYSE and NASDAQ tacking on 1000 and 450 ticks respectively. 

In the world of currency, the day got off to a odd start as both USD/CAD and the EUR/USD saw giant big bodied red candle drops early in the trading session (NY TIME). The Euro lost 4 cents in that drop (Sitting at 1.3605 as of writing), while the USD dropped 3.5 cents (sitting at 1.188 as of writing) in that same period to the CAD. 

New Market, New Marketbeat.....

Welcome to 2009 my fellow active traders. Over the past 6 months I have dove into the world of day/swing trading hoping to find some clarity for myself and maybe help some along the way. With a new year here and already rolling, I feel the need to grow along with it, and to that I give you the new Marketbeat....more trade ideas, more education and more markets for ouy. This year I will delve into the world of Forex and get a lil more into the how to's of trading.