7/25/08
I have just received confirm news(Friends in California) that people are lining up at WM in California and most unsecured account holders are also withdrawing their funds. Folks, tell everyone who has account with WM and withdraw all money or at least bring down the total amount to $100,000. WM for sure will close and FDIC is going to take over very very soon. Good Luck.
Friday, July 25, 2008
Thursday, July 24, 2008
Intraday S&P
7/24/08
Be patient to wait
1. Candlestick reversal pattern
2. RSI buy signal
3. MACD buy signal
4. STO buy signal
5. break downtrend line
6....
Need at least 3 to 4 of them to confirm and go long, otherwise retest of 1200 is possible.
Another chart
7/24/08
I put this on because someone has interest in this stock YGE. This is for educational purpose. It is not a recommendation. Need more volume and price up to break downtrend line. Otherwise no buy entry.
Just to show CSIQ
7/24/08
This is not a recommendation to buy or sell. It is only for educational purpose only. Please get advise from your investment representative. I just want to show how technical work successfully to indicate the better entry or exit of security.
Good pullback
7/24/08
Major indexes are pulling back healthy as expected since S&P, DOW both were printed a shooting star candlestick pattern yesterday. As you can see the chart on left, S&P just retrace exact 38.2% bounce and hit first heavy resistance, RSI 50 is always a mark to determine bullish or bearish. Also, the Stosc indicate short term overbought. There is more to say market is due for a pullback. Remember I said market need "W" shape recover rather a "V" one. It is happening now. I am looking the S&P will get the bounce around 1240-1250 area and form an inverted H&S pattern. Let see if I am correct or not.
Wednesday, July 23, 2008
Crude oil keep correcting
7/23/08
RSI was making divergence which indicated the trend probably in the process of changing. Also, the next fib support is shown on graph. The $110 should be provide very good support as well as the strongest at $100. Obviously, market has good rebound mainly due to financials recovery and drop of oil future.
Tuesday, July 22, 2008
Intermediate-term bottom confirmed
7/22/08
Technically, after a doji star and major market still perform in positive note with all bad earning expectation from AXP,AAPL,TXN,SNDK,WB,...etc. I said the date 7/15/08 was the confirmed mid-term bottom. It would be nice to wait market pull back and buy on the dip. Major indexes are going due for a pull back as market is in overbought condition in short term basis. Today market volume is more than the average compared with last few days. And market got bounce from very bad news that it shows the sentiment is changing. Bulls is alive and Bears are gradually disappear for awhile. I will posting more charts if I have time to give more clear picture. The next support for crude oil future is $122 area. Let see if market is still going up more to the resistance area 11750 for the DOW tomorrow.
Technically, after a doji star and major market still perform in positive note with all bad earning expectation from AXP,AAPL,TXN,SNDK,WB,...etc. I said the date 7/15/08 was the confirmed mid-term bottom. It would be nice to wait market pull back and buy on the dip. Major indexes are going due for a pull back as market is in overbought condition in short term basis. Today market volume is more than the average compared with last few days. And market got bounce from very bad news that it shows the sentiment is changing. Bulls is alive and Bears are gradually disappear for awhile. I will posting more charts if I have time to give more clear picture. The next support for crude oil future is $122 area. Let see if market is still going up more to the resistance area 11750 for the DOW tomorrow.
Resistance Testing
7/22/08
This is testing blog but the charts are telling us something. The top one is 15mins TA analysis of S&P. Then it is daily chart of S&P.
Whether individual goal is long or short term, trading stocks are about making less mistake and must have a trading plan. Also, not just one trading plan. It needs time to develop vary trading plan to cope with different markets. Now, it is bear market. But market is trying making an intermediate bounce as of now. So, buy on good tip should be work fine. Technical Analysis is an art and it does work very well if you understand the mechanism. I am still a student of it. There is no end to learn TA. I am not using TA to predict market movement. It guides us and provide clearer picture ahead and be well prepared to react what market tell us. So, as an investors or traders, we have to learn how to react base on current data and make an adjustment quick enough to win over long term. Good luck trading to everyone. Welcome to write any comments especially if you like the charts. It does occupy time to make TA charts. Good luck trading.
Monday, July 21, 2008
Pull back time
7/21/08
Market perform fairly and mostly bearish as the volume is drying up as last few days rally up. Also, all major indexes are formed Doji star reversal pattern which indicate its due for a pull back. As I said last few post, this is not a "V" shape reversal rally. Market got bottom because of short covering rally only, there has no commitment any buyers participate in this rally. It is very easy to see this pattern. Also, AAPL,AXP,TXN...all lower guidance for the rest of this year. Well, it is very common sense to expect all companies are going to have tough time ahead as consumer is struggling with higher unemployment, higher cost of commuting, higher cost of food...gee...there are lots of difficulties... I am still remain very bearish. There is nothing to say, market is going to gap down big tomorrow. Good luck. Oh, do not buy any financials for long since they are all not performing. They are all lack of cash in hand. And FRE is going reduce getting load/mortgage from banks, it means no more mortgage for residential and higher mortgage rate is coming. Housing price will further drop more into next year for sure. Look like government rescue plan cannot bring back people confidence about both GSE companies. Extend the credit of FRE,FNM but FRE is unwilling to get loan from banks. What is this? ....I am laughing to all Bulls. This is Bear market. Any rally is bear market rally and be consider it will fade away. Let see how market turn out tomorrow.
Market perform fairly and mostly bearish as the volume is drying up as last few days rally up. Also, all major indexes are formed Doji star reversal pattern which indicate its due for a pull back. As I said last few post, this is not a "V" shape reversal rally. Market got bottom because of short covering rally only, there has no commitment any buyers participate in this rally. It is very easy to see this pattern. Also, AAPL,AXP,TXN...all lower guidance for the rest of this year. Well, it is very common sense to expect all companies are going to have tough time ahead as consumer is struggling with higher unemployment, higher cost of commuting, higher cost of food...gee...there are lots of difficulties... I am still remain very bearish. There is nothing to say, market is going to gap down big tomorrow. Good luck. Oh, do not buy any financials for long since they are all not performing. They are all lack of cash in hand. And FRE is going reduce getting load/mortgage from banks, it means no more mortgage for residential and higher mortgage rate is coming. Housing price will further drop more into next year for sure. Look like government rescue plan cannot bring back people confidence about both GSE companies. Extend the credit of FRE,FNM but FRE is unwilling to get loan from banks. What is this? ....I am laughing to all Bulls. This is Bear market. Any rally is bear market rally and be consider it will fade away. Let see how market turn out tomorrow.
Sunday, July 20, 2008
Short covering rally
7/18/08
All major indexes were indeed made the bottom on weekly chart basis from 7/15/08 to 7/18/08. But this bounce mostly built from strong short covering of all financials and crude oil price drop. We need to see if there any legs beside short covering activities follow thought this coming week. Technically, crude oil future did break the uptrend line started from 2/2008 til 7/15/08. So it has made their biggest correction of the year. With government aid package announcement and SEC new restrict short sell rule on some major financial stocks, market did find the bottom on 7/15/08. I would expect there will have pull back from this strong short covering bounce. Also, as I said last post that market would make "W" shape retest lows rather a "V" shape rally to the roof and break the resistance area of 11750-12000 area too soon. There are lots of big companies announced their earnings and some important economic data. Volatility is high. The VIX indexe has just touch the uptrend line which indicate market might pullback from friday highs. We will see if there any follow Bulls on the way to catch this upward stream.
All major indexes were indeed made the bottom on weekly chart basis from 7/15/08 to 7/18/08. But this bounce mostly built from strong short covering of all financials and crude oil price drop. We need to see if there any legs beside short covering activities follow thought this coming week. Technically, crude oil future did break the uptrend line started from 2/2008 til 7/15/08. So it has made their biggest correction of the year. With government aid package announcement and SEC new restrict short sell rule on some major financial stocks, market did find the bottom on 7/15/08. I would expect there will have pull back from this strong short covering bounce. Also, as I said last post that market would make "W" shape retest lows rather a "V" shape rally to the roof and break the resistance area of 11750-12000 area too soon. There are lots of big companies announced their earnings and some important economic data. Volatility is high. The VIX indexe has just touch the uptrend line which indicate market might pullback from friday highs. We will see if there any follow Bulls on the way to catch this upward stream.
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