Interesting Chart Patterns To Monitor In Coming Days...

[MR]

The Natural Gas market .... is really hot right now. (Look the futures, NG Z4, NG #F)

Anyone have a list of nat gas related stocks they can share here?

There may still be some opportunity in this sector.

Good hunting, and
have a nice week,

Marc


PS- Precious metals markets also seem to still have some life to them right now. Worth focusing on them as well.......

[MR]

Jim,

Remember that irregular a-b-c idea?
MOB holding so far....
Is this the beginning rally we
anticipated could happen soon?

Marc

Originally posted by MR - Posted: 10-21-2004 09:58 AM
Jim,

I did a chart like you showed. (using Signal SP #F only difference) It is attached below.

Yes, Jim, it still really is a good possibility.

Rather than focus on the wave count, I think the MOB and Ellipse (see chart) offers the best thing to monitor. If that MOB in particular holds, then we have an irregular a-b-c. If not, it will only get more irregular, so to speak. She holds, is lots of room for a swing move back up.

Prediction to watch for.... Bush wins, market rallies; Kerry wins, market dips down more. Also, keep watching energy complex.... she keeps going up, pressure keeps building, eventually pulling down the stock market. Those are the two biggest concerns right now for the market. Since Elliott Wave theory is based on measuring human psychology quantitatively, those are the things we should really focus on the next few weeks that will help one interpret the technicals better.

If your irregular a-b-c idea (which is a good one) is valid, we should stablize now, build for a little rally, u think?

Good luck my friend. It is some of the toughest markets seen in a long, long time.

Best wishes, Marc

[MR]

I 'maxed' out the trading account today buying all I can for short-term trades. Wanted to 'ride the wave' up momentum today.

It is noonish and I still think there is more life in the markets to come today. This market has not topped out yet for today, and if it can push up enough, it will force more shorts to cover in a panic way.

Just my little pre-election guess for today. Until the elections we can only focus day to day for trade opportunities. Hope I am right for today at least. Got money riding on it.

[MR]

Remember, whenever I say something, I mean start watching for wave 4's. As of today, we can start to anticipate the possibility the energy sector might want to profit-take some more. IF you see more weakness in this sector, then we can get the wave 4 we are watching for, and possible Type 1 setups we would desire to trade. Maybe even a risk/reward ratio that justifies a trade later.

Originally posted by MR
The Natural Gas market .... is really hot right now. (Look the futures, NG Z4, NG #F)

Anyone have a list of nat gas related stocks they can share here?

There may still be some opportunity in this sector.


PS- Precious metals markets also seem to still have some life to them right now. Worth focusing on them as well.......

[MR]

For once President Bush should finally listen to what the OPEC president suggests. Wonder what would happen if he acted before the election? Read excerpt from an article today in MarketWatch:

"....Coincidently, OPEC unofficially made a plea for intervention Wednesday. Purnomo Yusgiantoro, the Indonesian mining and energy minister who is serving as president of OPEC, said in Jakarta that he has appealed to the U.S. to open up its Strategic Petroleum Reserve to lower global oil prices...."

[MR]

Does anyone remember is there a daily trading limit for NY Crude Oil, Heating Oil, Unleaded Gas, Natural Gas???

It has been a while, so I forget?
Just curious is all....

[ACM]

Marc
Here are the Maximum Daily Price Fluctuations
Alex

Crude
$10.00 per barrel ($10,000 per contract) for all months. If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction. If another halt were triggered, the market would continue to be expanded by $10.00 per barrel in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session.

Natural Gas
$3.00 per mmBtu ($30,000 per contract) for all months. If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $3.00 per mmBtu in either direction. If another halt were triggered, the market would continue to be expanded by $3.00 per mmBtu in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session.

Heating Oil / Unleaded Gas
$0.25 per gallon ($10,500 per contract) for all months. If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $0.25 per gallon in either direction. If another halt were triggered, the market would continue to be expanded by $0.25 per gallon in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session.

[MR]

Alex,

Thanks! I forget those kind of things.
Appreciate it. Was mostly curious.
Watching to see how energy closes.

Take care and thanks again,

Marc

[MR]

Hope it wasn't foolish, but stayed fully invested going into the election.

PS- Being from Ohio, we had longest lines ever to vote today. Interesting elections this year.

[MR]

Good luck today.

[jims_id]

Poll

Hi all, I'm back (I hear everyone groaning).

If my data is correct, I think we have an official winning position to our September poll re: the S&P as of yesterday's close. Now the $64 question is this where do we go from here. Like to here everyone's thoughts.

My own thought for what it's worth (and it aint worth much) is that the irregular correction I mentioned back on October 20 might be presaging a big wave 3 in force. We're bound to pull back somewhere in here, but 8 up days in a row (maybe 9 today) seems like a classic wave 3.

Thoughts re projections would be welcome.

Best to all.

Jim

[MR]

good job Jim!

Jim, you're A-OK! Your input here has always added positively to our discussions.... Call it a feeling... but I decided to stay fully invested going into the election... sweat it out a little... but it paid off! Congratulations, also, on your SP survey! We did make a new high. Create a new survey so we can see what others are anticipating the rest of this year. Keep contributing. Your input really is appreciated! Best wishes, your fellow Ohio buddy, Marc
(PS- For review, below the previous post quotes is the SP#F daily chart update done before today's open)

(originally posted 10-20-2004 10:10 AM by jims_id)--
Marc: I know this setup sounds nuts, but I've been wondering....could we be in an irregular wave 2 correction on the S&P. I know the Dow charts aren't confirming, but there some sentiment readings that may indicate unusual pessimism. E.g., Take a peek at the Rydex nova to ursa ratio. Just a half-baked thought. Jim

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(originally posted: 10-21-2004 09:58 AM by MR)--
Yes, Jim, it still really is a good possibility. Rather than focus on the wave count, I think the MOB and Ellipse (see chart) offers the best thing to monitor. If that MOB in particular holds, then we have an irregular a-b-c. If not, it will only get more irregular, so to speak. She holds, is lots of room for a swing move back up. Prediction to watch for.... Bush wins, market rallies; Kerry wins, market dips down more. Also, keep watching energy complex.... she keeps going up, pressure keeps building, eventually pulling down the stock market. Those are the two biggest concerns right now for the market. Since Elliott Wave theory is based on measuring human psychology quantitatively, those are the things we should really focus on the next few weeks that will help one interpret the technicals better. If your irregular a-b-c idea (which is a good one) is valid, we should stablize now, build for a little rally, u think?

[MR]

Look at ADSX daily. Apply Ellipse study from 10/8 low to w3 high. Retraced 38%. Weak PTI is only negative. I missed this one. Saved it, set alarm, then it gapped up today... I placed buy order at 4.50 for 500 shares and still missed it. Oh well, such is life of trader sometimes.

Hope you are all having a good day waiting for Fed to raise interest rates.

Still optimist things will be ok once interest rate announcement has passed. Still mostly fully invested.

[MR]

To paraphrase a country western song-- as my wife, Karen, says: 'Marc, sometimes you're not always the 'sharpest tool in the shed!'" (She, also, once said: "Whatever happen to you, Marc, you use to be good looking?".... She also graduated Summa *** Laude and she likes to remind me I graduated "Summa *** Dummy".... Don't wifes' have ways of keeping us men humble?

Anyways, back to the point...

I got fully invested before elections, still had a few thousand left. So I bought 100 shares of PLMO on impulse (10/27/2004). No big deal. After elections got to wondering, no money to invest, lots of new cheaper opportunities. Got a hair-brained idea, sell the PLMO (11/04/04) so I could have cash to buy cheaper stock ADSX when buy setup ready. Sold the shares. Very NEXT DAY, guess who gaps higher? PLMO. Guess who is up over $4 dollars since. PLMO. Guess who missed buying the cheaper ADSX stock today? Me.

Moral of study: trade the markets and marry a smart women if you want to stay humble.

[MR]

If I had my dream job where I was a mutual fund manager and could buy whatever I wanted whenever I wanted, here are four stocks I find myself attracted to longer-term: LUB (scaling into on weakness strategy.), PIXR (gap covering, adding a little more to existing pretend position strategy), TASR (scaling in on weakness strategy), EMC (trend based strategy).

These come to mind today. I have no position in any of them, only dreaming. (but am interested in buying some LUB/EMC if it were to dip in next month)

(PS- I am also very much attracted to a lot of other stocks... but will save them for pullbacks, better setups, or another day... seeing potential for more money continuing to flow back into the Nasdaq, previously depressed sectors, for example.... still watching energy for more profit-taking, then interested more in finding some bargains then....)