Interesting Chart Patterns To Monitor In Coming Days...

[MR]

One stock missed but very interested in riding some day this spring is CMC. It may still have trend sustainability. Remind me when it backs off a little bit in near future... please.

BRCM nice setup too? Is it ready to pop up more now???

[DuaneG]

Hi Marc,

Funny you should mention CMC. I was doing some stock work over the weekend and took a position in that one yesterday. I am trading it more from an ascending triangle perspective, but regardless, things seem to be going well so far. Here is the image from this weekends research.

[MR]

Duane,

Hi my friend! Totally agree with you on that CMC trade idea! It should continue to work higher for a while. I honestly would have taken a trade in it but totally tapped out in account with only a 1,000 bucks free for trading. This will be another winner for you! Trust me, I use to be a used computer salesman.. (sorry, a bad joke is all.)

[DuaneG]

Hi Marc,

I thought I would throw another idea out there. This daily chart of ZEUS has set up nicely and has technically provided our trigger. I'm a volume guy so the lack of it isn't something I like to see, but regardless, things are still developing nicely. We'll see how this pattern continues to shape up over the coming sessions. Have fun!

This chart is illustrated for educational purposes only

[MR]

Duane,

It does look like a nice chart. I like the group and sector it is a part of... stocks like BOOM and FAST in that grouping.... even a local company TKR rebounding nicely after a big gap... so think you have another very good idea! Will track with you... thanks for sharing it... is a new idea would not have seen.

Watch ITG (in a different group/sector) too... a friend just called and said he was going to take a trade in it and wanted my opinion. When I looked at it there was some attractive qualities to it as well.

Good luck and best wishes,

Marc

[kosmicmisfit]

I wanted to get your opinion. I recently placed trades on these stocks (bbd, gld, pcz, ubb and cnq,)on 3/15. In my opinion they meet all the criteria for a Type 1 trade. Do you agree?
thanks

[MR]

Hi! I will try to take a look at your stocks as soon as I get some free time... but until then, would an eSignal employee be interested in taking a look at them first and offering their opinion until I can get time to evaluate it. I would be grateful for the help. Also, am assuming these are daily charts you are refering to? If not, let us know what time frame they are you are trading. - marc

Originally posted by kosmicmisfit
I wanted to get your opinion. I recently placed trades on these stocks (bbd, gld, pcz, ubb and cnq,)on 3/15. In my opinion they meet all the criteria for a Type 1 trade. Do you agree?
thanks

[MR]

Market has backed off since earlier... guess the big boy institutional traders are determined to force more profit-taking today.... Oh well... it was nice while it lasted today.

[kosmicmisfit]

Yes it is the daily chart.

Originally posted by MR
Hi! I will try to take a look at your stocks as soon as I get some free time... but until then, would an eSignal employee be interested in taking a look at them first and offering their opinion until I can get time to evaluate it. I would be grateful for the help. Also, am assuming these are daily charts you are refering to? If not, let us know what time frame they are you are trading. - marc

[MR]

10:30AM, Wednesday, 22 March 2006-- Forgive me for this long post but want to share today's observations, and then ask a question to see if we can get a discussion going.

Two things noticing today. The advance/decline, and up/down volume comparison isn't as bad today this time as it was yesterday (so maybe the market can hold up better today).... it is one reason why I was surprised to see yesterday a strong wave of buying and why I was not totally surprised when it did not follow-through later. Today the comparison has a little bit of a defensive range still, but the Dow Jones Industrial Average and S&P seem ok for holding up better today. The other thing am noticing is the Dow Industrial is the only one that has not technically broke down into where I would say it could be in a pullback mode as opposed to a pause phase. I still think the S&P and Nasdaq are only rallying to cover some of they breakdown range of yesterday. Hence, my thought on the matter is it is still ok to find new trade setups today, just be aware their is a higher than normal chance we may still see some weakness filter back into the overall market, maybe not today, but tomorrow or by friday. I can actually see, or suspect, a return of mutual fund rotational roulette as one possibility where, for example, today money seems to be flowing into the energy sector while looking at energy futures it doesn't seem justifiable. Will that same buy energy be applied tomorrow? What will be the sector money temporarily flows? Bottom line,, I am longer-term bullish overall, just cautious for the rest of this week. I am sorry, but I just don't trust our markets this week quite yet. I will continue to trade more conservatively until I can see a better base build at which time I think one can anticipate improved odds where a sustainable trend can legitimately return. If you see really good trades you can still take them, just be a little more nimble, flexible, somewhat aggressive on your money management. Consider smaller positions. We will be ok, just give it a couple days for the market to work out some kinks is all.

One more thing I have to ask out loud because I have been thinking this for a while now and I don't have an answer.... I have been analyzing in detail markets around the world and they have all been performing very well, much better than our US market. Why is it so many other markets such as the Dax, Cac, Ftse, Euro Stoox, TSX, Mexico, Merval Buenos Aires, Ibovespa Soa Paulo, South America, Straits Times, Jakarta Composite, PHS Composite, Hang Seng, Asx All-Ordinaries, Tokyo Topix, Nikkei 225, Karachi, Kospi-idx, etc, etc-- are trending easily yet our US stock market continues to go in spurts, and act "goofy" or highly erratic? Is our economy the strongest and doing respectable right now? Are other world economies better than ours right now to justify their unrestrained rallies and strong uptrend behaviors as opposed to our markets perpetual erratic range trade behavior? I am an extremely good technical analyst with over 18 years of watching futures and stock market. I have seen a lot of things in my time and have successfully been able to anticipate it in advance, yet I continue to be dumb-founded with the perplexing market behavior we witness monthly in the US stock market the past several months. We all should be greatly encouraged by our recent market strength and some indicies breaking out to newer recent highs. . . but it sure would be very nice if once and for all our US markets would act more predictable, be allowed to trend and catch up with the rest of the world's stock markets. but it sure would be very nice if once and for all our US markets would act more predictable, be allowed to trend and catch up with the rest of the world's stock markets. I think we must be close to witnessing a more sustainable breakout-- look at, for example: NYSE Composite, Russell 3000, Dow Industrial, Value Line, Dow Transportational, Amex Composite-- and, because I am soooo very close to giving up trading here and focusing more on finding a way to trade more overseas markets (usually when I give up on something that is when things turn around... so comment was a sad joke, but true personality statement.)... If someone has an answer I am all ears, willing to listen.

(I posted this elsewhere earlier today, sharing here with my AGET friends...)

[MR]

12:37 PM, Thursday, 23 March 2006-- Market pretty much conforming to today's pre-market expectations.
Sitting on sidelines with 80% of capital waiting for more new quality trades to develop during this time period.

Marc Rinehart, 9:05 AM, Thursday, 23 March 2006-- Pre-market headline news for this morning: "Bulls Take a Pause."
It doesn't appear to be overwhelming weakness going into the open, just a pause or hesitating market is all.

(Posted first earlier, else where... sharing here now with my AGET friends to keep them abreast of things.)

[jims_id]

Hi Marc

Hi Marc!!

Just had to post this which I took off the Minyanville financial website. I am **not** making a political statement with this but it was so funny I had to share it...and it sort of goes along with your March 22 post:

"I knew President Nixon. President Nixon was a friend of mine. You, sir, are no President Nixon."

The Standard & Poor's 500 Index is down 2.8 percent since President Bush took office, the worst performance during this stage of any two-term administration in the past half century... except for Richard M. Nixon.

The S&P 500 index during the past half-century has risen on average 8.1 percent a year.
The S&P 500 grew 153.6 percent at this point during the presidency of Bill Clinton.
The S&P 500 grew 79.7 percent for Ronald Reagan.
The S&P 500 grew 61.9 percent under Dwight D. Eisenhower.
At this point in President Nixon's administrations, the S&P 500 had declined by 4.1%.
This suggests President Bush is at least 140 basis points better than President Nixon as measured by stock market performance! "

Best of luck to all!

Jim

[MR]

Hi Jim!

Interesting perspective. Thanks for sharing.

Hey, not sure if you wanted to check them out, but I bought into a couple stocks today, BOOM and SNDK. USG holding ok, wanted to get back in TRN for a quick trade today, w/tight trailing stop. Gold seems a little interesting lately. So does some select energy. I was seriously considering buying a 100 shares of GOOG yesterday (totally true story, honest, ask Marty), BUT cuz of my conservative nature and end of the week run down blues... I hesitated one day too later, total bummer. Trading Google can be fun-- made 10 points in a couple days trading it once-- but boy you gotta be in it at the right time and right direction or you can get killed easily. Hang in there my friend, I think you might be able to have better luck in your trading pretty soon if scenerios work out as anticipated... just dont be greedy yet. Market makers still have easy pickings on sucker moves until more people convinced of up direction potential. Take care, your friend, Marc

PS- Check out Ben's two brand new songs with a band backing it up... I think you might be impressed. (it is Christian soft rock type sound... not bad for only about 3 practices and two days in a studio... here is link-- Click here to find songs and play.

[MR]

Here is a chart of MER. I honestly was thinking about taking a trade in Merrill Lynch today but two is my limit for today. Maybe next Monday or Tuesday might consider again if it backs off. There is no way the wave count is correct as currently labeled. This is a wave 3 in progress not a 5 wave top. I can go to other time frames and identify a way of trading it.

[MR]

For my friends... here is what I posted elsewhere earlier today...

Marc Rinehart- 9:03AM, Friday, 24 March 2006-- . . . . A scenario would be to see stability filter in today, not much weakness, hopefully we see some kind of a sustainable little rally would be nice. This would kick off a nice weekend and better odds for next week trading.

Marc Rinehart- 10:29AM, Friday, 24 March 2006-- . . . . I suspect we may very well have 'sustainable' buying behavior coming in to the market. Should we be looking more actively for some trades? Let me know what you think. . . .