Interesting Chart Patterns To Monitor In Coming Days...

[MR]

Take a look at GC #F, SI #F, HG #F, PL #F, PA #F futures prices this morning! W O W ! ! !
You don't need to turn on your wave count to guess these are big wave 3's in progress.
It is one of the reasons why I am have positions in such stocks as GFI, FCX, GG, CDE now.
There are many other great stocks in that field (PD, RTP, PCU, BHP, FAL, SLW, PAAS, etc)
The ones I got in are things I could afford, and was able to enter at right time and price safely.
Noticing these symbols popping up on a mover list this week, cheaper stocks such as EZM, NXG,
BGO, AUY, CUP, TMY, RTI, EXP, ERS, GRZ.

If you are not in the mining or metals area for your investments, you may want to focus on it
for the next couple months. It is getting more riskier, but if you can define trade setups, the
field looks hot right now, to say the least.

[MR]

NY Energy futures markets, also, continue higher of yesterday's rebound from the last complex pullback. It continues to look attractive. (CL #F, HU #F, HO #F, NG #F) Focus on those stocks setting up the next couple months, is my guess.

[MR]

I think the Nasdaq (ND #F) might be feeling a little pressure. Keep an eye on it. It might want to pullback a little more soon??? The Dow Industrial ($INDU) and S&P have room to drift a little lower, although I see less pressure there.

[MR]

I was interested in getting into Google (GOOG) on this next pullback as it is conforming to a possible Type 1 buy setup, shown earlier this week in a post at this thread. am putting that idea on hold. I have raised some cash to prepare for this idea, but now I feel it might be better to focus more on the safer energy and metal sector thrends going on.

[MR]

Thursday, May 11th, 2006, 10:45AM-- A lot of times you don't get a reaction after the Fed raises rates, but I have seen several times where the next day things end up not so rosy. I am sensing that is what is happening today. It also doesn't help to have very strong commodity moves in NY metals this morning (inflationary concern?) or to have NY energy futures working higher again today after a nice encouraging pullback for those of us who would like cheaper gas prices... It isn't even close to noon yet, so I kind of don't think today's decline is over... crossing fingers and toes it doesn't get too out of hand today for those of us who have enjoyed the recent rallies.

[MR]

Thursday, May 11th, 2006, EOD-- It certainly was an interesting day. I posted comments very early today about concerns for what I felt could be a down market today. It did end up becoming a clearly down day. We now wait patiently for Friday trading to see how our market plays out again. It will help us address what the overall markets real intentions are becoming near-term.

Just out of curiousity-- as I think outloud, trying to develop some up-to-date trading strategies-- does anyone know (1) how many bear markets start this time of the year as opposed to the later part of a year, and (2) is it possible to have a two-tiered market where one segment-- ie, 'new technically' (Nasdaq related companies) remain defensive near-term while proverbal 'old economy' assets (ie, DJ Industrial/S&P500 stocks) recover more quickly or easily after their normal pullbacks? Curious if anyone knows.

Thanks,
Marc

[766456]

Marc,

I can not answer your question, but perhaps this helps. I use a simple system to measure general market trends where you can see when the overall market is going up or down.
It is based on the vanguard index symbol VXF.
Setup a chart and place a WMA of 30 and DPO of 15 days on the chart.
As the price goes bellow the WMA and the DPO confirms it by dropping bellow the zero line, the general market is in a down trend.
Of course the opposite for an uptrend.
Any ideas or suggestions for improvement are always welcome.

Good trading.

[MR]

766456,

Thanks for sharing. I will play with your idea. Appreciate the numbers.

It looks like the 'bear' will continue today. How much, I really do not yet know. It could be minor and rally up before a little bit before the end of today, or it could once again get out of hand and test lower numbers. I really don't know at this time.

I will admit while I have remained bullish, I do fight the notion I could be wrong or missing something when so many other of my good, respected friends continue to see a bear building. I am not egotistical enough to think I am always right while others are wrong. What I think right now, however is going on, is a very predicatable profit-taking phase is in order after much advances in the strongest sectors without any pullbacks. I can see a scenario where a good pullback is very possible. Consequently, below are numbers to help my friends in case things get out of hand....

The Nasdaq continues to look potentially the weakest, but certainly the others will be drawn down again too.

Using the ND #F file for guidance, here are some supports to monitor behavior, how it acts if it hits them...
1648.50, 1656.27, 1635.00, 1630.29, 1628.02 and 1619.75 to 1618.88 area. If those numbers don't hold, ND #F (Nasdaq 100) will have a bigger correction problem.

If the AGET TJ Web application is useful hear, the 1628.02 would define the maximum retracement area we should anticipate this week. That is the lowest value using a weekly calculation in the extended mode setting. I have watched this tool for years and have almost never seen a market move beyond the last web level in the extended mode. It doesn't mean next week it could go lower, but it makes me think this is not the week for a major collapse type decline, and I would still anticipate a rally first before a bigger selloff would happen even at this time.

There is also a key daily MOB and July/Aug/Sept '05 pivot support for ND #F to contend with at the lower end of the numbers mentioned above.

The Dow Industrial ($INDU) is just doing a healthy pullback after a rally from 11039.12 to 11630.48. Retracements to watch to see if they support are: 11426.78, 11371.20 to 11351.90, 11278.08 to 11272.30, 11255.17 area. If it were to retrace more than that I would be really surprised right now. Maybe 11194 or 11211 worse case scenario?

Basis SP #F data, monitoring 1300.75, 1293.01 to 1291.75 area. Below that could be a short-term problem. Worse case supports 1281, 1278.73, 1271.42 to 1269.91 area. Very worse scenario: 1256.84 to 1251.90 area.

I don't know if that helps anyone, but trying my best to help.

[MR]

Friday, 10:45Am Update-- If you haven't figured it out yet, maybe looking for some aggressive short-term Type 1 Short setups could benefit you today.

[jims_id]

Hi Marc!

Marc:

What do you think about a gap fill on the QQQQs today? Maybe a good buy after that.

Regards,

Jim

[MR]

Jim,

I gotta hold off on giving an official comment yet. Am still trying to formulate a plan of action for Nasdaq (or QQQQ) and don't honestly have numbers and strategies figured out yet. . .

but... i kind of think you might be on the right track with what you are seeing... i just need more time to figure this out right now... will be working very hard on it and try to get back ASAP with something helpful.

Marc

[MR]

You guys (and gals) need to be aware that the European major indicies are correcting a little too hard today. If correct, they are not the kind of corrections to end in one or two days until a 'vertical' type of decline meets up with the strongest support area. Just an observation worthy of commenting on before you read about it in the paper.

(see, ie, $DAXI, $CAC, $UKE-FTSE, maybe $TSX-TC Toronto)

[MR]

Expecting traders to have order lunch delivered today so they can eat quick and go back to work, as there is too much on the line today to leave for lunch. It doesn't look like all the Shorting has worked out of this market yet today!!!

[jims_id]

Hi Marc!

Howdy again Marc:

As you know I've been skittish of the market for a while....I cut back substantially months ago (too early) but not entirely out yet (retained low double digit percentage of holdings).

How's this for a possible scenario though: I'm thinking we wash out here today, or maybe early next week. Maybe some good news will come out over the weekend that will encourage the bulls...who knows. Hard to believe the news can get a helluva lot worse (again, who knows though). Maybe we then get a lift into June. I think that may be the cutain call for a while. Hopefully we haven't already seen the top for the cycle.

Anyway, that's my wilda** guestimate, roadmap, what have you. I guess it's best to just be flexible in case the roadmap doesn't pan out.

Wish you the best of luck, my friend. Regards to Tom.

Jim

[kosmicmisfit]

These stocks (GRZ, EXP, TMY, PAAS, SLW,CDE) look ripe for a picking. What do you think???

Originally posted by MR
Take a look at GC #F, SI #F, HG #F, PL #F, PA #F futures prices this morning! W O W ! ! !
You don't need to turn on your wave count to guess these are big wave 3's in progress.
It is one of the reasons why I am have positions in such stocks as GFI, FCX, GG, CDE now.
There are many other great stocks in that field (PD, RTP, PCU, BHP, FAL, SLW, PAAS, etc)
The ones I got in are things I could afford, and was able to enter at right time and price safely.
Noticing these symbols popping up on a mover list this week, cheaper stocks such as EZM, NXG,
BGO, AUY, CUP, TMY, RTI, EXP, ERS, GRZ.

If you are not in the mining or metals area for your investments, you may want to focus on it
for the next couple months. It is getting more riskier, but if you can define trade setups, the
field looks hot right now, to say the least.