Interesting Chart Patterns To Monitor In Coming Days...

[MR]

Here is a previous QQQQ daily update. Nothing fancy, just some obvious support and resistances updated.

[MR]

PRH,

What do you think, Wave 3's now in WN6 and KWH6? Breakouts? More to come? Thanks,

Marc

Originally posted by PRH
Here is the daily chart on July KC Wheat - The trend is still up but there is divergence on the oscillators.... Risk control is essential.

PRH

[MR]

Here is an updated DJ Industrial daily chart... hard to jump off this freight train heading south... been a while since we have seen this kind of behavior.

[MR]

Originally posted by MR - Friday, May 12 2006 12:29 PM
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) [/B]

[MR]

here is FTSE later.. (see post before this one)....

[MR]

Here is CAC follow-up chart... see two or three posts below for orginal comments...

[MR]

Here is Toronto exchange daily chart sample....

Originally posted by MR - Friday, May 12 2006 12:29 PM
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) [/B]

[jims_id]

Hi Marc

Howdy again Marc:

Check out this chart....who says AGET isn't the premier software. I will note that the sto is showing a false bar reading, however, just for the optimists.

Jim

[MR]

Friday, May 19, 2006, 9:30AM-- I think this morning's weakness in the NY metals improves my odds in saying now I think a long overdue, wave 4 pullback in NY Metals is in progress. Their current lows are not in place. My earlier suggestion being patient and hold off on new postions until we saw evidence of a deeper pullback in progress, now seems like a wiser comment. (see previous post comments below) I cannot begin to suggest how to take advantage of this weakness because it is way too complicated for me to help out and follow-up in a timely manner, but I can tell you if you are a longer term player, you have to continue to be patient for that entry. We are not close the those bottoms, in my humble opinion. If I can identify a safe place to longer-term support area when it gets there, I will share this observation if it can help. - marc

Additional follow-up comments...

Originally posted by MR - Posted: Wed, 05-17-2006 11:41 AM
Everything may still be under pressure today. Energy and metal corrections are still very vulnerable to more corrections if they break their key short term support parameters.

Originally posted by MR - Posted: Monday, May-15-2006 10:31 AM
If you wanted to get into things like metals, or energies, start monitoring the weekly charts to setup any future trade. They will give you a better perspective while this group pulls back. For what it is worth, NY metals have been notorious for profit-taking harshly, only to eventually recovering. Hence, I am inclined to be patient before buying into this weakness. The weekly charts will give you a better perspective.

My reply...

Originally posted by MR - Posted: Saturday, 05-13-2006 01:58 PM
It depends on how you trade, longer or short-term. I am very interested in trying to define safer entries for short-term ideas, or places to add to existing positions in metals for longer-term positioning. With weakness at the end of last week, I think we are finally getting the pullback some of us can appreciate. We now monitor the next 2-3 weeks to better define timing and price entry ideas, if things develop as we would like to see. Eventually the higher futures prices, if they can stay sustained higher, will draw back up some of the stronger and even lagging weaker metal stocks. If I see anything more specific will try to share if it can help.

Someone asked this question....

Originally posted by kosmicmisfit - Posted: Saturday, 05-13-2006 12:01 PM These stocks (GRZ, EXP, TMY, PAAS, SLW,CDE) look ripe for a picking. What do you think???

[MR]

Friday, May 19, 2006, 10:21AM-- I don't think the weakness is totally worked out of the system yet. Be careful if trying to buy into the US indices quiet yet this morning. Wait until the better supports are at least tested (see previously posted charts for guide numbers) Maybe by the end of today we can get a rebound???

[MR]

Posted elsewhere, sharing with my AGET friends...

Marc Rinehart Friday, Wed 19, 2006, 10:24AM-- I think the NY energy and metals futures contracts have potential to get pounced on even more then where they currently are weak at... so be careful about establishing new Longs in those kinds of stocks today. They may experience more pressure as well.

[MR]

Here is AAPL update.. Make-Or-Break time again....

[MR]

Update on NY energy futures....

IF they do not weaken more today and continue to stablize at immediate lows, odds improve next week they could rally and form a more complex correcton pattern. One simple idea is a normal a-b-c contained in a trading range. If they break the immediate lows, odds shift it could become a more complex irregular zig-zag type correction, or something else?

[MR]

Friday, May 19 2006, 1:24PM-- (Update on major US indices...) It looks like maybe this weeks bottoms are in place for now. It would be nice to end on a stable note now going into the weekend. That gives us more time to think over the coming trade possibilities for next week or beyond.

[MR]

Here is something I posted elsewhere earlier this morning, am sharing here for my AGET friends....

Marc Rinehart Monday, Wed 22, 2006, 8:55 AM-- It looks like NY energy and metals will continue some profit-taking started last week. Their weakness is transferring into some additional weakness in related energy and metal stocks. Pre-market shows a lower Nasdaq and S&P open. Monitor this week to see if NY Crude, for example, can get to say $66 to 65; if it were to dip to around $62 area in a couple weeks, start thinking about what you would buy once the street recognizes less inflation fears and will start buying again. I am actually taking this decline time to reflect on which previously really strong stocks would I be interested in buying once this wave of weakness or profit-taking dissipates.... I am sensing the rate of descent or recemt sharp price declines in overall markets not being quite as harsh this week as it was last week in the US and European indices, with the exception of the individual metal and energy sector stocks. Some stocks in those sectors still are vulnerable. Try to envision a little more stability coming back into our market by mid-week. We could even be preparing now how to take advantage of a nice counter rally beginning either Wednesday, Thursday, or Friday at the latest. With many professionals wanting to begin vacations, it is not unreasonable to conclude many new Shorts position squaring before our traditional summer kick-off, the Memorial Day three-day weekend holiday coming up. It is still very possible this harsh market decline that began about 7 or 8 trading days ago, could still be kept contained an a longer term channeling formation where stabilization at the lower end of the channel helps define a starting point for at least a mild summer rally??? It is still a possiblility if things develop correctly. Will report back here once something more concrete develops. In the mean time, I can see day traders trying to take advantage of short trades setups today....