Interesting Chart Patterns To Monitor In Coming Days...

[MR]

Tuesday, July 7 2009- I believe we are now seeing further evidence we are finally in the stronger pullback, correction mode I have been predicting for about three weeks now should be coming.

Two stocks I respect are finally breaking down, CME and ICE. Others I like such as GOOG, ISRG, BLK, SHLD are also breaking down.... making them vulnerable for the bigger pullback type of corrections.

Bulls-- remain on the side, be patient for now. Wait for things to get cheaper. They will.

Bears-- Short-term and day-trading Bears the last two days have been winning easy money trades. Other types of bears should be smiling a little more as prices work shortly more in their favor.

I will try to update here when I feel it is time for momentum to once again shift back to either Neutral to Bullish building again.

[MR]

Monday, July 13, 2009-- I decided to buy a little CME and ICE today after a prolonged and deeper pullback in them the past few weeks. I am taking a chance doing so prior to GS earnings to be announced tomorrow morning, but the broad based market strength today was encouraging for Bulls who have been waiting patiently on the sidelines the past few weeks.

I have a gut feeling the buying today is setting up for a respectable up week for bulls.

Thursday should also be a nice earnings day to monitor closely with IBM and GOOG coming out then.

[MR]

Wed, July 15, 2005-- We continue to see odds favoring more of a rebound this week, as first mentioned here Monday in a previous post.

Noticing today we have had three days of energy stock buying. Tech and Energy, other sectors/groups could be rotating back up for near-term bulls to take advantage of.

Friday is some Bank stock earnings to watch for market reaction. If favorable, as I think they will be, this week will finish off with a solid uptrend behavior for this week. This will put the bears back on the defensive for this month.

We are not talking about a run-away bull market but a rebound only after a few weeks of pulling back.

[MR]

Goldman GS made a new high just now, today. Odds favor it will continue to act favorably in the near-term and will be a good buy candidate on pullbacks this summer. Some of the others similar to it, such as BLK, MS, etc, should benefit by the same kind of money flow back into those types of stocks. Is another reason why I bought a little CME and ICE Monday because I felt they too should benefit even more by this money flow I felt was going to return into financials short-term and since they sold off the most they had more rebound potential still... Again, just an observation I am seeing and verbalizing here only as an observation. I am sensing the banks might actually have something good to report Friday as well.... or at least the market is not acting like it is worried or defensive going into that key earnings news Friday morning.

Originally posted by MR
Monday, July 13, 2009-- I decided to buy a little CME and ICE today after a prolonged and deeper pullback in them the past few weeks. I am taking a chance doing so prior to GS earnings to be announced tomorrow morning, but the broad based market strength today was encouraging for Bulls who have been waiting patiently on the sidelines the past few weeks.

I have a gut feeling the buying today is setting up for a respectable up week for bulls.

Thursday should also be a nice earnings day to monitor closely with IBM and GOOG coming out then.

[MR]

There are a lot of Type 1 setups on daily charts where the stock has not gotten too far way yet... stocks lagging like RIMM, V, CMG, etc... might start to catch up with this overall bullish behavior once more people are convinced the bulls truly have regained the upper hand... for those who trade Ellliott Wave analysis, they are at least work a look and some due diligence efforts to see if they might be something you like. I like them... in general. I still see a lot of possible buys right now... I wish I had more money to buy stuff today... and maybe the next couple pullbacks over the next week to two weeks. It feels like it is finally time to be net long after 3 to 4 weeks of pullbacks.

[MR]

PCP looks like a nice daily chart Type 1 now triggered... watching for pullbacks on hourly chart to target now.

Same with NFLX... but watch an hourly or something like a 120 minute chart pullback to target?

SWC -- if you use the alternate s/t Elliott Wave count it shows a nice wave 4 pullback that might actually be basing now... Today would be the breakout trigger and would be willing to consider it on a pullback to as low as 4.50 but then would have my stop loss below that or slightly lower if it doesn't work out... this stock is capable of trending back up some more now as a possible w5 candidate

CCJ -- interesting on daily as a pullback candidate down to as low as 22 but stopping out that loss if it did not hold now below that area... previous high possible w5 candidate target.

A bounce of semiconductor or chip stocks are acting very well today... sustainable type of buy potentials on near-term pullbacks.

HOT, MAR... interesting on pullbacks to last weeks lows... but would stop out any future trades if taken below last weeks low if no follow-through...

I have not had time to look at everything... just sharing some general observations here is all for you to do your own due diligence inspection to see if they might be applicable to your style of trading.

[MR]

Market Update, Thursday, July 23, 2009--

This market is truly amazing and resilient! It continues to climb up a very clear wall of worry and extend gains. Want to know something? Bet you it continues. I have been fully invested for about three weeks now and have no plans to reduce my exposure to this market at this time. I remain bullish.

Originally posted by MR Wed, July 15, 2005--
There are a lot of Type 1 setups on daily charts where the stock has not gotten too far way yet... stocks lagging like RIMM, V, CMG, etc... might start to catch up with this overall bullish behavior once more people are convinced the bulls truly have regained the upper hand... for those who trade Ellliott Wave analysis, they are at least work a look and some due diligence efforts to see if they might be something you like. I like them... in general. I still see a lot of possible buys right now... I wish I had more money to buy stuff today... and maybe the next couple pullbacks over the next week to two weeks. It feels like it is finally time to be net long after 3 to 4 weeks of pullbacks.

[MR]

Wed, July 29, 2009-- The US stock market has been going through a slight pause or pullback phase the past three trading days. As we approach the end of July trading in a couple days, and peak earnings season, we see the market holding steady but not dynamic as it has been the last two weeks.

Today we see strong liquidation in the NY Crude Oil market. Energy futures are weak, in general, the past few days.... This would explain where some of the profit-taking is taking place as money continues to move away again from energy this week after a good run up in it.

Currently we are waiting patiently for some newer quality trades to set up. We just have to be patient this week.

[MR]

Thursday, July 30 Market Update-- After a three days of nothing exciting, this morning is starting out with a little more positive energy. It looks like the bulls are grabbing the momentum for today and buying some things. Is why we have been saying for while now we would be fully invested.

MA and V finally acting more positive. GS, JPM, GIS, others are attractive today as well.... Today looks like a good buy for day-traders day as well!

Originally posted by MR
Wed, July 29, 2009-- The US stock market has been going through a slight pause or pullback phase the past three trading days. As we approach the end of July trading in a couple days, and peak earnings season, we see the market holding steady but not dynamic as it has been the last two weeks.

Today we see strong liquidation in the NY Crude Oil market. Energy futures are weak, in general, the past few days.... This would explain where some of the profit-taking is taking place as money continues to move away again from energy this week after a good run up in it.

Currently we are waiting patiently for some newer quality trades to set up. We just have to be patient this week.

[MR]

Monday August 03, 2009 Update--

Noticed for first time in a while US Dollar breaking down. Is it accelerating to the downside now? Will that be the explanation why NY Crude Oil prices is working higher when we seem to have adequate inventories?

Also, NY High Grade Copper continues to trend higher... Is silver and gold going to inch back up this next quarter?

Just questions I am now thinking about that I have not really noticed until today....

Attracted to F, TM, HMC, BEN, FXE, FXB, GT, ISRG, IBM, JPM, USO, OIH... on near-term pullbacks for trade setup ideas....

[MR]

Recently notice things, update (Aug 4) ... these comments are not priorities, mostly just observations sharing as a mild update. Overall impression-- things on track for slow bullish accumulation in August.

1. Cheaper Chinese stocks consistently inching higher... ie, NPD, CHA, CHL, SINA, BIDU, SNP, CEO, PTR... sciq, chu, HMIN, CEA, LFC, .. SOHU, YZC,

2. Really cheap, formerly great companies, their stock is being bought more convincingly lately... ie, AIG, GGC, C, CROX, C, LPX, SBUX, F, etc... it is as if major short squeeze strategies are being implemented by someone, and it seems to be attracting new money to those previously ignored, currently distressed companies stocks. These are very speculative plays but they could be work a little look as a part of an aggressive trading strategy.

3. Traditionally very solid stocks that got really beat up over the past year continue to slowly rise, looking like they will continue to be accumulated on pullbacks....ie, GE, JPM, BA, HPQ, JNJ, F

4. Many of the insurance and banking companies slowly getting better past month or so... looks like a trend still....ie, JPM, WFC, BBT, BAC... MA, V, AXP... MET, AFL, PRU

5. Some retail continue to rise even when reports not favorable... ie, SHLD, TGT.

6. I am not chasing things any more but I am willing still to buy something that has recently been solid if it pullbacks. I am buying some of these really cheap stocks that are just now picking up interest as speculative plays only.

7. The DJ Industrial Average-- when I look at the 30 individual stocks-- the majority look capable of still being bullish, or have room to rebound even more in near future.... a few are lagging like WMT, MCD, PZE, T, but they have good basing patterns. (The lagger DJIY stocks are not priorities but the other DJIY stocks trending strongly are very attractive on any good pullbacks near-term... ie, MMM, AXP, JPM, CAT, BA, IBM, INTC, HPQ, ... MRK, UTX, aggressive buy now for swing trade.)

8. The US Dollar reversed back up into its recent trading range after coming very close to a breakdown, downtrend continuation pattern. Would still monitor DX in August/Sept to see if it setups up again for a downtrend continuation if it shows it cannot take out resistance now once tested.

9. Twice now CME has looked terrible one day-- like it was going to resume the recent downtrend-- only to reverse very strongly the very next day. Contrary to public perception that is not what a bearish stock is suppose to do. I have to conclude this means it is just a matter of time... 'someone' wants it to trend back up to the previous June high of $350. Only time will tell... next test is $300...

10. Do you think it is possible we will see Dow 9,500 before the end of today? Sure would make great PR for weekend news to talk about!

[MR]

Wed, 12 Aug 09 Update- FOMC decisions came and gone and US stock market continues to rebound, bounce back higher after about a two day temporary pause, or mild pullback. I still think we are on track for a test of 9,500, or higher, shortly in the DJ Industrial. Not 100% invested anymore but still net Long and still willing to buy pullbacks this month.

[MR]

Monday, Aug 17, 2009- Several key stocks I look at broke a key technical support today. This is not a surprise as we have been anticipating the potential for a long overdue pullback for weeks. The market is vulnerable to more short-term 'profit-taking' or hedging as we move into August options expiration.

[MR]

Friday, Aug 21- Should have known that Monday's gap lower weakness was not going to keep this bullish market down for long... not at least until it officially tests 9,500 in the DJ Industrial, which it is going to do today! The Bull seems still in control!

See if we get a pullback next week once options expiration is over, or do we keep scratching and clawing our way slowly to Dow 10,000?

[MR]

Tuesday, Sept 1, 2009- The
The DJ Industrial Average officially tested twice 9,500 the late in August but floundered and could not continue to advance. Today is the beginning of a new trading month. The bias remains clearly down all day. If we continue with more weakness later this week, odds are suggesting we might finally have the deeper pullback many might have been wishing for.... Are we heading to 8,800 again?

Originally posted by MR
Friday, Aug 21- Should have known that Monday's gap lower weakness was not going to keep this bullish market down for long... not at least until it officially tests 9,500 in the DJ Industrial, which it is going to do today! The Bull seems still in control!

See if we get a pullback next week once options expiration is over, or do we keep scratching and clawing our way slowly to Dow 10,000?