Thursday, January 22, 2004
Issue Contents:
| 09:06 | Good Morning The day ahead. |
| 09:13 | Daily Swing Trade Managing the trade. |
| 09:36 | Subscriber Mailbag Chinese New Year |
| 15:02 | Bonus Material Real-time transcript available to all subscribers today. |
| 15:04 | Economic Data Roundup Summary of today's key releases. |
| 16:16 | Active Trader Transcript Real time forum log. |
Earnings season continues while minor economic data is set for release this morning.
Having a little bit of a late start today, so I'll be back later with headlines and reaction and update to our last major market index analysis.
Yesterday, we needed to see price confirmation on the down side in order to keep our short position.
As you can see from this chart, the Dow Industrials did come down in the morning, but managed to close above the January 8 swing high, so we closed our short position yesterday afternoon.
At this time, there is no new trade on deck. I'll be working during the day to complete the stock review, and we'll see if any themes emerge from the survey.
As you know, subscribers often write in with questions, but today we have an answer:
Forget TA.
George Duhb-ah-yah is going to The Moon with The Monkey on his back and The Market in his pocket.
And a Gong Hey Fat Choi to you too! Today heralds the year of the Monkey.
Today's real-time transcript is available to all newsletter subscribers as a bonus. Near the beginning and the end, we discussed the condition of the broad markets, so you might want to scan it quickly.
It's Chinese New Year today, and since my mother's birthday also falls on Chinese New Year, I have to take the rest of the day off to make sure she has the best 80th ever!
The good news is that she won't be drinking me under the table, so I'll be back at it in the wee hours again...
Jobless Claims 341,000
(Econoday.com) - In closely watched results, initial jobless claims for the week ended January 17 slipped 1,000 to 341,000. The results are better than expected and suggest that the jobs market may be improving after all. There were no special factors affecting the week's data, though unusually cold weather in the Northeast could prove to be a factor.
The four-week average confirms the favorable trend, falling 3,250 and to a new three-year low of 344,500.
Index of Leading Indicators +0.2%
(Econoday.com) - The Conference Board's index of leading indicators inched up 0.2 percent in December, matching the November pace and was exactly in line with expectations. The factory workweek and money supply declined for the month, the 10-year/federal funds rate spread was unchanged, but the remaining seven indicators increased. These include new orders for consumer goods, new orders for nondefense capital goods, stock prices, new jobless claims (actually, these declined but are inversely related), vendor performance, building permits and consumer expectations.
Real time forum log.
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