Thursday, November 11, 2004
Issue Contents:
| 08:50 | The Day Ahead Economic releases and news. |
| 09:28 | Swing Trade Setups Featured charts for Thursday November 11th. |
| 16:15 | TrendVue Trader Talk Today's transcript. |
| 16:19 | Swing Scanner Results Thursday November 11th closing data. |
| 16:24 | Market Statistics For Thursday November 11th. |
Good morning on this the 316th day of 2004: it is Veterans Day in the US, Remembrance Day in Canada.
As today is a holiday for some, we can expect volume will be a little light today. While bond markets have the day off today, stock and most commodity markets remain open on both sides of the border are open.
Today there are no economic releases to digest – traders have only earnings and global news to guide their emotions.
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
Featured setups from Wednesday November 10 closing data symbol scan
Jump to: Long Setups | Short Setups | Special Situations
Notes for the Day
Some of the indexes managed to make a minor up bar yesterday; opportunistic shorts using ETFs can be deployed if the market breaks down here. However most setups spotted are longs today – if they do not trigger today its probably more a sign that the market wants to pull back a little rather than reverse outright.
Long Setups
General common strategy: Unless noted otherwise, buy stop just above the “high” value, with an initial protective stop at the low value of the bar, not below the bar.
Retracement or Pause in Up Swing / Up Trend
ETFs
QQQ clean and simple bull flag.
SPY slightly less clean ledge
XIU:C – given the weight that commodities have on the TSX, it may not act quite as cleanly on an up day elsewhere, but if Canadians need some exposure long, the two day high here may be used as a trigger.
Stocks
http://www.trendvue.com/charts/2004/11/tv20041111–03.gif
MERQ – on the last bar we’d use on this retracement.
VIGN
Q
CPWR
XOM
Golds – lots of them.
BGO
BGO:C
CDE
K:C
AGE:C
Short Setups
General common strategy: Unless noted otherwise, place a sell alert at or just below the low of the setup bar, and look for the first failed intraday bounce after the low has been broken. What we are looking for is price to push down, bounce a little, and fail again – this is where we want to get short.
Retracement or Pause in Down Swing / Down Trend
FSH
Today's transcript.
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Thursday November 11th closing data.
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Statistics for Thursday November 11
Note: Statistics are compiled based on our custom symbol universe of the most heavily traded stocks.
| Symbols in Up Swings | 512 |
|---|---|
| Symbols in Down Swings | 262 |
| Up/Down Swing Ratio | 1.95 : 1 |
| Advancers | 78% |
| Decliners | 21% |
| Unchanged | 1% |
| Close > 20EMA | 78% |
| Close > 50SMA | 81% |
| Close > 200SMA | 64% |
| 20EMA > 50SMA > 200SMA (trend up) | 42% |
| 20EMA < 50SMA < 200SMA (trend down) | 14% |