Friday, April 16, 2004
Issue Contents:
| 00:21 | Stock Watch Lists Most Actives and Volume Surges |
| 02:35 | SwingScanner Results Swing Trade Candidates for Friday |
| 03:17 | She's Back! The Inside Scoop |
| 14:29 | Index Update Intraday Look at Major Markets. |
| 15:30 | Economic Data Summary of Today's Releases |
| 16:16 | TrendVue Active Trader Today's transcript. |
| 16:16 | TrendVue Trader Talk Today's transcript. |
We will review the most active list and the volume surge list overnight, along with the SwingScanner Results to see if there are any choice swing trade setups for tomorrow.
This list of swing trade candidates were generated by our SwingScanner software. I have completed the coding of these four setups, and will be in position to upload these lists at 8PM Eastern daily from now on.
Buy Side Candidates
Retracement in Uptrend - Simple Bull Flag
- IPIX
- DELL
- DE
- LXK
- FCEL
- SNTO
Retracement in Uptrend - Modified Connors 1-2-3-4:
- DELL
- ALL
- AFL
- DE
- SYMC
- EDS
- APCC
- OHP
- COCO
- ASKJ
- DCLK
- SNTO
- TMX
Test of Bottom - Modified StreetSmarts Turtle Test of 20-day Low:
- No symbols
Potential Spike Bottom - Extreme ADX Reversal:
- MWD
- WM
- FNM
- SOV
- KEY
Sell Short Candidates
Retracement in Downtrend - Simple Bear Flag:
- OMCL
Retracement in Downtrend - Modified Connors 1-2-3-4:
- ELX
Test of Top - Modified StreetSmarts Turtle Test of 20-day High: Potential Spike Top - Extreme ADX Reversal:
The sell short lists will be 100% starting on Monday.
This is an exerpt from Wednesday's real-time coaching transcript, and explains what happened with the newsletter over the last week or so...
10:32:12 Teresa: You know, I have to tell you guys something...
10:32:32 Teresa: I spent the weekend down in Seattle/Redmond and you know something? Bill Gates has done a lot for this world, and Microsoft has got to be one of the most amazing companies on the planet.
10:33:34 Teresa: I never thought I would ever say this, but after having met a ton of people from there, I can say that I was geniunely amazed and impressed by it's corporate culture, and the way MSFT encourages young people from around the world to excel in technology.
10:34:46 Teresa: Not only that, they invest a ton in their people, and on the management side, the company makes sure that they grow as people so that they can reach for the stars, literally.
10:37:38 Teresa: On Saturday night, after the rock climbing thing, I broke out a spontaneous dinner party and as the boys lounged and yakked, I realized that every single person in the room, other than me and my cohost, was under 30, and the only person in the room who was American was my cohost. The rest were Russians, Canadians and Swedes. I found that to be most interesting.
10:39:00 Teresa: So it was like the united nations of smart young computer geeks, all into extreme sports. Good thing I was there to cook, I think.10:40:25 sspen: T- I've noticed that over the past week or so, you haven't posted any swing trade set ups in the newsletter - Is that because there haven't been any or are you not going to do that anymore?
10:42:34 Teresa: It's because I haven't been here and I've just recovered enough to do it again. You'll be happy to know that I got some pointers from MSFT management as to how I can recover my productivity, and it was all implemented yesterday upon my return.10:44:21 sspen: That sounds interesting - Hopefully that will make your life easier for the newsletter endeavor!
10:45:08 Teresa: sspen - The problem is the hours, since the end of day data becomes available at around 4:30PM my time, just as I get the kids from school, and have to get dinner, etc.
10:46:13 Teresa: So the options are to work on it after dinner or early in the morning. I'm going to make some decisions as to when I write the newsletter. I think after dinner is probably the best, so that I can "sleep in" until 5:30AM instead of trying to get up at 4AM.
10:47:51 Teresa: What happened down there over the long weekend was that I broke the cycle of not getting sleep. I was then given a ton of help to identify the things that were sucking up my time, so all those got whacked.
10:48:50 Teresa: Then I was given some very good food for thought regarding life and goals. So more things got whacked.
10:49:09 sspen: Glad to hear all of that! No one - not even Super T- can exist without enough sleep! Glad you're on a better track for yourself!
10:49:29 Teresa: I guess we can all thank Bill and his crew.
Major market indexes at 2:30:
SP500 (INX), DJ30 (INDU) and the NYSE Composite (NYA) have all made higher two-day highs today intraday here on options expiration day.
Only the Nasdaq Composite (COMPX) and Nasdaq 100 NDX have failed to do so, and are still trading under resistance.
For all but technology, the trading action has been fairly constructive. We'll come up with a strategy for tech and other sectors for Monday.
Expectations for any move up from here need to be kept low for now - its as likely that price grinds sideways, chopping traders and investors up, as it is likely that price moves up strongly from here. We'll take each day as it comes.
For technolgy traders and investors there is little to do right now unless you managed to enter on this mornings exhaustion sell:
- which a few of us in the real-time discussion forum managed to snag.
Based on the S&P trading relatively strongly at the open, about to test yestedays high:
We knew there was a decent opportunity in both the SPY and QQQ for an intraday entry which might turn out to be a good entry for a multi-day swing trade.
For most swing traders, waiting until Monday will prove to be less hair-raising - we'll see if the market has the energy required to push up from here.
/ Mike
Housing Starts 2.007 Million
(Econoday.com) - Some of the lowest mortgage rates in history drove housing starts sharply higher in March and helped reverse two prior months of disappointment.
Starts rose a much sharper-than-expected 6.4 percent to 2.007 million. Permits in the month, which offer an indication of future building, also rose sharply, up 1.9 percent to 1.946 million.
Both single-family and multi-family starts rose sharply in the month. Adding to the good news were upward revisions in both February and January starts.
Year-on-year data offer a vivid reminder of how strong the housing market has been. Housing starts are up 15.2 percent compared to March last year with building permits up 15.3 percent.
Gains in March were centered in the Midwest and the South, with the West lagging and the Northeast declining following a big jump in February. Permit gains were centered in the Northeast with the West posting a contraction.
Other data of interest include homes currently under construction, 1.229 million vs. 1.209 million in February, and homes that have been completed, 1.749 million vs. 1.724 million.
Industrial Production -0.2%
Capacity Utilization Rate 76.5%
(Econoday.com) - Industrial production slipped back 0.2 percent in March after posting sharp gains in February and January. Capacity utilization also slipped 0.2 percent in March, now at 76.5 percent...March's overall decline and unchanged reading in manufacturing are surprises given wide indications of manufacturing strength, especially the ISM's strong manufacturing report for the month as well as strength in other diffusion readings in the sector.
Yet the month's readings do follow prior strength and will not likely dim the outlook for the nation's manufacturing sector. But the data do not raise hope that contraction in factory employment is coming to an end.
Consumer Sentiment 93.2
(Econoday.com) - The University of Michigan's consumer sentiment index fell back to 93.2 for the mid-April reading from a level of 95.8 in March. This was lower than expected.
Today's transcript.
Click on the title above to expand this document.
Today's transcript.
Click on the title above to expand this document.