Thursday, June 3, 2004
Issue Contents:
| 03:22 | The Day Ahead Market Calendar |
| 03:30 | Good Morning Prep before the bell. |
| 16:15 | TrendVue Trader Talk Today's transcript. |
| 16:15 | TrendVue Active Trader Today's transcript. |
| 19:52 | Symbol Scans Scan output for June 3 |
| 20:39 | Swing Trade Setups for June 4 Featured setups from June 3 scans. |
Thursday June 3 2004 Economic and Earnings News Releases
US Market Calendar
- 8:30 am - Productivity for Q1 2004
- 8:30 am - Unit Labour Costs
- 8:30 am - Initial Jobless Claims for the week ended May 29
- 10:00 am - Factory Orders for April
- 10:00 am - ISM Services Non-Manufacturing Index
Canadian Market Calendar
- 8:15 am - Foreign Reserves - May
For earnings highlights, please see today's WSJ Earnings Calendar. For a list of speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website.
Good morning everyone.
Please be sure to review the symbol lists, symbol scans, and trade setups for today which were posted after Wednesday's close.
Wednesday's close left traders in suspense - will prior resistance become new support and provide a launch pad for a move higher still?
Nasdaq futures closed just under the range high; S&P futures closed just above. On the 15 and in particular on the 45M chart, price ended the day leaving bull flags in their wake.
Or is this up swing, already 8 days in the making, ready to reverse on a failure at the test of the consolidation range high?
At the moment, price continues to point up on the cash indices, and directly ahead we have a test of the intraday range high in futures to help determine if follow through or failure is on deck for Thursday.
Later today we'll take a look at Gold and Oil since neither can manage to stay out of the headlines lately. Oh to be a headline writer these days!
Yesterday
Oil Below $40 a Barrel on OPEC Promises : NEW YORK (Reuters) - U.S. oil prices shed more than two dollars a barrel to end under $40 on Wednesday -- only a day after hitting a 21-year high -- as the prospect of more OPEC crude coming to the market eased supply security fears sparked by a wave of violence in Saudi Arabia
Oil Sinks, Blue-Chip Stocks Rise : NEW YORK (Reuters) - Oil prices fell sharply on Wednesday after hitting record highs the day before, lifting U.S. blue-chip stocks and also the dollar against the euro. U.S. technology shares slipped, however, as did bond prices and gold futures. U.S. blue chips gained as crude oil prices in New York fell below $40 a barrel, easing fears about economic growth and inflation.
Today
Tokyo Stocks Sharply Lower as Oil Rises : TOKYO (Reuters) - Japanese stocks reversed course and closed sharply lower on Thursday after crude oil prices rose back above $40 a barrel in Asian trade, renewing concerns about their impact on the global economy.
Clearly fear and greed are hard at work!
Today's transcript.
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Today's transcript.
Click on the title above to expand this document.
Scan output for June 3
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These are selected setups from June 3 EOD scans.
Retracements or Pauses in Intact Up Swings
YHOO
(AMZN has a similar chart. Must be the Google-effect!)
After a big push up on June 1, YHOO has pulled back two bars allowing us to place a buy stop above Thursday's high to catch the chance it may push higher on Friday. The trade premise is this: if were to push up we must demand that it move to the recent high directly, and we must move to a break/even stop asap.
Cautionary note - since YHOO has moved more or less straight up for most of may, it would not be a surprise to see it retrace more than a few bars or trigger longs and then continue to retrace which is why our protective stop must be moved up at the earliest possible opportunity.
Long setup
Buy stop 31.82 day order only
Initial Protective stop if filled: 31.19
ASKJ
Premise: buy stop above Thursday's down bar if filled sets up price for a quick test of the recent high at 44.66. T1 is 43.92, T2 the recent high.
Long setup:
Buy stop 42.59 day order only
Initial protective stop if filled: 41.15
CKFR - inside bar / NR7 day at break out
Premise: continuation of breakout; if this is not delivered on Friday, CKFR is worth stalking on the long side for one or two days on any minor pull back that does not go too deep into the range. Target 1 32.50; Target 2 33.50 and then the 2004 high.
While this stock seems like a better long candidate if the market is
also cooperative, it is a test of top so a trade on either side is
perfectly valid. Only tests of tops and bottoms present the opportunity
to go either way.
Long setup
Buy stop 32.10 day order only
Initial Protective stop if filled: 31.45
Short setup
Sell short on break of Thursday's low with initial protective stop 32.09 agressively managed once filled. Target 1 is Wednesday's low 30.86 / the 20EMA. Intraday traders only.
Retracements in intact down swings
DAL
Premise: continuation of the downswing. Target - 4.58 the recent lows. Hard to borrow which means everyone is short this one already. Aggressive traders only.
Short setup: Set an alert on Thursday's low at 5.71 and monitor for a break of Wednesday's inside bar low at 5.65. If broken use intraday chart to find an entry.
Candlestick and Range Patterns
DELL
Premise: Inside day at overhead resistance. Potential new wedge in play. If short is triggered, T1 is base of 5/25 candle at 34.27.
Short Setup: enter short intraday on break of Thursday low at 35.15 with initial protective stop at 35.65.
Long setup: DELL's chart mirrors the Nasdaq to a large extent. If the market breaks up, and out of the range, DELL will follow along with it.
Buy stop 35.66 day order only
Initial protective stop if filled 35.16
Note: Buy/sell and protective stop suggestions assume a passive end of day approach to swing trading. Aggressive / experienced intraday traders may wish to use the techniques found within the Knowledge Base to obtain price improvement by entering swing trades intraday.
Disclaimer: The information provided is for general informational and educational purposes only and should not be considered as a recommendation to buy or sell securities. Use of this information indicates unconditional acceptance of our terms of use.