Monday, June 7, 2004
Issue Contents:
| 08:48 | Symbol Scans Symbol Scans for June 4 |
| 09:12 | Swing Trade Setups Featured setups from June 4 scans. |
| 09:23 | The Day Ahead Market calendar. |
| 16:15 | TrendVue Trader Talk Today's transcript. |
| 16:15 | TrendVue Active Trader Today's transcript. |
| 17:17 | Symbol Scans June 7 closing data. |
| 20:54 | Swing Trade Setups Featured setups from June 7 close. |
Symbol Scans for June 4
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Good morning. Over the weekend we completed some futher automation of the production of scan lists - we've a number of new scans to introduce this week - after the close today we will publish these for the first time.
UTSI
Premise: minor retracement / 4 bar bull flag after a strong up swing. Be aware of the potential for price exploration on both sides of the inside bar if price does not push up directly and on volume.
Long entry:
Buy stop 30.82 day order only
Initial protective stop: 30.36
CIEN
Premise: There are quite a few charts like CIEN out there which have pulled back over the past 1-3 days. CIEN provides a good example of the initial targets for both long and short trades.
The first target on both the long and short side is the high or low of Thursday's down bar, respectively. Target 2 on the short side is the previous low.
Should buyers come into the broad market today we should see many stocks with these pause patterns at least attempt to push up above Thursday's high.
Long entry:
Buy stop 3.43
Initial protective stop: 3.33
Today the economic news is sparse - Tuesday we get some more data on how the consumer is spending and are treated to a speech by Chairman Greenspan.
US Market Calendar
- 9:00 am - Treasury refunding announcement
Canadian Market Calendar
- 8:30 am - Building permits - April
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.
Today's transcript.
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Today's transcript.
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June 7 closing data.
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Featured setups from Monday June 7 closing data symbol scans.
Jump to: Long Setups | Short Setups | Special Situations
Long Setups
Retracement in Up Swings / Up Trends
JNJ
Premise: 2 bar retracement holding a test of top. Buy on break of Monday's down bar high. Since this setup is a minor retracement at a test of top, if filled, traders should demand that price move up directly to a new high.
Buy stop: 56.72 day order only. Traders can follow price down 1-2 more days if JNJ retraces more provided it does not sink deep into the range below.
Protective stop if filled: 56.17
RNWK
Premise: 4 bar retracement / flag following a substantial push up. Long entry on break of inside bar high.
Buy stop: 6.22 day order only
Protective stop if filled: 6.04
Short Setups
Retracement in Down Swings / Down Trends
D
Sell short: on break of 61.55
Protective stop if filled: buy to cover 61.89
Special Situations
SONSE - Short
Premise: SONSE is currently appealing a NASDAQ delisting notification due to the company's failure to file its Form 10-K for 2003.
After a significant break of the rising wedge in its longer term down trend, price has made a minor retracement from Thursday's close. Sell short on break of Monday's up-bar low.
Sell short: On break of 4.97
Protective stop if filled: 5.12
Caution: NASDAQ/company news related to this filing will move this stock and the timing of such can not be predicted.