Thursday, July 1, 2004
Issue Contents:
| 08:53 | The Day Ahead Economic releases today. |
| 09:17 | Swing Trade Setups From Wednesday June 30 scans. |
| 16:15 | TrendVue Trader Talk Today's transcript. |
| 16:15 | TrendVue Morning Trader Today's transcript. |
| 16:31 | Symbol Scan List Data from Thursday July 1 |
US Market Calendar
- 8:30 a.m. Initial Jobless Claims for the week ended June 26
- 10 a.m. Construction spending for May
- 10 a.m. ISM Index – Manufacturing for June
- 9 a.m. Treasury refunding announcement
Canadian Market Calendar
- Markets Closed in observance of Canada Day
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 June 23 closing data symbol scan
Note: Today we discover if it was time to sell the news. Reminder, markets are closed Monday in observance of July 4th holiday; trade is likely to be increasingly light as today and tomorrow progress.
Jump to: Long Setups
Long Setups
Retracement or Pause in Up Swing / Up Trend
SCH simple retracement after a big push up. We’d normally look to the base of that tall white candle as support. Narrow range day is our trigger, buy stop 9.68. Initial stop if filled: 9.53.
RHI retracement at a test of top. Buy stop 30.18, if filled, demand that price go your way today. Initial stop if filled: 29.63 should be moved up intraday at the earliest possible opportunity, as is true at any test of top/bottom.
CZR similar to RHI. Buy stop 15.02
DVN – retracement pulling back to support at a prior high. Buy stop 66.27.
DUK – buy stop 20.33. Note often when price and the 20/50 day moving averages all converge together, price action stalls a big. So demand this move if taken.
Flags and Pennants
SGP clearly has buyers out for it, the only question is whether it continues up directly or retraces some of the large recent move. Put alerts on either side; do not trade short if it triggers the low alert – instead look for a “failure” type setup – i.e. failure to move down. Worth watching.
Test of Bottom
MAY is a 2B test of bottom. Buy stop: 27.76; initial stop if filled: 26.95, same proviso as RHI on moving stops up intraday.
Continuation Gap Plays
These can be traded on an intraday basis only generally. We are looking for price to continue the momentum displayed and not retest the gap. Treat them all like intraday test of tops. Minor retracements near the test of top can be used as a setup to lurk with a long. We will be featuring more of these and will update the knowledge basis with strategies to trade this pattern.
AMR should be traded intraday, long on passing test of top.
Today's transcript.
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Today's transcript.
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Data from Thursday July 1
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