Wednesday, October 12, 2005
Issue Contents:
| 09:50 | The Day Ahead Economic releases and news |
| 10:14 | Swing Trade Setups Featured charts for Wednesday October 12 |
| 16:15 | TrendVue Trader Talk Today's transcript. |
Good morning, today is Wednesday October 12th, the 285th day of 2005. With virtually no economic news out today, traders are left to focus primarily on company news (Apple and others) and technical analysis, the latter figuring ever more prominently when major swing lows are being tested, as they are now.
Point to ponder: If this morning’s minor gap down on the Nasdaq Composite index ends up with a rally into the prior day’s down bar and closes relatively strong, a piercing line reversal candle will be left on the daily chart, which may provide the basis for a continuation of a reversal tomorrow. We’ve got an open mind here, even as we warm up our sell keys for more action.
Yesterday markets did not move appreciably overall, so lets dust off yesterday’s swing trade setups and also have a look at the latest swing scanner results, and check out stocks still in an upswing, which left a single down bar in their wake as of Tuesday.
Reminder: As a result of the Columbus Day holiday, the regular Wednesday EIA petroleum report will be released tomorrow.
US Market Calendar
- 7:00 am: MBA Purchase Applications
- 8:30 am: Federal Reserve Chairman Alan Greenspan speaks before the National Italian American Foundation - Speech – ‘Economic Flexibility’
8:55 am: Redbook – Oct. 8th week - 3:45 pm (ET): Federal Reserve Governor Mark Olson to give a U.S. economic update, in Vancouver, Canada
Canadian Market Calendar
- No scheduled releases
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.
Yesterday markets did not move appreciably overall, so lets dust off yesterday’s swing trade setups and also have a look at the latest swing scanner results, and check out stocks still in an upswing, which left a single down bar in their wake as of Tuesday.
Lets also consider:
NTAP – potential wedge breakout in the making here
NVTL – must clear and close above resistance to be truly ‘safe’, if such a thing is possible in the market !
CAM – oil service sector names have of late tended to look like better shorts, and indeed price may head lower, but ultimately this is a sector to stalk new longs at. I keep watching names closely for sellers traps on the daily and intraday charts. Sooner or later we’ll find this group heads higher again – they have a ton of work ahead of them. Check for opportunities in names like ESV, DO, RIG et all.
GIS – food and defensive stocks (DF is triggering today, waiting for an intraday entry) may do somewhat better in this market.
And ETF’s such as QQQQ / IWM, using intraday entries if this attempt to move up holds, tend to be somewhat better performers IF a reversal forms.
Important: Its earnings season once again, be sure that any new positions are not about to report tomorrow…
Today's transcript.
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