Wednesday, April 6, 2005
Issue Contents:
| 09:19 | The Day Ahead Economic releases and news |
| 13:14 | Trader Talk |
| 15:40 | System Maintenance |
| 15:43 | Market Direction Discussion |
| 16:15 | TrendVue Trader Talk Today's transcript. |
| 23:29 | Swing Scanner Results Wednesday April 6th closing data |
| 23:37 | Market Statistics For Wednesday April 6, 2005 |
Good morning, its Wednesday April 6th, the 96th day of 2005. For the third day in a row there is little by way of economic news to move markets, although the EIA Petroleum Status Report does offer the potential for surprise.
Reminder for Swing Traders: Consider long and short trades from the featured charts lists for both yesterday and today’s sessions.
US Market Calendar
- 7:00 am: MBA Purchase Applications
- 10:00 am: Federal Reserve Chairman Alan Greenspan testifies before Senate Banking Committee on reforming government sponsored enterprises
- 10:30 am: EIA Weekly Petroleum Status Report
Canadian Market Calendar
- 8:30 am: Building Permits – Feb.
- 10:00 am: Ivey Purchasing Managers’ Index – Mar.
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.
A brief disconnection bumped everyone off the chat forum, please reconnect… note you MIGHT have to close your browser and any open chat window before a connection can be made; clients seem to be able to easily reconnect.
Site will be down ANYTIME after 4pm ET for 20 – 40 minutes while some hardware is checked in our servers - the timing of the start of maintenance is unknown at this time. Swing trades will not be posted until late this evening as a result.
The last couple of days have felt weak and appear to lack conviction from buyers. I am tightening stops on recent long positions and have exited any recent position that looks and trades weak.
S&P Futures – here we see a head and shoulders formation which has since broken down through the neckline and hit both targets.
If we back up and look at the big picture, the mid-point of the current range should serve as our guide for tolerating weakness (holding longs but with caution) or exploiting it (being more aggressively short):
S&P Futures – 135M chart – the dividing line within the range is roughly 1182.
Tomorrow we’ll want to see if this late day weakness persists in the open – a weak bounce to the neckline will be a clear invitation for sellers to jump on again, and today’s low – wherever it ends up at the close – will serve as interim confirmation that the recent uptrend is over.
Heads up…
Today's transcript.
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Wednesday April 6th closing data
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Statistics for Wednesday April 6, 2005
Note: Statistics are compiled based on our custom symbol universe of the most heavily traded stocks.
| Symbols in Up Swings | 469 |
|---|---|
| Symbols in Down Swings | 287 |
| Up/Down Swing Ratio | 1.63 : 1 |
| Advancers | 52% |
| Decliners | 44% |
| Unchanged | 4% |
| Up Bars | 49% |
| Down Bars | 24% |
| Inside Bars | 12% |
| Outside Bars | 7% |
| Close > 20EMA | 52% |
| Close > 50SMA | 38% |
| Close > 200SMA | 56% |
| 20EMA > 50SMA > 200SMA (trend up) | 29% |
| 20EMA < 50SMA < 200SMA (trend down) | 30% |