Friday, June 10, 2005
Issue Contents:
| 09:27 | Swing Trade Setups Featured charts for Friday June 10 |
| 16:15 | TrendVue Trader Talk Today's transcript. |
Featured setups from Thursday June 9, 2005 closing data symbol scan
Jump to: Long Setups | Short Setups | Special Situations
Notes for the Day
the USD is somewhat stronger today but still in yesterday’s range; has not yet retested last week’s high and may of course retest and pass, so be careful with Gold
Copper is up somewhat over two narrow range days. Maybe the prelude to a fall, but for now we have to consider that more up is at least possible. Again, affects Gold
Breaking out of the chop of the last several days on the Dow and S&P500 is key before we’ll be back to ‘all boats floating’ (or sinking), until then stay with what’s working and be extra cautious with new positions
ETFS
DIA, of course can be traded in both directions still in this chop – yesterday price traded intraday in a tight range, generally lower, and did not manage to pick up a head of steam and break the lows. For this reason we should be ready to pick up a long if a test of yesterday’s high passes and price advances from there.
QQQQ – retest of yesterday’s high is the key here as well
Long Setups
General common strategy: Unless noted otherwise, buy stop just above the “high” value, with an initial protective stop at the low value of the bar, not below the bar.
Test of Bottom – Reversal
Retracement or Pause in Up Swing / Up Trend
YHOO
XMSR
GOLD
ABX
PDG
GG
METALS
AA
AL (AL:TSX as well)
Short Setups
General common strategy: Unless noted otherwise, place a sell alert at or just below the low of the setup bar, and look for the first failed intraday bounce after the low has been broken. What we are looking for is price to push down, bounce a little, and fail again – this is where we want to get short.
Retracement or Pause in Down Swing / Down Trend
BSX
INCY
CA
ABI
Special Situations
MOT – not a suggestion to short per se but a combo of factors that say “tighten profit stops!” – dark cloud cover, gap up, pause – sure MOT can still ramp up from here but its very stretched.
QLTI – long – perhaps only for one or two days
Today's transcript.
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