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Daily Market Comments - November 2011


11/21 - Stock Market Comments

A lower open today, after a Doji type day on Friday, after breaching the lower support of the pennant formation, with stochastics heading down, it becomes very easy to analyze this market should be in a wave three to the downside. Be short.

11/17 - Stock Market Comments

The markets are showing alternate trading days, up one day, down the next day, as the pennant formation keeps coming toward a point. Yesterday the Dow appeared to close at the lower trend channel. Today's premarket futures indicate a bullish open. Obviously the market has not figured out a direction yet. Remain long and short.

11/15 - Stock Market Comments

Today's lower open indicates the pennant formation is going to be the predominant indicator. A very strong reversal to the upside would be required to break this market out through the upper resistance levels. Keep a mixture of longs and shorts in the portfolio until this market breaks out of its trading range.

11/10 - Stock Market Comments

Be careful, today's positive trading on the open may merely be the recovery of the panic/ excessive selling of Thursday's trading. The important indicator is that the 200 day moving average is acting as a resistance level. Watch to see if today's trading does not bring the Dow back up to the 200 day moving average T-line to test for resistance. Any buying should be followed by fast closing if the markets fail at the 200 day moving average.

11/9 - Stock Market Comments

Italy is causing a bearish reaction in the markets today. However, be careful not to react to today's knee-jerk reaction. Once the natural market move is over, cooler ends should still prevail, realizing the US stock market is still a safe haven. Add some shorts on the open but be prepared to close them quickly if the buyers come back into the market.

11/7 - Sock Market Comments

A failure of bullish movement in today's trading would give more evidence that the evening star signal was still in control, especially if the Dow closed back down below the T line. That would make the 50 day moving average a viable target. Weakness in the NASDAQ but also indicate a failure of the 200 day moving average. Be ready to short.

11/3 - Stock Market Comments

 Last night the futures were trading well into the negative territory. However, Thursday's open indicated a very strong futures. Any buying today should be done with the idea that if the market starts going down, close out positions immediately. A confirmed uptrend requires a close above the T-line.


 

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