Market played out exactly as how I said it would today, early weakness was definitely a buying opportunity. The S&P closed at its highs and I would expect a slight upward bias till we have our 2:10 PM announcement Wednesday from the FED. John Deere was so sweet today from our mention this morning and Mastercard I still believe will get going too. Mastercard got hit this morning on the news of the VISA ipo might be delayed.
The solar stock, brokers, gambling and some tech stock were on good solid ground today. One negative I have today is the lack of relative strength from the Nasdaq. This ,ust be watched tomorrow and wednesday after the announcement as the are the leaders of the market.
I am presently in bounce mode in my gameplan and i expect us to get some resistance in the 1396-1426 #'s on the S&P.
Monday, January 28, 2008
Start of Week
Well this week is the FED meeting and we should get a possible .25% or .50% rate cut. With that said I do expect an upward bias this week in the market although I hear Cramer saying the market is going to go down this week. I think the reversal candle of last week is in place and we should bounce. If we do bounce i would be looking at the same stocks mentioned last week with the addition of DE (John Deere) and MA (Mastercard) which i see having a $10 gain to the upside from the charts.
GOLD!!! Everyone seem to be a gold bull right now and I am going to go out on a limb here as usual and say Gold is very near a TOP. Gold has been been on a massive run and I personally thing it could pull back significantly.
This morning we are gapping down and i willing to buy at support levels 1315-1320 on the S&P and see if we get a bounce. If we do have a bounce this week we could test the 1400 level which would be a good bounce. I am nowhere a bull but a trader and I think we are in mode to bounce at these levels.
GOLD!!! Everyone seem to be a gold bull right now and I am going to go out on a limb here as usual and say Gold is very near a TOP. Gold has been been on a massive run and I personally thing it could pull back significantly.
This morning we are gapping down and i willing to buy at support levels 1315-1320 on the S&P and see if we get a bounce. If we do have a bounce this week we could test the 1400 level which would be a good bounce. I am nowhere a bull but a trader and I think we are in mode to bounce at these levels.
Sunday, January 27, 2008
GROUP CHAT
I have gotten request from some readers on my opinion on various sectors such as FOREX, commodities, stocks etc. There is no way I can write on all these topics daily but would gladly accommodate anyone who wants to ask questions on the markets if I can.
I would like to therefore know from readers if they would be interested in the set up of a GROUP forum, so questions can be asked and discussed with more accuracy. This way i could chart your questions and give my technical analysis from what i see on the charts.
All those who are interested please email marketjedi@gmail.com and I will set up a group forum if I have enough people interested.
MARKETJEDI.
I would like to therefore know from readers if they would be interested in the set up of a GROUP forum, so questions can be asked and discussed with more accuracy. This way i could chart your questions and give my technical analysis from what i see on the charts.
All those who are interested please email marketjedi@gmail.com and I will set up a group forum if I have enough people interested.
MARKETJEDI.
Friday, January 25, 2008
Whacked
Noted this would happen last night and to be careful. Same exact thing happen last earnings season with Microsoft, they gapped us up huge and sold us off. I guess it is now officially a trend!!
Next week should be interesting with the FED meeting. I doubt they sell us off into the meeting but after the meeting no doubt that the bias should be down based on this week action.
have a great weekend
Next week should be interesting with the FED meeting. I doubt they sell us off into the meeting but after the meeting no doubt that the bias should be down based on this week action.
have a great weekend
Mid Day
Well we went right to that 1372 area around 1370.75 in the first 5 minutes of trading and wham resistance. Right now we are at 1347 so that resistance worked like a charm. Very choppy day today so far. I guess the best play would have been to short the S&P in that first 5 minutes.
Friday
Futures are up huge this morning on Microsoft and Caterpillar's earnings. Some resistance should show up on the S&P around 1372 which is over the overnight highs. I would be looking to short at this range value. Beyond that watch for resistance at 1480 if we get there
Good Luck today
Good Luck today
Thursday, January 24, 2008
Friday
I expected us to consolidate on thursday and so we did. There was lot of action in the heavy momo names especially in tech land working there way out of oversold conditions. After the close Microsoft beat earnings but if last earnings season is to be respected Microsoft sold off in a couple of days to levels before earnings. I think we have a chance to do the same thing as I am not sure we are finished to the downside on the markets.
I would love for us to climb upward to the 1400 level on the S&P to get short. I think there will be a comfortable level to play the market down again. Next week is the FED meeting and for what it is worth I am very sure they will try to keep the market afloat till then and at least 70% of earning season is over. Lets face it folks after the FED meeting and earnings are out of the way we will continue the downtrend.
Fridays are usually tricky and it is best to keep it light but as usually the same pattern is in play. A gap up should be shorted and depend on how much of a pullback we get I would be buying the same momo stocks mentioned yesterday. One important thing to look for on Friday is volume as it is the telling tale.
I would love for us to climb upward to the 1400 level on the S&P to get short. I think there will be a comfortable level to play the market down again. Next week is the FED meeting and for what it is worth I am very sure they will try to keep the market afloat till then and at least 70% of earning season is over. Lets face it folks after the FED meeting and earnings are out of the way we will continue the downtrend.
Fridays are usually tricky and it is best to keep it light but as usually the same pattern is in play. A gap up should be shorted and depend on how much of a pullback we get I would be buying the same momo stocks mentioned yesterday. One important thing to look for on Friday is volume as it is the telling tale.
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