Morning everyone...
well i did expect a pullback??? but gee whiz, not like that??? i hope everyone is cool right here...i sent all of you the latest e-mail from Tom Dorsey of DWA, the NYSEBP is reversing down here...this is a warning...
while i am still mildly bullish short term, up thru mid Jan, i am NOT INVESTING ALL MY FUNDS AT THIS TIME...I STILL MAINTAIN, WE SHOULD RUN UP INTO THE FOMC ON THE 19TH..I'LL PLAY THAT RUN...
AND IF I'M RIGHT, THEY WILL NOT "SELL THE NEWS", IT SHOULD PROPEL US RIGHT INTO THE NEXT MEETING....
SO I AM CAUTIOUS HERE, BENT ON A BULLISH BIAS, BUT DAYTRADING EVERYDAY AS PER USUAL..THIS WILL NEVER CHANGE FOR ME EVER AGAIN...
IT'S THE WAY WE ALL MAKE ARE WEEKLY LIVING....THATS NOT GOING TO CHANGE...WHAT DID CHANGE WAS MY TRADING MENTALITY...BUY AND HOLD IS NOT THE WAY TO GO ANYMORE...YES YOU CAN BUY AND HOLD, BUT NOT FOR YEARS..YOU MUST SCREEN YOUR PORTFOLIOS 2-3 TIMES A YEAR..THIS IS PARAMOUNT...
OK MY CURRENT GAME PLAN, WILL UNFOLD HERE DICTATED BY THE MARKETS AND THE CHARTS...I WAS BEGINING TO PLAY THE SWING TRADE, & POSITION TRADE...I HAVE TO RE- ASSESS THIS GAME PLAN OVER THE WEEKEND...I MAY STILL DO THAT BUT AT A LOWER LEVEL OF HOLDINGS...
WE SHOULD MEET SUNDAY NITE AT 7.30 EST, 1ST TO FURTHER OUR QCHARTS WORK, AND SECOND TO DISCUSS THE NEXT FEW WEEKS OF THE MARKETS...
ANYWAY THEY HAVE DOWNGRADED MSFT THIS AM...FUTURES ARE PLUNGING AS WE SPEAK...THEY WERE UP NICELY...THERE IS ANOTHER POTENTIAL BOMB OUT THERE.."INTC"..THEY HAVE ENOUGH DATA TO LET THE MARKETS KNOW WHATS UP/DOWN...WITHIN THE NEXT FEW DAYS..I DO NOT WANT TO WAKE UP HEAVILY LONG WITH THAT WARNING STARING ME IN THE FACE...
IF THE BIG CAP TECHS---INTC-MSFT-AMAT-CSCO-GE-IBM- etc etc etc..ARE STILL MOVING LOWER, THERE IS NO WAY WE CAN MOVE HIGHER...KEY TO ME IS THE BIG CAP WEIGHTED STOCKS....THEY LEAD THE WAY..EVERYTHING ELSE IS A SECONDARY ISSUE...
FUTURES AT 7.40 ARE PLUNGING NOW DOWN 11.60, AND ALMOST LOCK LIMIT ON THE NQ;S AT 85...AND MOVING LOWER AS I TYPE...
HERE'S TODAYS TRADERS...
1...MRK---ROLLING OVER AND DOWN, THE DRUG INDEX IS TOO..A NICE POSITION TYPE SHORT...put play too..
2...A...51 MUST HOLD, IF NOT A TRIPLE BOTTOM BREAK HERE AT 50..WATCH...THE CHART IS DEVELOPING THO AS A LONG...
3...NEWP-- HAS REVERSED BACK DOWN HERE OFF A BALLISTIC RUN...IT BROKE A DOUBLE TOP AT 76, IT MIGHT GET TO THE 20 EMA ON THE DAILY AT 83/84..DOJI DAY YESTERDAY A GOOD SHORT..
4...ADBE--GAPPED AND SOLD OFF HEAVILY...IT'S AT SUPPORT HERE, ANY BREAK OF 63 WILL TAKE IT MUCH LOWER...WATCH FOR A 3 BOX REVERSAL UP TOO..
5...LCSS...A SEMI THAT IS BEGINING TO PERK UP HERE, VERY CHEAP...IT'S IN A BULL TRI, AND THE DOUBLE TOP BUY IS AT 18 TARGET 23...
6...PMCS...HIGH POLE HERE, HIT 134, HAS REVERSED BACK DOWN, BOUNCED OFF THE 20 EMA ON THE DAILY, ANY BREAK OF YESTERDAYS LOWS WILL TAKE IT DOWN TOWARD THE BUY BREAKOUT...106..
7...MYGN..A BULL TRI BREAKOUT, IT RAN TO 95 AND HAS ALREADY ROLLED OVER HERE, CORRECTING THAT RUN, WATCH A MOVE INTO THE HIGH 70'S...I LIKE THE CHART IF/WHEN IT REVERSES BACK..I AM SEEING A LOT OF BIO'S MAKING THESE TYPE OF CHARTS...
8..VRTX..IDENTICAL CHART AS MYGN, SOLID DEVELOPING BIO TECH..PULLING BACK HERE
WATCH 64/65 AREA FOR THE REVERSAL...UP...BULL TRI...
9...AHP..BROKE A TRIPLE BOTTOM AT 56, CAN MOVE LOWER HERE TOWARD 50ISH, A GOOD SHORT...THEY MAY BUY THESE DRUGS FOR SAFETY TODAY, SO WATCH FOR ANY RALLY UP TO SHORT, OR BUY PUTS...
10...CDWC...THIS IS A SHORT PLAY...IT BROKE A TRIPLE BOTTOM YESTERDAY AT 42, COULD RUN TO 33 AREA...IT'S A COMPUTER STOCK...
OK SEE YOU IN DA ROOM...
TODAY...STOCKS OPTIONS FUTURES LIVE WITH OJ AND T-LO
best regards
jerry |
