Trade and Commentary Wrapup - 20080512

Hi gang,

For those that are new, this is a wrapup of my commentary from my trading room. It's a live outlet for folks to share trade ideas and socialize about the market. When I have time I include charts to show the action I am referring to so that you can learn from the posts as well. A link for accessing the room can be found at http://www.tradingfrommainstreet.com. This link is updated throughout the day, so just hit refresh on this page to view the latest, including those stocks and market actions I am watching for.

All my best,
Toni

9:34 the indices already have three waves of buying on the 400 tick charts (this means that the market is likely to correct longer from the uptrend and break that trend)
9:46 indices lower high on the 400 tick
9:52 indices doing a good job of holding that third highs... confirming the trend change

9:44 ANN nice daily for more upside.. will watch for cont patterns
13:39 ANN is basing at highs again

9:58 slow morning....

9:59 IMCL will keep on short watch list... good daily gap but want a better base at these lows

10:08 volume is a bit light so far today

10:27 NQ hitting zone of morning highs

10:39 HOC is basing at intraday highs
13:09 HOC off watch... scrunch....

10:40 NQ here hitting Fib resstance from that trend higher into the open from Friday

10:46 NQ resistance didnt hold too well.. reversal period now hitting with the ES testing premarket highs

11:56 ES closed fridays gap... price resistance zone hitting

12:45 afternoon trade is going to be more difficult for the bulls... has potential for one more rally, but the momentum is shifting so likely to bea weaker than the last
12:53 this is the third move on the 5 min
13:00 13:00 reversal period
13:08 futs rolling over pretty well off the third high so far
13:09 correction period holding

12:55 jonathanpoon-CAT for a swing?
13:03 Toni - CAT looks good for a swing would have liked a better intraday price than here but nice daily

13:12 EOG forming 5 min avalanche 15 min 20 sma resistance... EOG is a bit whippy... on a break I'll be looking for it to test the mornings lows zone 135-135.40
13:22 norancho - trigger looks like 136 to me
13:23 Toni - can use that or 136.29 break

13:38 PCLN similar to EOG.. also trades choppy

13:39 not a lot i am seeing this afternoon with daily charts that also are favoring the intraday strongly

13:46 futs at a bit of support
14:01 futs first resistance coming off that support
14:12 futs coming into second resistance

14:00 correction period

13:55 POT 5 min bull flag 199.40
14:09 POT new highs showing some resistance in here into 201

14:36 futs resistance... 15:00 is next correction period.... this is thursday highs ES... third wave hugher on the 400 tick NQ today