Trade and Market Commentary Wrapup - 20080602

09:40 Toni: MEE great daily to watch for cont upside patterns
10:05 Mykonos: MEE been fluched
10:06 Toni: yep.. it formed an ascending pennant on the 1 min
10:06 Toni: still keeping an eye on it for later though
10:06 Toni: nice 15 min base would be good
10:06 Toni: re MEE
10:14 Mykonos: MEE running more than a scalp :-)
10:16 Mykonos: outa MEE :-)
10:20 norancho: yeah, MEE nice for me too
10:21 Toni: bbiab gang
10:21 Toni: MEE 70 here is some price resistance



10:09 Mykonos: CF nice I missed it :-(
10:10 Toni: yeah i had NMX on my swing list going into the day .. that was my big miss
10:11 Toni: MOS and AGU were ones i had as same daily type action as CF btw

09:40 Toni: 2021.25 is next NQ support zone
09:42 Toni: this is 50% retracement from 28th lows to 29th highs on the ES here

09:46 Toni: COST 60 minute breakdown pattern forming



09:50 Toni: ES next support level is 1389-1390
09:55 Toni: ES support hitting 1389
09:57 Toni: NQ also hit support level
09:58 Toni: Monday, June 2, 2008
09:58 Toni: 10:00a.m. Apr Construction Spending: Previous: -1.1%.
09:58 Toni: 10:00a.m. May ISM Manufacturing Business Index: Previous: 48.6.
10:00 Toni: initial boost off our support with the data
10:02 Toni: the market is poised for a correction off the lows mid-day
10:02 Toni: into mid-day
10:05 Toni: ER i had fib support marked at 738.43
10:05 Toni: it held that almost exact



10:04 Toni: GOOG is just starting to form a 15 min avalanche



10:09 Toni: SHPGY is a short to keep an eye on ... good daily gap but it is an ADR so gaps are typical



10:11 Toni: 10:11:36 Market Alert: potential for 2B in the indices on the 1 min (No Setup)
10:11 Toni: 10:11:44 2B: For more information on this setup, please see http://www.tradingfrommainstreet.com/techanalysis.html#2

10:12 Toni: YM is in mid-range from the 28th lows congestion here
10:13 Toni: this is support here with the lows at the 12493 the next level if it step down one more time this morning
10:13 Toni: again, i am expecting correction off the lows going into mid-day
10:13 Mykonos: hope so
10:14 Toni: Dow is the weakest of the indices today
10:14 Toni: NQ here is 50% retracement off highs of the 28th-30th move
10:15 sngdncman: I got on a little bit...hopeful of that mid day correction
10:15 Toni: YM tick charts have little momo reversal of this support
10:16 Toni: off
10:17 Toni: 10:45 ET is next correction period for the market ... current is still showing reaction tothe 10:15 correction period that hit with the support
10:18 sngdncman: thks



14:40 Toni: ATI base at lows 5 min (72.10-.20)
14:54 Toni: want to see 72.35ish hold as highs on ATI in 5 min 20 sma zone
14:55 Toni: ATI was actually on my position trade scan list
14:55 Toni: based ont he weekly range
15:08 xr3: ati melting
15:10 Toni: 72.30 is ATI resistance now
15:11 Toni: first bit of support here
15:11 Toni: 71.75
15:23 Toni: ATi looking to take gains on this move
15:23 Toni: 71.60 last
15:23 Toni: 71.50 is the half number support (71.55 low just just after post)
15:24 Toni: nice....
15:27 Toni: ATi couldnt have timed that better haha
15:27 Toni: yikes



14:48 norancho: Toni, we were discussing the where this market closes today, ie, up or lower from here, do you have any thoughts on that?
14:53 Toni: re the market.... i think this afternoon is probably going to be more choppy but can retest lows once more

14:35 Toni-away: WLT basing at highs on the 5 min
14:55 Toni: momentum in the range in WLT is not holding up very well

14:56 Toni: NQ is trying to form a shallow Phoenix
14:56 Toni: 5 min
14:56 Toni: 14:56:21 Phoenix: For more information on this setup, please see http://www.tradingfrommainstreet.com/techanalysis2.html#17
14:58 Toni: indices have the 15 min 20 sma right overhead
14:58 Toni: that is a con on Phoenix
14:59 Toni: think it should have gone by now...

15:02 Toni: looking like we wont get it and market can more easily pull blower again... bear flag 15 min... want to be careful because if it just slides lower it can pop fast into the close
15:26 Toni: futures just chopped lower so this is that pop i mentioned (trigger 1996.75 NQ, 1380.75 ES)
15:29 Toni: first futs resistance on pop (2004.25 NQ, 1384.25 ES)
15:48 Toni: this was a strong pop into the close... started a few min ahead of the reversal period.. but nice move
15:49 Toni: this is second reistance in that pop (2007 NQ,1386 ES)



15:17 Toni: LEH base at lows 5 min($34.00)
[15:47] LEH I want to see hold in here since not much time left so i'd rather take more of a scratch at this point than wait and end up with a potential loss (trading $33.94)
15:59 Toni: had to scratch pretty much o LEH.. ran out of time :(
15:59 Toni: 33.90 here
15:59 Toni: 33.85