Trade and Commentary Wrapup 20080702

The following is a wrapup of all my market calls and trade posts for Wednesday, July 2, 2008.

Instructions for Use:

When following along in the chatroom, futures posts are done most often as support / resistance calls with support as buy and resistance as short (or closing out open positions from the other direction. These are pivots. Other patterns are posted according to the pattern forming, such as the Avalanche on the NQ below, and a link showing how to trade the pattern is posted.

Stock calls are breakout patterns unless otherwise stated with bases at highs as buys and bases at lows as short. We use the following template:
http://tradingfrommainstreet.com/images/roomexamples/BREAKOUT_TEMPLATE.gif

There is a link giving instructions for accessing this free chatroom on the lower left side of the page at http://www.tradingfrommainstreet.com/


WRAPUP

09:34 Toni: UNH nice daily for further upside potential
10:40 norancho: Toni, what was it about UNH, that you liked? I just can't see it.
10:41 Toni: hasnt had anything yet
10:42 Toni: was just the breakaway gap
10:42 Toni: hasnt given anything intraday though

09:35 Toni: CHK I also like
10:17 Toni: CHK base at lows
10:23 Toni: was 5 min avalanche
10:24 Toni: re: chk
10:24 Toni: hit first support
10:24 Toni: had 50 tick momo reversal off the lows at that equal move
11:00 Toni: CHK keeps creeping
11:03 Toni: CHK has momo type of buy setup on the 1 min so would be out of shorts



09:41 Toni: that was a momo reversal buy on the ES at 9 am...

09:46 Toni: APOL on my long watch list but it may take a bit of time for a decent base for more than a scalp



10:26 Toni: ESI nice base at highs... potential "A" on the 5 min forming
10:26 Toni: 10:26:57 Breakout Template: For information on A, B, C, D, or Z template patterns, please see http://tradingfrommainstreet.com/images/roomexamples/BREAKOUT_TEMPLATE.gif The green circle is the entry with the red bar as the stop.



11:03 Toni: DVN I am watching for a Phoenix or similar pattern on the 1 min


11:38 Toni: futures support 5 min
11:44 Toni: futures still not looking too great... sheesh
12:25 Toni: futures coming back into prior lows again on strong momentum



12:24 Toni: energy, coal, etc getting butt kicked

13:10 Toni: ES going for third push lower on the 5 min



13:30 Toni: BIDU is rolling back over to the upside



13:58 Toni: futures 5 min resistance

14:21 Toni: KSS 15 min avalanche
15:08 Toni: KSS dealing with support in here 41.54



14:57 Toni: 3rd low on 800 tick ES