Trade and Commentary Wrapup 20080703

The following is a wrapup of all my market calls and trade posts for Thursday, July 3, 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

09:09 Toni: gm all
09:09 Toni: reminder: market closes at 1 et today
09:12 Toni: everyone be safe this weekend... remember..you should not use the excuse of "i was not drunk driving when i crashed my truck, you see officer... what happened was i dropped my beer"
09:14 icewater: gm all.. what do you make of this gap toni?
09:15 Toni: this is in line with the three wave push down on the 60 minute so actually a decent chance we close higher today... will be less likely to see another day of strong selling intraday
09:16 Toni: I do notice on the ES futures however that we have three pushes up here premarket into the open, so it may get a little bit of a pullback at the open to compensate for that
09:35 Toni: not much hold for upside gappers
09:35 Toni: so far AMT and AMGN are, but slowed their pace a lot
09:40 Toni: futs following through pretty well with the premarket sell setup
09:40 Toni: initial support in here
09:46 Toni: futs at a little support
09:50 Toni: NQ at premarket lows
09:50 Toni: my data is jumpy again
09:58 Toni: AMGN just plugging along pretenting its in its own little world
10:01 Toni: indices tested the lower channel for this third low on the 60 min
10:18 Toni: market has really good supoprt
10:21 Toni: CNX base at lows
10:41 Toni: yeah third push higher ES and YM
10:43 Toni: ZION
10:51 Toni: right now i'm in ZION short... we will see
11:19 Toni: ZION still in a base so maybe another chance
11:22 billgi: have taken partials on zion +.60 ty toni
11:33 Toni: futs 5 min are bearish but 60 min bullish