Trade and Commentary Wrapup 20080707

The following is a wrapup of all my market calls and trade posts for Monday, July 7, 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

09:18 Toni: http://www.tradingfrommainstreet.com/images/momofan_20080707b.gif
09:19 Toni: looking at higher odds for uptrend today... pace is different off the highs from both of these patterns
09:20 Toni: with the 60 min slower on the nasdaq and more rounded so the even pattern confirmation today would not as easily have same momo on the upside for the nasdaq so just going to have to wait to see if we get any confirmation today
09:20 Toni: and how it forms
09:20 Toni: but same concepts at play here
09:23 Toni: 100 tick charts now on wave three on premarket trade on the upside
09:33 Toni: some initial resstance in here in the indices
09:34 Toni: strong momentum sof ar into today
09:34 Toni: russell 2k is the weakest of the indices
09:47 Toni: AAPL trying to turn over off highs
09:54 Toni: FAST has a good daily for more upside today so worth keeping a watch on
10:00 Toni: banks/financials hit hard again today
11:21 Toni: 11:21:03 Market Alert: indices forming two wave cont pattern for possible "A" formation being created on the 5 min (no trigger)
11:21 Toni: 11:21:04 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.
12:19 Toni: futures supprot
12:19 Toni: or not.... :/
12:23 Toni: poor market.....
12:23 Toni: ES gap closed
13:46 Toni: CLF avalanche 5 min
14:06 Toni: hmm... futs maybe not done yet....
14:23 Toni: ROST on upside watch list for a bit later.. not the best so just watching at the moment
15:03 Toni: tomorrow likely to be more of a back and forth day
15:33 Toni: Dow is positive again